Doha Bank Joins AFAQ To Enable Instant GCC Currency Transfers

Doha Bank has joined the GCC Payments System (AFAQ), becoming one of the first commercial banks in Qatar to participate in the regional payment system and enabling customers to make secure and reliable financial transfers in local currencies across GCC countries through the Doha Bank Mobile Banking app.

The move marks an important step in Doha Bank’s efforts to enhance its customer-centric banking services and strengthen its digital payments capabilities, while providing customers with faster and more convenient cross-border transfer options within the Gulf region.

Through its participation in AFAQ, Doha Bank aims to facilitate financial transactions between Qatar and other GCC countries by leveraging a regional payments infrastructure designed to support transfers in local currencies. The service is expected to provide customers with a more seamless digital banking experience while reducing the complexities associated with cross-border payments.

The bank said joining AFAQ reflects its commitment to keeping pace with rapid developments in the payments sector and supporting the continued evolution of digital banking services. It also forms part of Doha Bank’s broader strategy to invest in digital infrastructure, expand its regional capabilities and introduce innovative solutions that respond to the changing needs of its customers.

Commenting on the development, Doha Bank Group Chief Executive Officer Sheikh Abdulrahman bin Fahad bin Faisal Al Thani said AFAQ offers a wide range of benefits, including secure and instant fund transfers through a network that uses advanced electronic payment technologies and operates in accordance with high regulatory and technical standards.

“At Doha Bank, we were keen to join the system as part of our strategy to deliver innovative banking solutions that meet the evolving needs of our diverse customer base,” Sheikh Abdulrahman said.

The AFAQ system is operated by the Gulf Payments Company, which is owned by the central banks of the GCC countries. It connects the payment systems of GCC member states, allowing financial institutions to process transfers in local currencies through a unified regional payments infrastructure.

The system is designed to facilitate instant cross-border payments within a secure and stable environment, supporting greater efficiency in financial transactions across the GCC. Its regional framework also contributes to strengthening financial connectivity and integration among GCC markets.

For customers, Doha Bank’s participation in AFAQ provides greater convenience when transferring funds across the GCC, with the service accessible through the bank’s mobile banking platform. The initiative is particularly relevant for individuals and businesses that regularly conduct transactions across GCC markets.

The development comes as financial institutions across the region accelerate investments in digital payment technologies and work towards creating more integrated and efficient cross-border payment networks. Greater interoperability between national payment systems is expected to support trade, investment and economic activity across the GCC.

For Doha Bank, joining AFAQ further strengthens its digital banking offering and reinforces its focus on delivering faster, more accessible and technology-driven financial services. It also positions the bank to participate more closely in the GCC’s evolving payments ecosystem as regional financial connectivity continues to deepen.