UAE Banking Transactions Surge to AED19.9 Trillion in 2024, Marking 15.9% Growth

The total value of transactions conducted within the UAE’s banking sector through the UAE Funds Transfer System (UAEFTS) soared to AED19.898 trillion in 2024, reflecting a 15.9% year-on-year increase from AED17.159 trillion in 2023, according to the latest data from the Central Bank of the UAE (CBUAE).

As per the Monthly Banking Operations Statistics (2019-2024) released by CBUAE, bank transfers climbed by 13.3% to AED12.491 trillion in 2024, compared to AED11.018 trillion in the previous year. Meanwhile, customer transfers surged by 20%, exceeding AED7.4 trillion in 2024, up from approximately AED6.14 trillion in 2023.

On a monthly basis, transactions recorded in December 2024 rose to AED1.878 trillion, compared to AED1.707 trillion in December 2023, signifying steady economic activity and digital financial growth.

The Image Cheque Clearing System (ICCS) also witnessed a notable expansion, with the total value of processed checks increasing by 5.66% to AED1.334 trillion in 2024, compared to AED1.263 trillion in 2023. Additionally, the number of circulated checks rose to 22.59 million, up from 22.12 million in 2023.

This robust growth underscores the UAE’s strong banking infrastructure and increasing reliance on digital transactions, reflecting the country’s ongoing commitment to financial innovation and economic resilience.

News Source: Emirates News Agency