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The Central Bank of Oman joins the Gulf Payments System “AFAQ”

02-06-2024

The Central Bank of Oman (CBO) joined on Wednesday, May 29, 2024, the “AFAQ” Payments System, operated by the Gulf Payments Company (GPC) and owned by the GCC Central Banks. Financial transactions were successfully executed today between the CBO and the participant GCC banks.

Bank Muscat and Bank Dhofar are considered as the first commercial banks from Oman to join “AFAQ”, bringing the total number of participants banks from GCC to (67) to date, and the rest of the banks will join soon.

“AFAQ”, a system linking payment systems in GCC countries, offers the service of executing financial transactions in local currencies in real-time with low fees, a secure environment, and advanced technology.

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