LuLu Exchange Loader
Lulu exchange blog
December 29, 2020

Lulu Money activates 24×7 instant money remittance facility

Muscat: Making remittances a simple affair, Lulu Money, the mobile offering of Lulu Exchange – a leading remittances and exchange company in Oman, has now enabled debit card as a payment option for customers to remit money instantly, any time of the day.

Under this new service the award-winning app, which is used by over 500,000 customers worldwide, will now allow citizens and residents of Oman to transfer money anywhere in the world, using any bank debit card. This move comes after the Central Bank of Oman decided to simplify the process for remitting money via digital solutions, considering that money exchanges have had to shut down their branches due to restrictions posed by the ongoing health crisis.

Talking about the newly released debit card payment option, Adeeb Ahamed, MD, Lulu Financial Group, said, “As a company that is committed to Oman’s future envisioned under the wise and humanitarian leadership of His Majesty Sultan Haitham bin Tarik Al Said, we welcome the Central Bank’s commitment to making digital remittance solutions more customer-friendly.”
He added, “We fully appreciate the efforts being made by the Central Bank to address the needs of the people of Oman through such timely interventions and affirm our commitment to investing in technology that can deliver a seamless customer experience. The new payment facility using debit cards will simplify remittances to a large extent, and we see it as a step in the right direction to make Oman an economy of the future.”

How the pay-by-debit card facility works

Both new and existing customers need to download the app on their mobile phone (iOS or Android) and register themselves using their customer IDs. After registration, they can add any number of beneficiaries and send money as per their prescribed limit, by entering their debit card details.
The Lulu Money app is totally secure and fully compliant with the regulations of the Central Bank of Oman. The sender and the beneficiary will receive an SMS as soon as the money has been delivered, to ensure peace of mind.

Onboarding new customers

The Central Bank recently eased the e-KYC process involved in onboarding new customers, until the physical branches can be re-opened. As per the new rule, new customers who wish to use the Lulu Money app can now register remotely with Lulu Exchange. The company has been authorised to complete customer due diligence by accepting information through digital forms and electronic copies of relevant IDs, as well as through dedicated customer care numbers.