Central Bank of Oman Joins Gulf Payments System for Enhanced Cross-Border Transactions

Oman, 3 June, 2024 : The Central Bank of Oman (CBO) has announced its integration into the Gulf Payments System "AFAQ" for cross-border payments in local GCC currencies. Operated by Gulf Payments Company (GPC) and owned by GCC central banks, this move aligns with CBO's efforts to enhance cross-border payment systems and embrace cutting-edge technologies for improved efficiency, speed, and cost reduction.

CBO's participation in "AFAQ" follows the launch of its "New Local Real-Time Gross Settlement" system (RTGS) in June 2023. Operating 24/7, this system aligns with CBO's vision to bolster national payment systems, offering enhanced services to the banking and financial sector and society in Oman.

Continuing its commitment to advancing national payment systems, CBO aims to further integrate them into regional payment systems, staying abreast of global developments and meeting market demands.

Source : www.omannews.gov.om