Oman central bank joins Afaq payments system

System is operated by company owned by Gulf region’s central banks

Omani 50 rial banknote
Photo: Central Bank of Oman

The Central Bank of Oman joined the ‘Afaq’ payments system, operated by the Gulf Payments Company, on May 29.

The central bank executed its first transactions with other participant banks in the system, the GPC said in a statement. The company was set up in 2016 and is owned by the central banks of the Gulf Cooperation Council countries.

Bank Muscat and Bank Dhofar became the first commercial banks from Oman to join the Afaq system. It brought the total number of participant banks from the Gulf

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