The Central Bank of the UAE (CBUAE) has recently joined the ‘AFAQ’ Payments System, an initiative operated by the Gulf Payments Company (GPC) and collectively owned by the GCC Central Banks.
The ‘AFAQ’ system serves as a link between payment systems across GCC countries, offering customers the ability to conduct financial transactions in local currencies in real-time, all while incurring lower fees.
In a notable development, Barclays Bank has also joined the ‘AFAQ’ system, marking its status as the first financial institution in the UAE to take this step and commence utilizing the system’s services.
Prior to the CBUAE and Barclays Bank, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait had already become part of the ‘AFAQ’ network. Additionally, several commercial banks from the Kingdom of Bahrain, the Kingdom of Saudi Arabia, and the State of Kuwait have joined this initiative. As per an agreed-upon work schedule, the remaining GCC Central Banks and commercial banks are expected to join the ‘AFAQ’ system in due course.
