The series of videos address major financial decisions, such as buying a house, buying a car, getting married, saving, and running a business. This initiative by OAB is aligned with one of the Bank’s sustainability pillars: Financial Inclusion.
Oman Arab Bank (“OAB”) recently launched a unique ‘Financial Literacy’ series across all its social media platforms to promote financial well-being among Omani youth.
The series of videos address major financial decisions, such as buying a house, buying a car, getting married, saving, and running a business. This initiative by OAB is aligned with one of the Bank’s sustainability pillars: Financial Inclusion.
Commenting on the series, Feras Al Farsi, Head of Sustainability and CSR said, “Financial inclusion is vital for our economy to flourish and is key to the success of Oman Vision 2040. Through our research, we have found that one of the biggest obstacles to financial inclusion amongst youth is a lack of understanding of the financial sector and the various services they have at their disposal. Through this series, our objective is to offer young Omanis guidance and direction on how to manage their finances responsibly.”
He added, “What makes this series unique is that it addresses real challenges that people face in their day-to-day lives, and it is a testament to our commitment to putting customers at the heart of our business.”
The episodes were developed with the youth in mind; the content is simple, fun, easy to understand, and locally relevant.
Al Farsi added, “At the beginning of their career, people often resort to indulgent spending and borrowing to finance their dream car or house. This often leads to a cycle of debt that the borrower may find challenging to settle. Through this financial literacy series, we aim to help individuals plan and define their short and long-term goals to ensure financial well-being.”
The Financial Literacy series will be broadcast across the Bank’s social media channels and the OABistidama website.
Oman Arab Bank have been promoting financial literacy in workshops with SMEs and various NGO’s across the Sultanate since 2019. OAB has also developed a sustainability strategy that is aligned with Oman Vision 2040 and the United Nations Sustainable Development Goals (UNSDG). The strategy consists of three pillars: Environmental Responsibility, Community Partnerships and Financial Inclusion. OAB also issued its first GRI-certified Sustainability Report for 2020 last year.
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