Central Bank of Oman joins AFAQ Payments System

By Arya M Nair, Official Reporter
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Central Bank of Oman joins AFAQ

The Central Bank of Oman (CBO) has joined the “AFAQ” Payments System, operated by the Gulf Payments Company (GPC) and owned by the GCC Central Banks.

AFAQ is a regional payments system provided by Gulf Payments Company in cooperation with the Saudi Central Bank to execute financial transactions in GCC local currencies.

Financial transactions were successfully executed between the CBO and the participant GCC banks.

Bank Muscat and Bank Dhofar are considered as the first commercial banks from Oman to join “AFAQ”, bringing the total number of participants banks from GCC to (67) to date, and the rest of the banks will join soon.

“AFAQ”, a system linking payment systems in GCC countries, offers the service of executing financial transactions in local currencies in real-time with low fees, a secure environment, and advanced technology.

AFAQ Payment system benefits:

  • Conducting transfers to and from beneficiaries within the Gulf countries,
  • Competitive pricing fees
  • Fast and secured transfers

In February, GPC obtained the ISO 20000 certificate in information technology system, awarded by the SGS Group in recognition of the company’s implementation of best practices in the technical fields.

The Central Banks that have previously joined “AFAQ” are the Central Bank of the United Arab Emirates (CBUAE), the Central Bank of Bahrain (CBB), the Saudi Central Bank (SAMA), and the Central Bank of Kuwait (CBK), bringing the total number of participating banks to 64 banks.

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