The Qatar Central Bank (QCB) has officially become a member of the AFAQ Payments System, marking the inclusion of all six central banks from the Gulf Cooperation Council (GCC) in this regional payment network. This development is anticipated to enhance the integration of financial and payment infrastructures across the Gulf, ensuring that cross-border transactions become more rapid, efficient, and secure.
In addition to the central bank’s entry, three major Qatari banks — Doha Bank, Qatar International Islamic Bank, and Dukhan Bank — have also joined the AFAQ system. With these additions, the total number of banks connected to this payment network across the GCC has reached 74. AFAQ was designed to promote a more cohesive regional payments framework, facilitating financial transactions among GCC member states.
This enhanced connectivity is expected to bring tangible benefits to individuals, businesses, and financial institutions within the region, fostering trade and investment. The participation of Qatar opens doors for more Qatari banks to tap into this regional platform as it continues to grow, contributing to the digital transformation of financial services in the Gulf.
The full participation of GCC central banks in the AFAQ system represents a significant step towards stronger economic and financial integration among the six countries in the council. This move is also seen as a pivotal development in creating a more interconnected financial ecosystem in the region.
