Transfers totaling 1.51 trillion dirhams between banks and individuals in the Emirates during January 2024

The UAE banking sector witnessed a 24.43% increase in the value of transfers in January 2024, reaching a total of 1.512 trillion dirhams. This was facilitated by the UAE Financial Transfer System (UAEFTS), which is the primary transfer system in the country that enables immediate fund transfers between entities. Of this total, 973.69 billion dirhams were transfers between banks and 538.94 billion dirhams were transfers between bank customers.

Meanwhile, Central Bank statistics also revealed that the value of clearing checks using their images in January 2024 was 109.47 billion dirhams, with a total of 1.96 million cheques settled through the check clearing system during that month.

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The UAEFTS, developed by the Central Bank in August 2001, has been instrumental in enabling instantaneous fund transfers between entities within the country’s banking sector, making it an essential component of the country’s financial infrastructure.

As technology continues to evolve, it is important for individuals and businesses alike to stay informed about new developments and how they can take advantage of them to improve their financial processes and operations. In this regard, online resources such as forums and communities can be valuable tools for learning about best practices and staying up-to-date with industry trends.

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By Riley Johnson

As a content writer at newsmol.com, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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