CAIRO - 21 July 2022: The BUNA payment platform is considering new banking services to boost the trade exchange between Egypt and the other Arab counties, Central Bank of Egypt (CBE) deputy director general of the payment systems department Hani Omar said Wednesday.
Founded by the Arab Monetary Fund (AMF) in February 2020, BUNA payment platform is seen as the first Arab regional platform for cross-border and multi-currency payment system, Omar said in a forum, organized by the Food Export Council, in cooperation with the Egyptian Commercial Service to give more information on BUNA platform.
He said the platform provides payment solutions that empower Arab economies and promote regional integration, as it allows using the different Arab currencies, along with foreign currencies, to settle payments of the regional inter-trade.
He added that Buna enables financial institutions and central banks in the Arab region and beyond, to send and receive payments, in Arab currencies as well as key international currencies, in a safe, cost-effective, risk-controlled, and transparent environment.
He said six currencies are used in the platform, which are the Emirati Dirham, the Saudi Riyal, the Egyptian Pound, the Jordanian Dinar, the US Dollar and the Euro.