The Qatar Central Bank announced on Monday, September 7, 2026, that it has officially joined the 'AFAQ' (Arabian Gulf System for Financial Automated Quick Payment Transfers) regional payment system. - Qatar Central Bank and three Qatari commercial banks join AFAQ.
- All six GCC nations are now included in the regional payment network.
- System enables cross-border transfers in local currencies without US dollar conversion.
The Qatar Central Bank announced on Monday, September 7, 2026, that it has officially joined the 'AFAQ' regional payment system. Alongside the QCB, three Qatari commercial banks—Doha Bank, Qatar International Islamic Bank (QIIB), and Dukhan Bank—have also integrated into the platform. This development completes the inclusion of all six
Gulf Cooperation Council (GCC) nations—Saudi Arabia, the UAE, Kuwait, Bahrain, Oman, and Qatar—into the network, bringing the total number of participating banks across the region to 74.
AFAQ, operated by the Gulf Payments Company and owned by GCC central banks, facilitates cross-border transfers in local currencies—Saudi Riyal, UAE Dirham, Kuwaiti Dinar, Bahraini Dinar, Omani Riyal, and Qatari Riyal—without the need for intermediary banks or conversion into US dollars. Originally launched in 2021 between Saudi Arabia and Bahrain, the system aims to provide same-day settlement, lower transaction fees, and improved exchange rates for expatriates and businesses moving funds within the GCC. Since its inception, AFAQ has processed approximately 26 billion dollars across 276,000 transactions.
According to banking expert Ali Muhammad Ali, the practical impact on individual customers will depend on how quickly individual banks deploy the service via their mobile applications. Expatriates are advised to check their respective bank apps or visit branches to inquire about the availability, fees, and transaction limits of the AFAQ service as it is rolled out. The system is designed with high cybersecurity standards and operates on a closed network to ensure secure financial transfers for families, business payments, and student fees.
