MUSCAT — Bank Muscat and Nama Electricity Supply Company have announced the activation of an e-Mandate solution through Bank Muscat’s API Banking on the company’s app, Nama Services. The initiative will strengthen the digital payments ecosystem, streamline bill collection, and enhance the experience of Nama Electricity Supply Company’s customers through Bank Muscat’s innovative and secure digital banking solutions.
The activation of the e-Mandate solution was officially announced during the partnership agreement signed at Bank Muscat’s Head Office in Airport Heights by Salim Said Al Kumyani, Chief Executive Officer, Nama Electricity Supply Company, and Ahmed Faqir Al Balushi, Deputy Chief Executive Officer – Banking, Bank Muscat.
Bank Muscat’s e-Mandate solution is based on a one-time direct debit authorisation, enabling customers of Nama Electricity Supply Company to issue an electronic mandate through Nama Services App, authorizing the direct debit of recurring bill payments from their bank accounts. The service is also integrated with Nama’s internal billing system, enabling automated reconciliation and settlement processes, improving collection efficiency, reducing manual intervention, and enhancing operational performance and service reliability. The solution is designed to simplify the execution of direct debit transactions and facilitate the payment of recurring obligations for government entities and corporate customers, providing a secure and innovative digital alternative to post-dated cheques. The initiative also supports the Central Bank of Oman’s efforts to develop the country’s electronic payments infrastructure, reduce reliance on traditional payment methods, promote financial inclusion, and advance the digital transformation objectives outlined in Oman Vision 2040.
Commenting on the launch, Ahmed Faqir Al Balushi, Deputy Chief Executive Officer – Banking, Bank Muscat, said: “The launch of the e-Mandate solution in collaboration with Nama Electricity Supply Company marks another milestone in Bank Muscat’s journey to deliver advanced digital banking solutions that support digital transformation across various sectors. Through our API Banking platform, we continue to empower our partners with secure, scalable solutions that enhance operational efficiency, simplify collection processes, and improve the end-user experience. This partnership reflects our commitment to supporting Oman’s transition towards a fully integrated digital economy while fostering innovation in financial services in line with Oman Vision 2040.”
Salim Said Al Kumyani, Chief Executive Officer, Nama Electricity Supply company, said: “We are proud to partner with Bank Muscat to activate the e-Mandate solution through Nama Services App. This collaboration forms part of our ongoing efforts to enhance our customers’ experience by providing more convenient and efficient digital services. Through this service, customers of Nama Electricity Supply Company can now pay their recurring bills securely and seamlessly while benefiting from automated processes that save their time, effort, and ensure accurate collection and settlement of bills. This initiative represents an important milestone in our digital transformation journey and reflects our commitment to leveraging the latest technologies to deliver services that meet customer expectations and improve our operational efficiency.”
0 Comments