Bank Muscat, Potential to launch financial literacy project

Muscat - 

Bank Muscat, the flagship financial services provider in the sultanate, in line with its ‘Let’s Do More’ vision and Imprints social responsibility initiative, signed an agreement with Potential, a pioneer in educational technology, to launch an online financial literacy project. 

Ahmed Faqir al Balushi, deputy general manager – Human Resources, and Shadi Banna, founder and CEO of Potential, signed the agreement at the bank’s head office.

A core component of the Imprints initiative, the financial literacy programme has been well-structured to provide comprehensive understanding to participants on the need and benefits of financial planning and prudent savings habits. The programme content has been tailor-made for different age groups, including the youth and college students. The bank aims to certify 200,000 Omanis in financial literacy and thereby make valuable contributions to the country’s progress and development.

Balushi said, “Bank Muscat is proud to join hands with Potential to launch the online financial literacy certification project as part of the Imprints CSR initiative. The unique initiative is aimed at benefitting participants, especially the youth who represent the future of Oman. The programme reflects the bank’s commitment to responsible banking, contributing to the country’s progress and development. Financial management is the key to a strong foundation for success in life. The skills acquired through the programme will help participants judiciously manage their finance and thereby make valuable contributions to the nation.”

The online financial literacy programme in Arabic language covers five modules aimed at helping participants to define financial goals and understand basic economic and financial concepts such as budget, savings and investments, loans, insurance, retirement plan and dealing with emergencies.

The programme equips participants with essential skills to better manage finance and take prudent decisions, especially the youth and students when graduating and taking up jobs as financially independent individuals. Developing the skills of participants to draw up and implement financial plans and goals covering important phases of one’s life, the initiative is set to create a positive impact on the Omani society. On completion of financial literacy training, the participants will receive certificates.

Banna said, “Potential is proud to partner with Bank Muscat to launch the unique financial literacy project. Empowering the youth and other participants with financial skills, the programme will make a positive contribution to the development and progress of the country. The online programme content is well-structured to educate participants on how to handle their finance with prudent spending and savings habits. The key aspects of the training include defining personal financial goals and planning to achieve the goals. With financial literacy, the participants will be equipped to contribute to creation of wealth.”

Potential is a pioneer in educational technology ‘EdTech’ and a leading provider of blended learning solutions across emerging markets. Stressing the importance of financial literacy, the bank will be targeting school students, individuals and SMEs. The bank, in association with the Ministry of Education, is set to launch ‘Little Investor’ programme to educate Omani children about the basics of financial literacy. The aim is to motivate children to develop entrepreneurial thinking and skills from an early age.

The bank’s management and senior officials will also provide financial advice and guidance to SMEs. The bank, in association with the Public Authority for Consumer Protection (PACP), has launched an awareness campaign on prudent savings and spending habits. All these initiatives reiterate the bank’s commitment to promote financial literacy at all levels.

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