Doha, Qatar: Qatar Central Bank (QCB) announced on Monday that it had joined AFAQ Payments System, operated by the Gulf Payments Company (GPC).
This completes the participation of the central banks of all Gulf Cooperation Council (GCC) countries in the system, further strengthening financial and monetary integration among the GCC states.
Three Qatari commercial banks, namely, Doha Bank, Qatar International Islamic Bank, and Dukhan Bank, have also joined the AFAQ system, making them among the first commercial banks in Qatar to participate in the system. This brings the total number of participating banks from across the GCC to 74.
The joining of QCB marks an important milestone in the development of the Gulf payments ecosystem, completing the participation of all GCC central banks in the AFAQ system. This will enhance the connectivity of payment infrastructure across the region and support greater efficiency, speed, and security in cross-border payments and financial transfers.
The move comes as part of the GCC countries’ joint efforts to develop regional payment solutions that support trade, business, and investment flows, in line with broader efforts to strengthen economic and financial integration among the member states.
Going forward, participation by commercial banks in the AFAQ system is expected to expand, alongside the continued development and broader rollout of the system’s services across the GCC. This represents a further step toward building a more integrated and efficient Gulf payments ecosystem, strengthening financial connectivity among the member states and supporting their shared objectives of long-term economic and financial integration
