Qatar Central Bank (QCB) has officially become part of the AFAQ Payments System, marking the full participation of all six central banks from the Gulf Cooperation Council (GCC) in this regional payment network. This integration is anticipated to bolster the connections between Gulf financial and payment infrastructures, enhancing the speed, efficiency, and security of cross-border financial transfers.
In addition to the QCB’s integration, three Qatari banks — Doha Bank, Qatar International Islamic Bank, and Dukhan Bank — have also joined the AFAQ system. Their participation increases the total number of banks linked to this network across the GCC to 74. AFAQ was established with the aim of creating a more unified regional payments infrastructure, thereby facilitating smoother financial transfers among GCC member states.
The enhanced connectivity brought about by AFAQ is expected to benefit not only individuals but also businesses and financial institutions, fostering trade and investment across the region. With Qatar’s participation in the system, there are now opportunities for additional Qatari banks to join the regional platform as the network continues to expand.
This wider rollout is seen as a step towards the digitalization of financial services, promoting closer financial cooperation throughout the Gulf. The completion of central bank participation in AFAQ marks a significant milestone towards deeper economic and financial integration among the six GCC countries, contributing to the development of a more interconnected regional financial ecosystem.