The Qatar Central Bank has officially become part of the AFAQ Payments System, marking the full inclusion of all six central banks from the Gulf Cooperation Council (GCC) into this regional payment network. This development promises to enhance the interconnection between Gulf financial and payment systems, facilitating faster, more efficient, and secure cross-border transactions.
Alongside this integration, three Qatari banks—Doha Bank, Qatar International Islamic Bank, and Dukhan Bank—have also been incorporated into the AFAQ network. This inclusion increases the number of banks linked to the system across the GCC to 74, further boosting the network’s regional reach. AFAQ was established with the goal of creating a more unified payments infrastructure within the GCC, thereby streamlining financial transfers among member states.
With Qatar’s integration into the AFAQ Payments System, there arises the potential for additional Qatari banks to join the platform as it continues to expand. This broader implementation is anticipated to aid in the digitization of financial services and foster closer financial collaboration across the Gulf region. The connectivity offered by AFAQ is expected to benefit not only individuals and businesses but also financial institutions, enhancing trade and investment opportunities.
The completion of central bank participation in the AFAQ system marks a significant step toward deeper economic and financial integration among the six GCC countries. It underscores the growing momentum toward developing a more interconnected regional financial ecosystem, paving the way for increased cooperation and progress in the Gulf’s financial landscape.