UAEFTS processes AED 19.89 trillion in transactions in 2024

Sharjah 24- WAM: The value of transactions conducted in the banking sector within the country through the UAE Funds Transfer System (UAEFTS) rose to AED 19.898 trillion during 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE).

Year-on-year increase in transactions

This represents a year-on-year increase of 15.9 percent, compared to transactions totaling AED 17.159 trillion carried out during the same period in 2023.

Increase in bank and customer transfers

According to the Monthly Banking Operations Statistics (2019-2024), issued by the CBUAE on Thursday, bank transfers increased by approximately 13.3 percent to AED 12.491 trillion in 2024, compared to AED 11.018 trillion in 2023. Meanwhile, customer transfers rose by about 20 percent, surpassing AED 7.4 trillion in 2024, compared to approximately AED 6.14 trillion in 2023.

Monthly transfer growth

On a monthly basis, the value of transfers increased in December 2024 to approximately AED 1.878 trillion, compared to around AED 1.707 trillion in December 2023.

Circulated checks statistics

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 AED 1.334 trillion in 2024, compared to AED 1.263 trillion in 2023.

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