The Qatar Central Bank (QCB) has officially become part of the AFAQ Payments System, marking the inclusion of all six central banks from the Gulf Cooperation Council (GCC) in this regional payment network. This integration is anticipated to enhance the synergy between financial and payment systems across the Gulf region, aiming to make cross-border transactions quicker, more efficient, and more secure.
In addition to QCB, three Qatari financial institutions—Doha Bank, Qatar International Islamic Bank, and Dukhan Bank—have also joined the AFAQ network. This development brings the total number of banks connected to this system across the GCC to 74, further solidifying the network’s reach and capability. AFAQ was initially created to promote a cohesive regional payments infrastructure, facilitating financial exchanges between the member states of the GCC.
The increased connectivity through AFAQ is expected to be advantageous for a wide range of stakeholders, including individuals, businesses, and financial institutions. This move is seen as a catalyst for fostering trade and investment in the region. Additionally, Qatar’s involvement with the AFAQ Payments System opens the door for more Qatari banks to eventually join the platform as the network continues to grow and evolve.
As the rollout extends, the initiative is anticipated to contribute significantly to the digital transformation of financial services in the region. It also aims to promote closer financial cooperation among the Gulf nations. The participation of all GCC central banks in the AFAQ Payments System represents a significant stride towards achieving deeper economic and financial integration among these countries, fostering a more interconnected regional financial ecosystem.