Oman joins GCC payments system 'Aafaq' to boost cross-border transactions

(MENAFN) On Sunday, the Central Bank of Oman announced its participation in the Gulf Payments System "Aafaq," operated by the Gulf Payments Company and owned by the central banks of the Gulf Cooperation Council (GCC) countries. This system facilitates cross-border transfers in local Gulf currencies. Omani news agency highlighted that this move aligns with the Central Bank's efforts to enhance cross-border payment systems by adopting cutting-edge technologies to improve efficiency, speed, and cost-effectiveness.

"Aafaq" connects the payment systems of GCC countries, enabling financial transfers in local currencies between these nations. This service ensures timely, low-cost transfers within a secure and advanced technical environment. Previously, the Central Banks of Bahrain, Saudi Arabia, Kuwait, and the UAE had joined the Aafaq system.

According to the Gulf Payments System Aafaq's website, Bank Muscat and Bank Dhofar are the first commercial banks from Oman to join the system, increasing the total number of participating banks from GCC countries to 67. The process for other banks to join Aafaq is ongoing, with further integrations planned in successive stages. This initiative is expected to significantly boost the efficiency and reliability of financial transactions across the Gulf region. 

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