Central Bank of Oman joins Gulf Payments System (AFAQ)

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Muscat: The Central Bank of Oman (CBO) has announced onboarding to the Gulf Payments System “AFAQ” for cross-border payments in local GCC currencies, which is operated by Gulf Payments Company (GPC) and owned by GCC central banks.

The drive comes in line with the CBO efforts towards developing cross-border payment systems and adopting the latest technologies in the industry by improving efficiency and speed and contributing to cost reduction.

It is noteworthy that CBO launched the “New Local Real-Time Gross Settlement” system (RTGS) which operates 24/7 in June 2023, in line with its vision to enhance the operation of national payments systems around the clock, which facilitates better services to the banking and financial sector in particular and to society in the Sultanate of Oman in general.

CBO will continue its efforts to enhance the operation of national payment systems and integrate them to regional payment systems in conformity with global developments and meeting market needs.