The Central Bank of Oman has introduced new rules to regulate Buy Now Pay Later services as part of its broader efforts to monitor emerging financial products and keep up with the fast pace of change in the financial sector.
In an official statement, the bank explained that this step aligns with its ongoing work to strengthen regulatory frameworks and ensure that innovative financial services operate under clear and well defined supervisory standards. The regulation is intended to organise BNPL services and put in place the necessary controls and procedures so they are offered in a transparent and well managed manner.
Buy Now Pay Later is a modern financing option that allows consumers to access goods or services immediately while paying the cost in instalments over a specified period based on agreed terms and conditions. As the use of this model continues to grow, the central bank highlighted the need for a clear regulatory structure that supports financial innovation while safeguarding consumer rights and preserving overall financial stability.
The regulation applies to institutions licensed by the Central Bank of Oman to provide BNPL services. It outlines requirements related to licensing procedures, capital adequacy, disclosure and transparency, risk management practices and measures aimed at protecting consumers.
