Oman's credit card business grows by 33%

Muscat: The credit card business in Oman grew 33 per cent in 2009 compared to 2008, but the penetration level still remains very low, according to Samrat Raj, Product Manager of the National Bank of Oman's (NBO) Card Division.

He said according to Master and Visa card statistics, the credit card business in Oman grew by 33 per cent.

Scope

"The credit card business growth at our bank is also on a par with the country's growth," the senior NBO banker told Gulf News on the sidelines of the launch of a credit card, called Dana, specifically designed for women. The bank has launched the card in keeping with Sultan Qaboos Bin Saeed's vision of supporting Omani women and also in celebration of International Women's Day tomorrow.

Talking about the volume of credit cards issued in the country, Raj said it could be around 150,000 cards. However, he was quick to add it was much less compared to the debit cards in use in the country.

The NBO official believes the total number of credit cards issued in the country is just seven to eight per cent of the total debit cards.

"There is a lot of scope for the credit card market to grow and the segment involving women was completely untouched here," he said.