Kuwait, 26 October 2024: Kuwait International Bank (KIB) announced that it has joined the AFAQ GCC payment system, offering customers a fast, secure, and convenient way to conduct financial transfers across Gulf Cooperation Council (GCC) countries in local currencies. This marks a significant step toward enhancing financial services for customers, which reflects KIB’s advanced role among local banking institutions and aligns with its dedicated strategy to develop its digital infrastructure.

Commenting on the occasion, Fahad Othman AlBader, General Manager of the Operations Department at KIB, said: “Joining AFAQ aligns with KIB's commitment to delivering advanced financial solutions to our diverse customer base. The introduction of this service will provide a seamless and highly secure financial transfer experience within the GCC. By adopting AFAQ, KIB continues to innovate and enhance its digital service offerings, bringing value to our customers through efficiency and reliability in everyday banking transactions.”

AlBader highlighted that customers can initiate an AFAQ transaction directly through the KIB Mobile application by selecting the AFAQ option in the money transfer page and following the simple on-screen instructions. AFAQ’s main advantage is rapid transfers, with payments processed faster than traditional transfer methods. Even more, the service's low fees offer customers a cost-effective alternative to other money transfer services.

AlBader added: “KIB's investment in AFAQ reflects our ongoing dedication to strengthening our digital infrastructure. By adopting cutting-edge payment technology, we are not only expanding our service capabilities but also contributing to a more connected financial future across the GCC region.”

On his part, Mohammed Al-Duwailah, Executive Manager of the Treasury Department at KIB, explained: “The AFAQ service enables customers to quickly and affordably complete transfers between GCC countries in their local currencies. These transfers are not subject to exchange rates or profit margins that increase with currency values; they are subject to fixed fees that are not tied to the transfer amount.”

Al-Duwailah added: “The AFAQ system upholds the highest standards of security and privacy, connecting GCC central banks through a private and secure network. It is distinguished by its speed and efficiency in processing transfers, ensuring continuous, uninterrupted service and providing customers with a seamless and reliable transfer experience.”

It is worth noting that KIB continues to cement its dedication to adopting advanced digital financial solutions that meet the evolving needs of its customers, allowing them to manage their finances and process transactions securely at all times, stemming from its main slogan “Bank for Life”.