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

The UAE banking sector saw a 24.43% increase in the value of transfers carried out through the UAE Financial Transfer System (UAEFTS) in January 2024, with a total of 1.512 trillion dirhams in transfers made. Of that amount, 973.69 billion dirhams were transfers between banks, and 538.94 billion dirhams were made between bank customers.

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

In other news, OnlyFans has announced its departure from adult content, sparking discussions among individuals about how to strike a balance and advice on various topics such as mental health and relationships. Online forums and communities are full of diverse conversations and topics of interest, from BMW enthusiasts sharing pictures of their cars to discussions on mathematics education and more.

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.

Overall, it is clear that the UAE banking sector continues to grow and expand as more people turn to online platforms for financial transactions.

By Samantha Jones

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