The Qatar Central Bank (QCB) has now become part of the AFAQ Payments System, signaling the complete inclusion of all six central banks from the Gulf Cooperation Council (GCC) in this regional payment network. This significant development is set to enhance the interconnectivity of Gulf financial and payment systems, promising faster, more efficient, and secure cross-border transactions.
In addition to the central bank’s participation, three 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 linked to the system across the GCC reaches 74. AFAQ was established to foster a more unified regional payments infrastructure, facilitating smoother financial transactions among GCC member states. This enhanced connectivity is anticipated to benefit not only individuals and businesses but also financial institutions, thereby bolstering trade and investment within the region.
Qatar’s integration into AFAQ opens the door for more Qatari banks to connect to this regional platform as the network continues to grow. As the rollout progresses, it is expected to significantly contribute to the digital transformation of financial services and promote closer financial cooperation across the Gulf.
The full participation of GCC central banks in AFAQ represents a crucial step towards deeper economic and financial integration among the six member countries. This move is integral to the development of a more interconnected regional financial ecosystem, aligning with broader goals of economic unity and cooperation within the Gulf region.
