The Central Bank of the UAE (CBUAE) has joined the AFAQ Payments System, which is operated by the Gulf Payments Company and owned by the GCC central banks.
AFAQ, a system linking payment systems in the GCC countries, offers the service of executing financial transactions in local currencies to customers across the region in real-time with lower fees.
The joining of the CBUAE is in line with its strategic objectives of shaping the future of the country’s financial technology and digitisation journey through supporting innovation and payment systems initiatives, providing secure and instant payment platforms, and enhancing integration with the regional payment ecosystem.
Together with the CBUAE, Barclays Bank joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step and begin using the system’s services.
To date, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have joined AFAQ, in addition to several commercial banks from Bahrain, Saudi Arabia and Kuwait.
The remaining GCC central banks and commercial banks will join in due course, in line with an agreed work schedule.
