Kuwait's Central Bank Implements The Afaq Payment System

Kuwait's Central Bank (CBK) has joined the system created in December last year by the Arabian Gulf System for Financial Automated Quick Payment Transfer (Afaq).

Dr. Mohammad Al Hashel, the Kuwait's Central Bank governor, said that the move was part of the bank's efforts to implement the newest technology into retail payment systems and to develop cross-border payment systems in Kuwait.

AFAQ is also a joint regional payment platform that enables remittances to be made in GCC currencies and other currencies in a swift, easy, and safe manner.

He added that the GCC can do an immediate transfer of funds, including full settlement.

Boubyan Bank successfully completed the procedures necessary to join Afaq during the first phase.

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