In January 2024, the banking sector in the UAE experienced a surge of financial activity as transfers through the UAE Financial Transfer System (UAEFTS) reached a value of 1.512 trillion dirhams, according to statistics from the Central Bank. This represented a 24.43% increase from the same period last year when the value of transfers was 1.215 trillion dirhams.
The UAEFTS is a primary transfer system developed by the Central Bank since August 2001, which enables immediate transfers between entities within the country. The value of transfers in January 2024 was split between 973.69 billion dirhams in transfers between banks and 538.94 billion dirhams in transfers between bank customers.
In addition to this, statistics from the Central Bank also revealed that clearing checks using their images amounted to 109.47 billion dirhams in January 2024, with over 1.96 million cheques being settled through their check clearing system during that month.
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