03/02/2025
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03/02/2025
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KUWAIT CITY, Feb 3: Al Ahli Bank of Kuwait (ABK) is excited to announce that AFAQ, the Gulf payments service, is now available through the Bank's mobile app. This innovative service allows ABK customers to conduct money transfer transactions directly to beneficiaries in Bahrain, Saudi Arabia, the United Arab Emirates, and Oman with the highest levels of security, reliability, and speed.
AFAQ is a regional payment initiative that seamlessly connects the Real-Time Gross Settlement (RTGS) systems of each Gulf Cooperation Council (GCC) country. It offers an array of benefits, particularly in expediting transfers and completing transactions.
Mohammad Al Bloushi, General Manager of Operations at ABK, stated, "The introduction of AFAQ on our app showcases our unwavering commitment to delivering more digital services and staying at the forefront of developments in the banking industry. This innovation strengthens our position as a preferred banking partner and enhances our competitive edge within the Kuwaiti banking sector."
Al Bloushi emphasized that the service was successfully implemented after thorough testing and receiving the necessary approvals from the Central Bank of Kuwait. He noted that AFAQ facilitates economic integration among GCC countries and enhances cooperation among central banks in the region, positively impacting all parties involved.
The advantages of the AFAQ service include swift completion of money transfer operations, and a streamlined clearing and financial settlement process
"We remain dedicated to meeting our customers' banking and financial needs at the highest levels, aiming to build trust and increase satisfaction with the services we provide," Al Bloushi added.
In closing, he affirmed that ABK will continue to innovate and introduce more digital services and solutions in the future as part of the Bank's ongoing digital transformation strategy. This commitment reinforces ABK's distinctiveness and leadership across all sectors in the market.
