Qatar Central Bank joins the Gulf Payments System AFAQ

On Monday, the Qatar Central Bank (QCB) confirmed its integration into the AFAQ Payments System, a joint initiative of the Gulf Payments Company (GPC). This action brings the participation of all central banks within the Gulf Cooperation Council (GCC) under the system, enhancing financial and monetary integration across the region.

Three prominent Qatari banks - the Doha Bank, the Qatar International Islamic Bank, and the Dukhan Bank - have also committed to joining the AFAQ system. This move places them among the pioneering commercial banks in Qatar to engage with the system. Consequently, the total number of participating banks from all GCC nations now stands at 74.

The inclusion of the QCB signifies a significant milestone in the advancement of the Gulf payments landscape, effectively establishing a comprehensive participation of all GCC central banks in the AFAQ system. This development will bolster the connectivity of payment infrastructure throughout the region, fostering greater efficiency, expedited processes, and heightened security in cross-border payments and financial transfers.

The GCC's simultaneous efforts to establish regional payment solutions, conducive to trade, business, and investment flows, align with broader ambitions to deepen economic and financial integration among member states. Moving forward, it is anticipated that the involvement of commercial banks in the AFAQ system will expand, accompanied by the ongoing development and wider implementation of the system's services across the GCC.

This progress marks another stride towards establishing a more cohesive and efficient Gulf payments ecosystem, reinforcing financial connectivity among member states and bolstering their collective pursuit of long-term economic and financial integration.