emirates7 - The value of transactions in the UAE banking sector through the UAE Funds Transfer System (UAEFTS) reached AED19.898 trillion in 2024, according to the latest data from the Central Bank of the UAE (CBUAE). This marks a 15.9 percent year-on-year increase, up from AED17.159 trillion in 2023.

The CBUAE's Monthly Banking Operations Statistics (2019-2024), released on Thursday, that bank transfers grew by 13.3 percent, totaling AED12.491 trillion in 2024, compared to AED11.018 trillion in 2023. Customer transfers also saw a significant rise of about 20 percent, surpassing AED7.4 trillion in 2024, up from around AED6.14 trillion in 2023.

On a monthly basis, the value of transfers in December 2024 rose to approximately AED1.878 trillion, compared to AED1.707 trillion in December 2023.

Regarding checks, the total value of those processed through the Image Cheque Clearing System (ICCS) increased by 5.66 percent to AED1.334 trillion in 2024, compared to AED1.263 trillion in 2023. The total number of checks processed reached 22.59 million in 2024, up from 22.12 million in 2023.