According to the latest Central Bank statistics, transfers carried out in the UAE banking sector through the UAE Financial Transfer System (UAEFTS) totaled 1.512 trillion dirhams in January 2024. This is an increase of 24.43% compared to January 2023, where the value of transfers was 1.215 trillion dirhams. The UAEFTS, developed by the Central Bank in August 2001, is the main transfer system in the country that facilitates the immediate transfer of funds between entities.
Central Bank statistics also show that 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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