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Bank Muscat, PACP join hands to launch financial literacy campaign

MUSCAT, 21 November 2016 – Bank Muscat, the flagship financial services provider in the Sultanate, in line with its 'Let's Do More' vision and commitment to partnership in sustainable national development programmes, has embarked on a joint initiative with the Public Authority for Consumer Protection (PACP) to raise awareness on financial literacy as part of the Imprints social responsibility initiative launched on the occasion of 46th National Day.

Aimed at reaching out to the nation against the backdrop of prevailing economic and social situation, the financial literacy campaign assumes great significance in instilling a strong savings habit among citizens.

Topics to be covered in the awareness campaign include savings, online safety and identifying fraudulent communications. The campaign will utilise various media channels in addition to workshops and seminars to build up financial literacy. Presently, the media campaign is focused on highlighting the concept of saving and financial planning.

As the leading bank in the Sultanate, Bank Muscat is at the forefront in contributing to society and thereby setting a fine example for the corporate sector to develop social responsibility as corporate culture. The Imprints for the nation reiterate the bank's commitment to set benchmark standards in social responsibility.

Recalling what the country has given to the people during the past 46 years under the leadership of His Majesty Sultan Qaboos Bin Said, Bank Muscat aims to make lasting imprints for the nation as part of a strategic direction to consolidate social responsibility benefiting different segments of society.

Bank Muscat has drawn up a wide-ranging plan as part of the financial literacy programme. Alongside the awareness campaign, the bank will create an online portal, game or app for individuals to access certified financial literacy courses for free. The content will be tailor-made for different age groups, including college students. In all, the bank aims to certify 200,000 Omanis in financial literacy. For those who are not familiar with technology, classroom learning will be arranged.

Targeting school students, the bank, in association with the Ministry of Education, will launch 'Little Investor' programme to educate Omani children on the basics of financial literacy and investment, implementing an already successful model by Meethaq Islamic Banking of teaching school students to manage personal finance, including savings. The aim is to develop the children's entrepreneurial thinking and skills.

Taking the financial literacy programme to a higher level, the bank's Management and senior officials will attend financial coaching clinic to share their expertise with SMEs.

The unique Imprints CSR initiative stemming from the Royal directive of His Majesty Sultan Qaboos Bin Said to accord priority for social responsibility is the first-of-its-kind in Oman in terms of its scope and reach, uniting different segments in making a big difference in reciprocating to what the country has given to people. The initiative marks a big step in the public-private partnership to make lasting contributions to society and the nation.