Sending money across the Gulf gets easier as Qatar joins 'Afaq'

Qatar Central Bank has announced its accession to Afaq, the Gulf Payments System operated by Gulf Payments Company, completing the participation of all GCC central banks in the regional payment network.

The move is aimed at strengthening financial integration across the Gulf and making cross-border payments and transfers between GCC countries faster, more efficient and secure.

Three Qatari banks join Afaq

Alongside Qatar Central Bank, three Qatari commercial banks have joined the system:

• Doha Bank
• Qatar International Islamic Bank
• Dukhan Bank

They are among the first commercial banks in Qatar to participate in Afaq.

Their addition brings the total number of participating commercial banks across the GCC to 74.

What is Afaq?

Afaq is a regional payment system designed to connect payment infrastructure across GCC countries.

By linking participating banks and central banks through a shared system, Afaq aims to make financial transfers between Gulf countries more streamlined while improving their speed, efficiency and security.

Qatar Central Bank’s accession means the central banks of all GCC member states are now connected to the system, marking an important step towards greater regional financial integration.

Supporting trade and investment across the Gulf

The initiative forms part of broader GCC efforts to develop regional payment solutions and strengthen economic ties between member states.

A more connected payment infrastructure can support trade, business activity and investment by making cross-border financial transactions within the Gulf more efficient.

The system also supports wider efforts to increase financial and economic integration between GCC countries over the long term.

More Qatari banks expected to join

Participation in Afaq is expected to expand further, with additional commercial banks likely to join during the next phase.

At the same time, the range of services available through the system is expected to grow as GCC countries continue developing their shared payment infrastructure.

The expansion represents another step towards creating a more integrated Gulf financial system and strengthening financial connectivity across the region.

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