UAEFTS processed Dhs19.89 trillion in transactions in 2024

The value of transactions conducted in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) rose to Dhs19.898 trillion during 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).

This represents a year-on-year increase of 15.9 per cent, compared to transactions totalling Dhs17.159 trillion carried out during the same period in 2023.

According to the Monthly Banking Operations Statistics (2019- 2024), issued by the CBUAE on Thursday, bank transfers increased by approximately 13.3 per cent to Dhs12.491 trillion in 2024, compared to Dhs11.018 trillion in 2023. Meanwhile, customer transfers rose by about 20 per cent, surpassing Dhs7.4 trillion in 2024, compared to approximately Dhs6.14 trillion in 2023.

On a monthly basis, the value of transfers increased in December 2024 to approximately Dhs1.878 trillion, compared to around Dhs1.707 trillion in December 2023.

Regarding circulated checks, banking transaction statistics showed a 5.66 percent increase in the value of checks processed using the Image Cheque Clearing System (ICCS), surpassing Dhs1.334 trillion in 2024, compared to Dhs1.263 trillion in 2023.

The total circulated checks reached 22.59 million in 2024, compared to 22.12 million in 2023.