The Qatar Central Bank (QCB) has officially become a part of the AFAQ Payments System, marking the completion of all six central banks from the Gulf Cooperation Council (GCC) joining this regional payment network. This significant development is anticipated to enhance the linkage between the financial and payment systems within the Gulf region, thereby making cross-border transactions more rapid, efficient, and secure.
In addition to the QCB, three Qatari banks—Doha Bank, Qatar International Islamic Bank, and Dukhan Bank—have also integrated into the AFAQ network. This inclusion brings the total number of banks connected across the GCC to 74. AFAQ was designed with the aim of fostering a more cohesive regional payments infrastructure, streamlining financial transfers among GCC member countries, and providing benefits to individuals, businesses, and financial institutions. The network is also seen as a bolster to trade and investment within the region.
Qatar’s entry into the AFAQ system not only strengthens existing ties but also opens the door for more Qatari banks to join the regional platform as it continues to grow. The expansion of this network is poised to play a crucial role in the digital transformation of financial services and promote closer financial collaboration across the Gulf nations.
The involvement of all six central banks from the GCC is a milestone that represents a step closer to achieving deeper economic and financial integration among these countries. This alignment is expected to help develop a more interconnected regional financial ecosystem, fostering economic growth and stability.