KUWAIT: In line with its commitment to enhancing customer banking experience and providing them with top-notch innovative digital services that cater to their needs and allow quick and easy transactions, National Bank of Kuwait (NBK) has announced introducing AFAQ - GCC’s unified payment system on Mobile Banking, allowing financial transfers in local GCC currencies.

‘AFAQ’ is a regional payments system provided by the Gulf Payments Company to execute financial transactions in GCC local currencies in a real-time basis, with low fees, and within a safe, secure, and stable ecosystem through ensuring the privacy and continuity of communication by linking the ‘AFAQ’ system and the national central banks through a highly secure private network.

‘AFAQ’ provides elevated levels of protection and data security in the payments system through the provision and management of digital certificates and the provision of the Public Key Infrastructure (PKI) service. This service allows for the secure issuing and managing of digital certificates to ensure the confidentiality and integrity of the data transmitted through ‘AFAQ’ payments.

On this occasion, Abdullah Al-Mutawaa, Head of Funds Transfer & Wealth Management Operations at National Bank of Kuwait 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.”

“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, OMR,” he mentioned.

“NBK is one of the first banks to introduce cutting-edge technologies in fast payments and transfers in Kuwait through its digital channels, which include NBK Mobile and Online Banking as well as NBK Corporate Online Banking, thus helping increase the volume of cross-border transactions.

•Transfers are made to the currency of the receiving country, provided the beneficiary bank is on the list of GCC banks participating in the service

It is worth mentioning that NBK strengthened its footprint across key regional markets by offering innovative banking services that cater to the needs of customers regardless of their geographical location, which helped solidify the bank’s position as a highly trusted brand.

Through the NBK Mobile Banking App, NBK is dedicated to offering customers a secure and seamless platform for managing their finances with utmost convenience. This advanced app enables users to perform a wide array of banking transactions, including opening new accounts, reviewing account and credit card transactions, and monitoring NBK Miles and NBK Rewards Program points. Additionally, customers can effortlessly pay credit card dues and various electronic bills, locate NBK Branches, ATMs, and CDMs across Kuwait, across Kuwait, submitting requests for account statements, updating personal information, as well as toll-free numbers for customers when abroad to reach the bank for any help or inquiry. The NBK Mobile Banking App is available for download on the App Store, Google Play, and Huawei AppGallery.