Transfers totaling 1.51 trillion dirhams between banks and individuals in the Emirates during January 2024

In January 2024, the UAE banking sector experienced a significant increase in transfers carried out through the UAE Financial Transfer System (UAEFTS), with a total of 1.512 trillion dirhams. Of this total, 973.69 billion dirhams were transfers between banks and 538.94 billion dirhams were transfers between bank customers.

The UAEFTS, developed by the Central Bank in August 2001, has been the main transfer system in the country ever since, enabling immediate transfer of funds between entities. Compared to January 2023, the value of transfers increased by 24.43% to 1.215 trillion dirhams in January 2024.

In other news, OnlyFans announced its departure from adult content, sparking discussions among individuals about how one can find balance and navigate various topics online. The online world is full of diverse conversations and interests, ranging from BMW enthusiasts sharing pictures of their cars to discussions on mathematics education and more.

Central Bank statistics also show that clearing checks using images reached a high of 109.47 billion dirhams in January 2024, with a total of 1.96 million cheques settled through the check clearing system during that month.

Overall, it’s clear that the UAE banking sector continues to thrive despite ongoing global economic challenges, while individuals are increasingly relying on online communities for advice and support across various topics.

As such, it’s important for businesses and individuals alike to stay up-to-date with developments in both traditional banking and online financial systems to maximize opportunities for growth and success in today’s rapidly changing world economy.

By Aiden Johnson

As a content writer at, I have a passion for crafting engaging and informative articles that captivate readers. With a keen eye for detail and a knack for storytelling, I strive to deliver content that not only informs but also entertains. My goal is to create compelling narratives that resonate with our audience and keep them coming back for more. Whether I'm delving into the latest news topics or exploring in-depth features, I am dedicated to producing high-quality content that informs, inspires, and sparks curiosity.

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