To: All Licensed Banks

Operating in the Sultanate of Oman

Subject: Issue of Debit Cards to Minors

1. Reference is invited to Circular No. BM 1186 dated March 30, 2022 and circular letter No. RD/ AMLD/2023/80 dated July 14, 2023 on the subject matter.

2. In view of persistent demand and with a view to fostering financial inclusion, and introducing savings culture among the youth, the Central Bank of Oman conveys it's no objection to issuance of debit cards to minors from the age of (7) years by licensed banks, subject to the following: -

   • (i) To have a suitable policy in regard to 'banking facilities for minors', in consultation with bank's legal department/legal counsel.

     (ii) There should be compliance with all the requirements specified in the above referred Circular and circular letter and accordingly suitable systems and procedures should be put in place to address the attendant legal and operational risks.

     (iii) The prohibition on grant of primary credit card, overdraft and cheque book facility to minors remains.

     (iv) Banks should rollout 'awareness campaigns' on 'safe banking practices', specifically targeting the minors.