Qatar Central Bank joins Gulf Payments System, AFAQ

Doha, Qatar: Qatar Central Bank (QCB) announced on Monday its participation in the AFAQ Payments System, run by the Gulf Payments Company (GPC). This move completes the inclusion of all Gulf Cooperation Council (GCC) central banks in the system, bolstering financial and monetary integration across the GCC states.

Three Qatari commercial banks - Doha Bank, Qatar International Islamic Bank, and Dukhan Bank - have already joined the AFAQ system, marking them as the first Qatari banks to take part. This brings the total number of participating banks from across the GCC to 74.

The QCB's involvement in the AFAQ system is a significant step for the Gulf payments ecosystem. It completes the participation of all GCC central banks, enhancing connectivity of payment infrastructure and promoting efficiency, speed, and security in cross-border payments and financial transfers.

This move aligns with the broader efforts of GCC countries to develop regional payment solutions that support trade, business, and investment flows. These solutions are designed to strengthen economic and financial integration among the member states.

Moving forward, the expansion of commercial banks' participation in the AFAQ system and the continued development of the system's services across the GCC region are expected. This represents a further stride towards a more integrated and efficient Gulf payments ecosystem, reinforcing financial connectivity among the member states and supporting their shared goals of long-term economic and financial integration.