The Central Bank of the UAE (CBUAE) has recently become a part of the “AFAQ” Payments System, operated by the Gulf Payments Company (GPC) and owned by the GCC Central Banks. This system links payment systems across GCC countries, facilitating real-time financial transactions in local currencies with reduced fees for customers in the region.
CBUAE’s decision to join “AFAQ” aligns with its strategic goals of advancing the UAE’s financial technology and digitalisation journey. The move supports innovation and initiatives in payment systems, aiming to offer secure and immediate payment platforms while fostering integration within the regional payment ecosystem.
Barclays Bank has also joined the AFAQ system, marking it the first financial institution in the UAE to do so and begin utilising its services.
The Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have already joined “AFAQ,” accompanied by several commercial banks from Bahrain, Saudi Arabia, and Kuwait. The remaining GCC Central Banks and commercial banks are anticipated to join in due course according to an agreed-upon work schedule.
