The Qatar Central Bank (QCB) has officially become part of the AFAQ Payments System, marking a significant milestone as all six central banks of the Gulf Cooperation Council (GCC) are now integrated into the regional payment network. This strategic move aims to enhance the connectivity of financial and payment infrastructures across the Gulf, ensuring that cross-border transactions are conducted with greater speed, efficiency, and security.
In addition to the central bank’s participation, three prominent Qatari banks—Doha Bank, Qatar International Islamic Bank, and Dukhan Bank—have also joined the AFAQ Payments System. These institutions add to the growing list of banks within the GCC, bringing the total number connected to the network to 74. AFAQ was specifically developed to foster a unified regional payments infrastructure, facilitating smoother financial transactions between member states.
The incorporation of Qatar into the AFAQ network not only strengthens ties within the region but also opens the door for other Qatari financial institutions to join the platform as it continues to grow. This expansion is anticipated to play a pivotal role in the digital transformation of financial services, promoting closer financial cooperation and integration throughout the Gulf region.
With the full participation of the GCC’s central banks, the initiative represents a crucial step towards deeper economic and financial integration among the six member countries. By developing a more interconnected regional financial ecosystem, the AFAQ Payments System supports the broader goals of enhancing trade and investment opportunities, ultimately benefiting individuals, businesses, and financial entities alike.
