On December 11, 2024, the Central Bank of Yemen, based in the temporary capital of Aden, announced the official implementation of the International Bank Account Number (IBAN) system for local and international money transfers.

The announcement was made during a comprehensive meeting organized by the bank's General Administration of Payment Systems, which included representatives from commercial and Islamic banks operating in the country, according to the official Yemeni news agency, Saba.

Deputy Governor of the Central Bank, Mohammed Omar Banajeh, emphasized the bank's commitment to keeping pace with global banking developments, supported by the United States Agency for International Development (USAID).

Banajeh explained that the activation of the IBAN system aligns with the Central Bank of Yemen's strategy to enhance financial inclusion in the country, ensuring that banks comply with international financial market standards, specifically ISO 13616.

The IBAN system offers precise banking transfers, rapid execution, and lower costs, which helps reduce errors and delays in electronic payments.

Previously, on April 28, the Central Bank announced the initiation of procedures to activate the IBAN system, confirming an agreement with banks on a unified account format and the implementation phases.

The adoption of the IBAN system is a significant step in the Central Bank's strategy to bolster financial inclusion in Yemen, aligning local banks with international financial standards.