The Qatar Central Bank (QCB) has officially integrated into the AFAQ Payments System, marking the involvement of all six central banks from the Gulf Cooperation Council (GCC) in this regional payment network. This strategic move aims to enhance the connectivity between financial and payment infrastructures across the Gulf, promising quicker, more efficient, and secure cross-border transactions.
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 network. With their inclusion, the total number of banks connected to the system throughout the GCC has risen to 74. The AFAQ system was established to promote a more unified regional payments infrastructure, thereby facilitating smoother financial transfers among the GCC member states.
The enhanced connectivity is expected to provide significant benefits for individuals, businesses, and financial institutions within the region. It will also play a crucial role in bolstering trade and investment opportunities. Qatar’s engagement with the AFAQ system opens the door for additional Qatari banks to integrate with the platform as the network continues to expand.
The expansion of the network is anticipated to support the digitalization of financial services and foster closer financial cooperation within the Gulf region. The full participation of all GCC central banks signifies a pivotal step toward achieving deeper economic and financial integration among the six member countries, contributing to the development of a more interconnected regional financial ecosystem.