Mubasher: Weyay, part of the National Bank of Kuwait (NBK), has launched AFAQ service to endorse bank transfers between the GCC countries while linking the payment systems of the Gulf countries, according to a press release.
The new service enables financial transfers in the local currencies of these countries to be made faster and at lower cost compared to the traditional methods usually used in transfers.
Head of Weyay Bank, Amal Al Duwaisan, mentioned, “We always strive to provide banking solutions in the field of digital innovation in line with our customers’ needs, which in turn emphasises on Weyay’s position as the first digital bank in Kuwait.”
Al Duwaisan added that AFAQ system contributes to enhancing economic cooperation and the monetary integration strategy between the GCC countries as well as to providing an instant transfer service to our customers at competitive prices while ensuring the highest standards of security.
Furthermore, the service is a regional payment system provided by the Gulf Payments Company that aims to facilitate financial transfers in the local currencies of the Gulf countries instantly and at low rates with a high level of privacy and information security.
On this occasion, Abdullah Al Mutawaa, Head of Funds Transfer & Wealth Management Operations at NBK, said: “AFAQ implements operating rules and regulations in accordance with professional practices and advanced international standards, which aligns with NBK’s continuous endeavors to keep pace with customers’ evolving needs and growing expectations and preferences, as part of its constant dedication to providing top-notch and highly advanced products and services.”
Al Mutawaa added: “The AFAQ service is available through NBK Mobile Banking App at a competitive exchange rate, allowing transferring from the customer's Kuwaiti Dinar account to another GCC currency (the currency of the receiving country), provided the beneficiary bank is on the list of GCC banks participating in the service, and currencies included are KWD, AED, BHD, SAR, and OMR.”
