UAEFTS processed $5.42trln 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 AED19.898 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 percent, compared to transactions totalling AED17.159 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 percent to AED12.491 trillion in 2024, compared to AED11.018 trillion in 2023. Meanwhile, customer transfers rose by about 20 percent, surpassing AED7.4 trillion in 2024, compared to approximately AED6.14 trillion in 2023.
On a monthly basis, the value of transfers increased in December 2024 to approximately AED1.878 trillion, compared to around AED1.707 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 AED1.334 trillion in 2024, compared to AED1.263 trillion in 2023.
The total circulated checks reached 22.59 million in 2024, compared to 22.12 million in 2023.
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