Visa has released the results of its inaugural Women SMB Digitalization Index for Oman, highlighting that over 50% of women entrepreneurs in the country are utilizing artificial intelligence (AI) to improve their business operations. The index evaluates businesses across five key indicators, including online presence, digital payment acceptance, payment security awareness, customer engagement, and customer retention.

According to Manish Gautam, Visa’s Country Manager for Oman, the study indicates that women-owned businesses are both tech-savvy and motivated to expand. However, 38% of respondents identified the development of innovative products and services as their main challenge. Furthermore, 33% acknowledged the need for better training in payment acceptance, while 32% pointed out the importance of enhancing customer acquisition strategies. Visa is committed to collaborating with local partners to provide resources and mentorship to help women business leaders succeed and to support the Omani government in fostering an inclusive digital economy.

The survey also revealed that access to funding remains a significant obstacle for women entrepreneurs, who primarily rely on bank loans (38%), venture capital (37%), and angel investors (36%) to start their businesses. To fuel growth, they often seek financial assistance from various sources, including friends and family (35%), additional bank loans (33%), venture capital (32%), and reinvesting profits (29%).

Women entrepreneurs are actively adopting digital technologies to improve business efficiency and security. The survey found that 60% of these entrepreneurs use AI in payments and billing, while 57% apply it in sales and marketing. Additionally, 59% of women entrepreneurs are aware of cyber threats, and over half (54%) reported enhanced task automation leading to quicker payment processing after incorporating AI. To secure digital transactions, they prioritize advanced security measures (46%) and training for employees (41%).

As they pursue growth, many women entrepreneurs aim to enhance their business’s social or environmental impact, with 50% indicating this as a strategy for expansion. Additionally, 44% expressed interest in exploring new markets or industries, while 38% intend to strengthen partnerships and 37% wish to broaden their customer reach. Visa remains dedicated to equipping women entrepreneurs with the necessary tools and resources for success in the digital economy.