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The Qatar Central Bank announced its integration into the AFAQ system operated by the Gulf Payments Company, a platform owned by the GCC central banks that now links every central bank in the region. This step completes the full membership of the six GCC central banks and is expected to strengthen monetary and financial ties by enabling faster cross-border settlements. Three Qatari commercial banks joined at the same time, with Doha Bank, Qatar International Islamic Bank and Dukhan Bank becoming among the first from the country to participate. The announcement raised the total number of banks across the GCC active on the system to 74.
According to the Gulf Payments Company, AFAQ connects national payment systems to allow real-time transfers in local currencies at lower costs within a secure technical environment. The platform, whose name means horizon in Arabic, supports same-day execution and settlement to reduce reliance on traditional correspondent banking. It was launched in December 2020 following the company’s establishment under a GCC Supreme Council decision the previous year.
Qatar’s entry follows the successive joining of the central banks of Bahrain, Kuwait, Saudi Arabia, the United Arab Emirates and Oman over previous years. The Gulf Payments Company introduced new functions in June 2026 that add end-to-end tracking of payments and direct messaging between participant banks. These upgrades are intended to increase transparency and operational efficiency as transaction volumes continue to rise.
The Qatar Central Bank described the accession as an important station in the ongoing development of the Gulf payments ecosystem that will reinforce infrastructure links and support the speed and safety of regional transfers. Commercial bank involvement is projected to grow further in subsequent stages while the system expands its range of services across member states. Such broadening forms part of sustained work toward greater financial interconnectedness among GCC countries.
Since launch the platform has recorded substantial cumulative transaction value and volume that have lowered costs for intra-Gulf trade and remittances, according to company figures. The Gulf Payments Company maintains headquarters in Riyadh with an additional office in Abu Dhabi while coordinating with all GCC central banks on technical and regulatory alignment with international standards. Further onboarding of commercial institutions is scheduled in line with agreed timetables to widen access to the network.
