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Total cash withdrawals through the UAESWITCH, the national ATM-sharing scheme, rose 3.6 percent to AED137.5 billion in 2017 as compared to figures of 2016, according to statistics of the Central Bank of the UAE, CBUAE.
Launched in 1996 by the CBUAE, the UAESWITCH scheme now comprises 43 member-banks with ATMs reaching 5,274 by the end of the first quarter of 2018, an increase of 63 ATMs compared to the same period in 2017. Through its connection to GCCNET, UAESWITCH allows cardholders to obtain service at ATMs throughout the Gulf region.
Use of the network has grown over the years.
The CBUAE figures showed that 2015 was the most active year in terms of withdrawals, registering AED128.1 billion.
The Central Bank owns and operates the UAE's most important payment systems: UAEFTS, the UAE Funds Transfer System, which processes high-value payments; ICCS, the cheque clearing system; UAESWITCH, the national ATM-sharing scheme; and UAEWPS, the UAE Wages Protection System.
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