BankDhofar elevates government financial management with Treasury Single Account integration
BankDhofar, the second-largest bank in Oman by branch network size, continues to lead in financial innovation by leveraging cutting-edge technology to enhance customer experience, empower businesses, and streamline operations. By aligning with key government initiatives, the Bank contributes significantly to effective financial management and operational efficiency.
As part of its commitment to providing seamless banking solutions for government entities, BankDhofar has successfully integrated its internal systems with the Ministry of Finance’s Unified Treasury Accounts platform. This sophisticated integration ensures that the Bank’s systems operate in perfect synchrony with any government agency—an intricate task that BankDhofar accomplished in under two weeks. Additionally, the Bank has updated its financial infrastructure to align with the Treasury Single Account (TSA) framework, enabling real-time synchronization with government revenue and expenditure accounts.
The Treasury Single Account (TSA) is a pivotal financial management reform spearheaded by the Ministry of Finance to optimize the handling of public finances. By centralizing government cash resources, the TSA enhances efficiency, minimizes idle funds, and provides greater oversight of revenue and expenditure. This unified structure not only reduces banking fees and transaction costs but also strengthens the government’s ability to monitor budget execution and cash flows effectively. The TSA enables the government to consolidate cash balances, optimize fund utilization to reduce short-term borrowing costs, improve cash flow forecasting, and enhance transparency by ensuring real-time oversight of budgeted revenue and expenditures.
As a leading financial institution, BankDhofar has ensured that its banking systems remain state-of-the-art while fully integrated with Oman’s financial ecosystem. In compliance with the Ministry of Finance’s Treasury Single Account framework, the Bank now seamlessly processes government payments, reinforcing its role as a key partner in the country’s economic infrastructure.
The year 2024 has been a landmark for BankDhofar, marked by expansion, innovation, and strong financial performance. The Bank now boasts a national network of 131 branches, including Dhofar Islamic branches, further strengthening its presence across the Sultanate. BankDhofar remains at the forefront of digital transformation, being among the first banks in Oman to introduce Apple Pay and Samsung Pay, while also offering wholesale cash deposit machines and EasyBiz, a digital collection and settlement platform. It leads in integrated direct debit operations, allowing businesses to manage transactions seamlessly through digital banking channels.
A significant milestone this year was BankDhofar’s success as the Issue Manager for the Initial Public Offering (IPO) of OQ Basic Industries, marking a first for the Bank. The Bank also closed fiscal 2024 with a 12.5% increase in net profits, reaching OMR 43.6 million compared to OMR 38.7 million in 2023. As BankDhofar continues to innovate and expand, it remains committed to supporting the Omani government and private sector with advanced financial solutions that drive efficiency, transparency, and sustainable growth.
