CEO Naji Abou Zeid discusses OMT's approach in a cash economy

Amidst the ongoing challenges posed by Lebanon's cash-based economy, OMT's Chief Executive Officer, Naji Abou Zeid, outlined the company's efforts to reduce reliance on physical currency and promote financial inclusion during the Annual Forum on Combating Money Laundering and Terrorist Financing at the Phoenicia Hotel.

Abou Zeid discussed OMT's two-pronged approach, focusing on technological advancements and the digitization of services. The first pillar involves utilizing AI and BI tools to enhance operational efficiency, improve customer experience, automate processes, and strengthen cybersecurity. The second pillar centers around the digitization of services, and the launch of OMT Pay, the all-in-one mobile app that offers a range of financial services and flexible payment options, such as the OMT Visa Card and OMT Pay Wallet. Additionally, he addressed OMT’s Payroll Solutions, which provide secure salary disbursement methods and further encourage digital payment adoption.

While discussing OMT's efforts on the digital level, Abou Zeid also underscored the company's commitment to maintaining the highest standards of anti-money laundering (AML) compliance. He highlighted that OMT has been a key player in the financial sector for 27 years, being the first money transfer company in Lebanon to receive a license from the Central Bank for international and local financial transfers. The company operates under the strict supervision of the Banking Control Commission (BCC), the Special Investigation Commission (SIC), and undergoes independent supervision by Western Union. Additionally, OMT has implemented an advanced anti-money laundering program, analyzing meticulously each transaction to detect and prevent any potential money laundering or fraud.

As a leading financial services provider, OMT continues to promote financial inclusion and reduce cash dependency through its extensive retail network of over 1,400 locations across Lebanon and its secure, accessible, and advanced digital payment solutions.