The Central Bank of Yemen in the capital, Aden, announced today, Wednesday, the start of actual work on the International Bank Account System (IBAN).

This came in an expanded meeting organized by the Bank’s General Administration for Payment Systems, with the participation of representatives of commercial and Islamic banks operating in the Republic.

In the meeting, Deputy Governor of the Central Bank, Dr. Muhammad Omar Banaja, to the interest of the Central Bank in keeping pace with global banking developments through the support provided by the United States Agency for International Development (USAID), explaining that activating the work of the financial and banking performance system for Yemeni banks globally comes in line with the plan and strategy of the Central Bank of Yemen to strengthen the financial inclusion program in Yemen. This leads to banks operating in the Yemeni banking market being compatible with international financial and business markets standards, ISO 13616.

Dr. pointed out In conclusion, the international bank account is distinguished by the accuracy of bank transfers and the speed of their implementation at a lower cost, which reduces transcription errors and avoids delays in implementing electronic payments.

It should be noted that the procedures for activating the International Bank Account Number “IBAN” and discussing the plan to activate it with banks began in April of this year.