According to the most recent data from the Central Bank of the UAE (CBUAE), the total value of transactions made in the nation’s banking industry via the UAE Funds Transfer System (UAEFTS) increased to Dhs19.898 trillion in 2024. Compared to transactions totaling Dhs17.159 trillion made during the same period in 2023, which indicates a 15.9% rise year over year.
Bank transfers rose by almost 13.3% to Dhs12.491 trillion in 2024 from Dhs11.018 trillion in 2023, according to the CBUAE’s Monthly Banking Operations Statistics (2019–2024) released on Thursday. In the meantime, client transfers increased by around 20%, reaching Dhs7.4 trillion in 2024 from roughly Dhs6.14 trillion in 2023.
The value of transfers rose from about Dhs1.707 trillion in December 2023 to about Dhs1.878 trillion in December 2024 on a monthly basis.
In terms of circulated checks, the value of checks processed by the Image Cheque Clearing System (ICCS) increased by 5.66 percent, reaching Dhs1.334 trillion in 2024 from Dhs1.263 trillion in 2023, according to banking transaction figures.
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