The Oversight & Development Section was established in 2012 to manage the oversight of the entire payment systems landscape in Oman, ensuring safe, efficient, and robust service delivery. It also undertakes broad-based analytical work to support medium-term policy and strategic initiatives related to CBO payment systems management. The section assists in preparing reporting formats for participants of various payment systems, analyzing and scrutinizing submitted reports, and monitoring developments using the data to identify risks affecting the safety and efficiency of payment systems. The importance of the oversight function is emphasized with plans to establish an oversight division with enhanced resources in the near future. Additionally, the section is responsible for issuing regulations and policies for payment systems, drawing authority from the Banking Law and the National Payment System Law.