Kuwait Finance House (KFH) has introduced the new GCC Cross-Border Payment System (AFAQ) service on its KFH Online app, enabling customers to instantly transfer money from their accounts to GCC banks participating in the AFAQ service.

The new service aligns with the Central Bank of Kuwait's vision to enhance GCC currency transactions and expedite money transfers. This service also reinforces KFH's leadership in digital transformation and banking services.

KFH Deputy General Manager of Transaction Banking Operations, Tahani Al-Khamees, said: “The AFAQ service simplifies the fund transfer process for customers, enabling them to easily and securely send money from their accounts to beneficiaries at other participating GCC banks.”

She added that using the AFAQ service allows customers to instantly transfer funds for a flat fee of KD 2 per transaction, regardless of the transfer amount, with no additional charges from the beneficiary bank.

She stressed KFH’s keenness to utilize the best technical tools to offer innovative, efficient and quick banking services and payment solutions, meeting the demands of customers and offering them the best services according to the highest quality standards.

To benefit from the AFAQ service, KFH Executive Manager of Digital and Alternative Channels, Meshal Adnan Alobaid, explained that it is available on the KFH Online App.

"KFH Online users can navigate to the financial transfers page on the app and choose the 'Other Banks Transfers Status” option. Customers can then select a previously added beneficiary and click the 'transfer through AFAQ' option," added Alobaid.

He noted that this option will be activated only if the beneficiary is on the list of GCC banks participating in the service.

He indicated that this new service reflects KFH’s endeavors towards enhancing customer experience, “this service elevates international banking to unprecedented levels of speed and convenience, paving new ways for further development.” said Alobaid.

Available on KFH Online

KFH's new money transfer service is now available on KFH Online. This streamlined service enables customers to complete transfers in a single, easy step, providing a more convenient banking experience. The service further solidifies KFH's leading role in digital transformation.

The new service offers numerous benefits and conveniences to customers. If fingerprint authentication is enabled, customers can execute various transactions, including transfers between their own accounts, transfers to KFH beneficiaries, and transfers to local and international banks. This service is available 24/7, including weekends and public holidays.

Through this service, KFH aims to enhance the beneficiary addition process by simplifying the steps involved. Customers need only provide minimal information and add the beneficiary using an OTP sent to the registered mobile number at KFH, email, or SMS. The beneficiary will be automatically activated after 12 hours, allowing customers to initiate transfers immediately thereafter.