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The Central Bank of the United Arab Emirates joins the Gulf Payments System “AFAQ”

29-11-2023

The Central Bank of the United Arab Emirates (CBUAE) joined the “AFAQ” Payments System, operated by the Gulf Payments Company (GPC) and owned by the GCC Central Banks. Financial transactions were successfully exchanged between the CBUAE and the participant GCC banks.

Barclays Bank is considered the first commercial bank from the UAE to join “AFAQ,” bringing the total number of participants banks to (63), and the rest of the commercial banks from the UAE will join soon.

It is worth mentioning that the central banks that have previously joined “AFAQ” include the Central Bank of Bahrain, the Saudi Central Bank (SAMA), and the Central Bank of Kuwait.

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

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