National Bank of Oman Awards OMR17,500 to Three Innovative SMEs

National Bank of Oman (NBO) has allowed a total of OMR 17,500 to three rising SMEs amid the fifth edition of the ‘Innovation in SME’ Awards. Open tostudent-led start-ups and entrepreneurs between the ages 18-25 over the Sultanate, more than 125 submissions were gotten, making it the most aggressive year to date. The five shortlisted groups were made a decision about dependent on originality, sustainability, practicality and prototype.

Sayyid Wasfi bin Jamshid Al Said, Acting Chief Executive Officer at NBO, stated, “Youth are taking the driver’s seat in all industries. As the men and women of tomorrow, they are the foundation of our society and it is no surprise that they are leading the SME segment. At NBO, we have embraced this full heartedly and have consciously invested our efforts to continuously support, train, and coach Omani talent, thereby contributing to both job generation and economic diversification.”

He included, “The Award encourages, supports and celebrates innovation in the Sultanate and is part and parcel of our commitment to promoting a positive shift towards creative thinking. Since its launch, more than 400 aspiring ideas have been submitted by youth across Oman. Their imagination and courage combined with an enthusiasm for adventure is something we all stand to benefit from.”

The first-place winning group, Purvex got OMR 10,000 for an online application “nSmartFood” which enables clients to download restaurants’ menus early to help liaise placing orders and track delivery serving both dine in clients and takeaway orders. They will likewise get bolster from the Bank in building up their idea further and join NBO’s Tijariati SME mentoring program so as to fortify their abilities and adapt better approaches to develop their business. Moreover, they will approach the Bank’s Academy of Excellence and all its training programs.

Second place champs, Plug-in were granted an OMR 5,000 money prize for an application that offers audio tour guide after checking the QR codes that are conveyed in different touristic areas around Muscat. While third place champs, Octopus brought home OMR 2,500 for their Ruhal application which enables guests to discover the services gave in each touristic area and order extra services if necessary.

NBO was the first bank to dispatch a committed SME department, Tijarati, to address the specific banking and finance necessities of entrepreneurs to open their maximum capacity. A year ago, the Bank was perceived for ‘Best Financial Support’ at the Riyada Entrepreneurship Awards and was likewise the Gold Sponsor of Ebdaat Omania, a five-day exhibition organised by the Public Authority for Small and Medium Enterprises Development (Riyada). This mirrors NBO’s progressing commitments to advancing new businesses and supporting the economy through giving a wide array of inventive SME services.