Omani central bank joins payment system AFAQ
This aligns with the central bank’s efforts to develop cross-border payment systems.
Dubai: The Central Bank of Oman announces its integration into the Gulf Payments System ‘AFAQ’ for cross-border payments in local GCC currencies.
This system is operated by Gulf Payments Company (GPC) and is owned by GCC central banks.
This initiative aligns with the central bank’s efforts to develop cross-border payment systems and adopt the latest technologies in the industry, aiming to improve efficiency and speed while reducing costs.
By joining AFAQ, financial services will be facilitated to the people, which ultimately leads to a more efficient banking and financial systems further enhancing the productivity of the economy as a whole in the Sultanate of Oman.
The central bank remains committed to enhancing national payment systems and integrating them with regional payment systems, in line with global developments and market needs.