Muscat – This system, operated by the Gulf Payments Company (GPC), is a collaborative effort by the central banks of the Gulf Cooperation Council (GCC) countries.

AFAQ facilitates real-time cross-border transfers in local currencies between GCC nations. This move aligns with the CBO’s commitment to advance payment systems through innovation and technology adoption.

H.E. Tahir bin Salim Al Amri, CEO of CBO, highlighted the collaborative efforts between the Central Bank of Oman and the central banks of the GCC countries in launching the ‘AFAQ’ system. He emphasized that this initiative serves as a regional infrastructure for joint payment systems, facilitating real-time settlement between Gulf central banks and supporting transactions in local currencies. This, in turn, fosters economic and financial integration among GCC nations.

The Central Bank of Oman’s recent launch of the Real Time Gross Settlement System (RTGS) aligns with its vision to bolster national payment systems, providing round-the-clock services to the banking and financial sector, as well as society at large in the Sultanate of Oman. The bank remains committed to further enhancing national payment systems and fostering connections with regional counterparts to align with global developments and meet market demands.