Fintech, payments and customer identification · Regulatory layer

Simplified KYC for Mobile Wallets and Prepaid Cards

Allows banks to design mobile-wallet and prepaid-card products using simplified KYC under a board-approved policy, prior risk assessment and suitable mitigating controls.

Material typeOfficial CBO circular

Legal branchFintech, payments and customer identification

Legal layerRegulatory layer

Source languageOfficial English PDF published by the CBO

Review dateSeptember 13, 2026

Document overview

Allows banks to design mobile-wallet and prepaid-card products using simplified KYC under a board-approved policy, prior risk assessment and suitable mitigating controls.

Scope and exclusions

Applies to

Addressed to licensed Omani banks for the specified financial-inclusion products, with references to Article 40 of Royal Decree 30/2016 and BM 1152.

Limitations and exclusions

Simplified due diligence is not no KYC and is not used for higher risk; current limits, eligible customers and the relationship with BM 1191 and later payment rules must be checked separately.

Official source

CBO BDD/CBS/CB/2018/5942 · 20 December 2018 · Central Bank of Oman

September 13, 2026

Open official source ↗

This editorial overview explains the instrument's subject and scope but does not replace the authoritative Arabic text or the current consolidated version.

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