The Qatar Central Bank (QCB) has become the latest member of the AFAQ Payments System, completing the integration of all six central banks of the Gulf Cooperation Council (GCC) into this regional payment network. This development is anticipated to enhance the interconnection of financial and payment systems within the Gulf, streamlining cross-border transactions to make them faster, more efficient, and secure.
With this integration, three prominent Qatari banks—Doha Bank, Qatar International Islamic Bank, and Dukhan Bank—have also joined the AFAQ network. This addition increases the total number of banks engaged with the system across the GCC to 74. The AFAQ Payments System was designed to promote a unified regional payment infrastructure, facilitating financial transactions among GCC member states. This enhanced connectivity is projected to benefit individuals, businesses, and financial institutions, while also bolstering trade and investment within the region.
Qatar’s participation in the AFAQ network also paves the way for more Qatari banks to link with the regional platform as the network continues to expand. This broader rollout is expected to contribute significantly to the digitalization of financial services, fostering closer financial cooperation across the Gulf nations. The engagement of Qatar’s banking institutions signifies a step forward in enhancing economic integration and developing a more interconnected financial ecosystem in the region.
The complete participation of GCC central banks in the AFAQ Payments System marks a significant milestone in the pursuit of deeper economic ties and financial integration among the six member countries. This initiative not only supports a more cohesive financial framework but also underscores the commitment of the GCC to create a seamless and efficient financial environment, promoting stability and growth within the Gulf region.