• Wed. Apr 17th, 2024

UAE Banking Sector Sees Significant Increase in Transfers Through UAEFTS in January 2024

BySamantha Jones

Apr 3, 2024
Transfers totaling 1.51 trillion dirhams between banks and individuals in the Emirates during January 2024

In January 2024, the UAE banking sector experienced a significant increase in transfers carried out through the UAE Financial Transfer System (UAEFTS). The total value of transfers reached 1.512 trillion dirhams, an increase of 24.43% compared to January 2023.

The UAEFTS, developed by the Central Bank in August 2001, is the primary transfer system in the country that facilitates immediate transfers of funds between entities. Of the total transfers made in January 2024, 973.69 billion dirhams were bank-to-bank transfers while 538.94 billion dirhams were customer-to-customer transactions.

Meanwhile, Central Bank statistics show that clearing checks using their images was valued at 109.47 billion dirhams in January 2024 with over 1.96 million cheques settled through the check clearing system during that month.

In other news, OnlyFans has announced its departure from adult content which has sparked discussions among individuals on how to strike a balance and various topics such as advice on various subjects and discussions on different resources are popular topics on online forums and communities. From BMW enthusiasts sharing pictures of their cars to discussions on mathematics education, the online world is full of diverse conversations and topics of interest.

Overall, it’s clear that there is a growing demand for secure and efficient financial transfer systems in the UAE banking sector as well as a thriving online community with a diverse range of interests and topics for discussion.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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