Sunday 09, April 2017 by Jessica Combes

Bank Muscat and Potential launch online financial literacy project in Oman

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

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 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.

“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 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 to judiciously manage their finance and thereby make valuable contributions to the nation,” said Al Balushi.

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 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 Omani society. On completion of financial literacy training, the participants will receive certificates.

“Potential is proud to partner with Bank Muscat to launch the unique financial literacy project. Empowering 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,” said Banna.

Stressing the importance of financial literacy, the bank will target 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 on the basics of financial literacy. The aim is to motivate children to develop entrepreneurial thinking and skills from an early age. Taking the financial literacy programme to a higher level, 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 and thereby create a lasting Imprint for the nation through sustainable development.

Highly ambitious in its scope and reach, the Imprints initiative is a unique public-private partnership launched by Bank Muscat in collaboration with the Ministry of Education, Ministry of Tourism, Muscat Municipality and the Public Authority for Consumer Protection. The four pillars of the Imprints initiative are focused on programmes to inculcate financial literacy, promote sustainable tourism, sustain green environment and encourage enriched lifestyle.

Reaching out to the nation against the backdrop of prevailing economic and social situation, the Imprints initiative seeks to unite people in making a big difference in reciprocating to what the country has given them. The initiative marks a big step in the public-private partnership in making lasting contributions to society and the nation.

 

  

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