Qatar Central Bank joins Gulf payments system AFAQ

The Qatar Central Bank (QCB) has joined the AFAQ Payments System, operated by the Gulf Payments Company (GPC), marking an important step towards deeper financial and monetary integration among the Gulf Cooperation Council (GCC) countries.

All GCC Central Banks Now Part of AFAQ

QCB’s participation completes the membership of the central banks of all six GCC countries in AFAQ. The move is expected to strengthen connections between the region’s payment infrastructures and support faster, more efficient and secure cross-border financial transactions.

Three Qatari Banks Join AFAQ

Alongside QCB, three Qatari commercial banks have also joined the regional payment platform:

• Doha Bank

• Qatar International Islamic Bank (QIIB)

• Dukhan Bank

The three banks are among the first commercial banks in Qatar to participate in AFAQ. Their addition brings the total number of participating banks across the GCC to 74.

AFAQ to Strengthen Cross-Border Payments

AFAQ is designed to connect payment systems across GCC countries and enable financial transactions in local currencies. The system supports same-day execution and settlement, with the aim of providing efficient, secure and cost-effective regional payment services.

With all six GCC central banks now connected, AFAQ is expected to improve payment infrastructure connectivity and facilitate smoother cross-border transfers between member states.

Supporting Trade and Investment

The expansion of AFAQ forms part of wider GCC efforts to strengthen economic and financial integration. Improved regional payment connectivity can support trade, business activity and investment by making cross-border financial transactions more seamless.

The broader participation of commercial banks is also expected to increase the reach and usefulness of the platform for individuals, businesses and financial institutions across the Gulf.

Qatar Strengthens Regional Financial Integration

For Qatar, joining AFAQ alongside Doha Bank, QIIB and Dukhan Bank represents a significant step in connecting the country's financial sector with the GCC's regional payments infrastructure.

As more financial institutions join the system, AFAQ is expected to play a growing role in supporting the digitalisation of financial services, secure cross-border payments and closer financial cooperation across the Gulf.