Money Exchanges Evolving in Oman Amid Digitalization: What It Means for Investors and Business Owners
The operational and financial performance of Money Exchange Establishments (MEEs) in Oman has continued to evolve in 2024, reflecting a broader shift amid increasing digitalization.
According to the Financial Stability Report 2025, key indicators such as profitability and revenue saw significant declines. Sector-wide profits dropped sharply by 62.8 percent, while revenue fell more moderately by 6.1 percent. Additionally, foreign currency turnover decreased by 13.9 percent, reversing the growth observed over the previous two years.
Currently, MEEs do not pose a systemic risk to Oman’s financial system due to their relatively small size and limited activities. However, the substantial decline in profitability highlights the need for ongoing supervisory oversight to ensure the sector’s operational resilience and successful adaptation to digital transformation.
Sources within Muscat’s money exchange businesses noted that several banks and wallet-based applications now offer remittance services via direct debit from Oman at competitive rates.
A senior executive from a money exchange company commented: “Money exchanges have evolved alongside customers, providing promotions such as raffle draws, discounts on service charges, and real-time transfers. Despite these changes, a large community of expatriates, inbound and outbound tourists still rely on personalized advice for currency transactions.”
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The sharp decline in profitability for Money Exchange Establishments (MEEs) amid digital disruption highlights a critical need for innovation and operational resilience. For businesses in Oman, this shift signals both a challenge and opportunity to leverage digital platforms and personalized services to retain customer loyalty. Smart investors should consider ventures that integrate digital remittance solutions while addressing niche demands from expatriates and tourists, ensuring agility in an evolving financial landscape.
