Among the First Banks in Qatar, Doha Bank Joins the AFAQ Payments System
Reaffirming its commitment to best customer-centric banking, Doha Bank announced that it has joined the AFAQ Payments System, becoming one of the first commercial banks from Qatar to join the system, providing a secure and reliable means for its customers to execute financial transfers in local currencies across the GCC countries through Doha Bank Mobile Banking app.
Joining AFAQ marks an important step towards facilitating the financial services offered to customers, reflecting Doha Bank’s commitment to keeping pace with developments in the payments sector, and aligning with its strategy to develop its digital infrastructure and expand the scope of its services regionally.
Securing the “Best For Remittances” title recognizes the Bank’s launch of a unified digital remittance platform across its mobile and online channels. Designed to serve Qatar’s diverse population, the platform offers fast and secure cross-border payments to over 80 corridors. Further distinguishing its offering, Doha Bank became the first bank in Qatar to launch Mastercard Move, enabling faster, lower-fee transfers straight from its digital platforms.
Commenting on this step, Sheikh Abdulrahman bin Fahad bin Faisal Al Thani, Group Chief Executive Officer at Doha Bank, said:
“The GCC Payments System (AFAQ) offers a wide range of benefits, including secure, instant fund transfers through a network that leverages the latest electronic payments technologies and operates in accordance with the highest 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.”
AFAQ is a regional payments system operated by the Gulf Payments Company, which is owned by the GCC central banks. The system links the payment systems of the GCC countries, enabling financial transfers in local currencies instantly, within a secure and stable environment.