Buna has successfully managed to build a rapidly growing network of participants from across the Arab region and continues its efforts to welcome all eligible institutions to join the network and utilize its services.
Buna welcomes the inclusion of all central banks, commercial banks, or any other financial institution that meet all the eligibility criteria and conditions for participation, primarily the standards and procedures of compliance aspects. Once any of the mentioned entities is accepted by the organization to submit its transactions directly to the system, it will be considered as a participant. Participants can submit and receive payments directly to Buna system and make use of the full range of Buna services.
To ensure the safety of its ecosystem, Buna only accepts applications from banks and any other financial institution which meet a set of criteria related to adherence to regulations, compliance requirements, technical capabilities, and capital requirements. The list of pre-requisites includes and is not limited to:
*In alignment with the Buna Rules and Procedures, and our resolute commitment to upholding compliance and integrity, we have made the decision to temporarily suspend the participation of certain banks within Buna System. These suspensions have been prompted by events that occurred outside Buna system.
