Manama, Bahrain – Bahrain Commercial Facilities Company (BCFC), known as BCFC, has launched its cloud-based credit and lending app, Sahel, in Bahrain. Developed in collaboration with strategic technology partners Codebase Technologies and Atyaf eSolutions, the app will enable BCFC to expand its already successful credit and lending business to new markets and client segments through digital experiences.

Bahrain has witnessed intense mobile phone penetration in recent years, hitting 142.1% in 2023 and a 99% internet penetration1, creating fertile ground for digital initiatives to thrive. Additionally, as per a report by the Central Bank of Bahrain, the outstanding total loans and credit facilities provided to resident economic sectors in Bahrain increased to BD11.3 billion ($29.97 billion) at the end of May 2022, an increase of 5.7% compared to the end of May 20212.

"We are delighted to announce the official debut of our latest application, 'Sahel,' representing a pivotal milestone in both our company's journey and the broader landscape of digital financial services in the Kingdom of Bahrain, and underscoring our commitment to innovation and the advancement of financial solutions in the digital era,” commented Abdulla Bukhowa, CEO of BCFC.

BCFC's Sahel app empowers customers to digitally onboard and apply for credit cards, loans, and insurance, manage loan and credit repayments, view their transaction history and statements, and conduct a range of daily banking transactions. Digibanc serves as the underlying technology stack for Sahel and includes digital onboarding with fully remote ID&V, facial recognition, and eKYC, further enhancing the customer experience, improving compliance, and optimizing operational benefits to Bahrain Credit.

The app uses Codebase Technologies' proprietary intelligent credit decisioning engine, allowing customers to benefit from instant credit card issuance and loan approvals while providing BCFC with improved operational efficiency and smarter risk management. The team also included a virtual credit card option with immediate access to cards and a unique loyalty points functionality, allowing customers to conveniently transfer and redeem their accumulated rewards.

Ali Al Marzooq, VP of Information Technology and Operations at BCFC, stated, “Overall, BCFC's commitment to embracing innovation and our digital-first approach to credit and lending demonstrates our proactive stance in leveraging technology to improve services, increase conversions, enhance customer value, and provide an excellent digital experience for customers.”

Codebase Technologies' Digibanc serves as the underlying technology stack for Sahel, deployed in a cloud environment, allowing the integration of multiple customizable components and third-party APIs, providing BCFC with an unprecedented level of agility and innovation. This modern approach to building digital financial products increased BCFC’s speed to market and provides the lender with expansive capabilities for product and service creation.

“In today’s age, large institutions are leveraging partnerships with digital banking providers and fintechs to augment their capabilities and become more agile, rather than building experience from scratch. BCFC showed great leadership and foresight by adopting a modern approach to digital services development, by leveraging our Digibanc platform, which positions them in a great place to lead the market and ensure their innovative capabilities are future-proofed," commented Tamer Al Mauge, Managing Director - MENA, Codebase Technologies.

To ensure optimized upfront costs, enhance speed to market, and guarantee scalability, Codebase Technologies deployed Digibanc in a cloud-hosted environment managed by Atyaf eSolutions. Cloud hosting for digital banks has been gaining traction across the Middle East due to its security, reliability, and scalability, allowing financial institutions to expand quickly in response to customer and market demands.

Ubaydli Al Ubaydli, Chairman of Atyaf eSolutions, stated, "The launch of cloud-hosted banking is a crucial step towards achieving Bahrain's 2030 vision. This vision recognizes the fintech industry, particularly smart platforms, as vital in diversifying Bahrain's economy and reducing its reliance on oil and increasing involvement in Information and Communication Technology (ICT), opening new avenues for economic growth and development."                                                                                

Sources
[1] https://datareportal.com/reports/digital-2023-bahrain
[2] https://www.zawya.com/en/business/banking-and-insurance/bahrain-banks-loans-and-credit-facilities-jump-to-30bln-i4yfamxj

About Codebase Technologies

Codebase Technologies is one of the world's fastest-growing open API banking solution fintech firms. With a vision to "disrupt the way technology is utilized for a greater purpose," the company engineers impactful digital financial experiences for conventional and Islamic banks, fintechs, neobanks, lenders, and startups.

Codebase Technologies has launched several digital, challenger, and neobank financial propositions worldwide, with a proven success rate and unparalleled speed to market, establishing itself as a pioneer in digital banking technology in the global banking industry.

The company's award-winning DigibancTM fintech platform is a cloud-enabled, API-driven, and highly adaptable digital banking platform that enables institutions to deliver inclusive digital financial experiences. The platform's open architecture embraces a diverse ecosystem of partners and vendors, fostering collaborative experiences across the financial services landscape. Built on a component-based, micro-services architecture, DigibancTM provides a robust and agile environment for launching new financial products and services at speed and scale.

Learn more at:
Website: www.codebtech.com
LinkedIn: https://ae.linkedin.com/company/codebasetechnologies
Youtube: https://www.youtube.com/channel/UCHchl1RaH_38KeYUTQjllsQ
Instagram: https://www.instagram.com/codebase.technologies/?hl=en

About Atyaf eSolutions

Atyaf eSolutions (formerly Al Nadeem IT) has been a pioneer in providing the

state-of-the-art digital and platform solutions in the Kingdom of Bahrain for over 27 years, starting with web and application development services and then successfully expanding its range of solutions to intranet development, custom business, and mobile applications development, cloud solutions, chatbot and process automation, emerging technology and cyber security solutions to its clients from Banking and Finance, Government, Enterprise, Retail as well as S.M.E.s.

Atyaf eSolutions has been a brand revolutionizing digitization since the beginning as the first Company ever to be in Internet Solutions in the Kingdom of Bahrain in 1995.

Throughout the years, Atyaf has won numerous I.C.T. awards for its prestige, such as the world summit award, Bahrain eGovernment Award, and GITEX Award. Atyaf has rolled out many pioneering projects in the field of Web Development. They include a high-end architectural presence. Among them are Custom Business Applications, eTendering Solutions, EKYC in FinTech and Blockchain Platform, Women Gateway Portal, and E Land Registry, to name some of an extensive list that has been fore frontiers dominating market leadership in the Kingdom of Bahrain.

Atyaf eSolutions has recently invested in partnering and developing emerging technologies in Bahrain, such as Artificial Intelligence, Virtual and Augmented reality, Blockchain, Metaverse, NFTs, and Crypto.

Website: www.atyafesolutions.com | LinkedIn: https://www.linkedin.com/company/al-nadeem-info-tech/mycompany

About Bahrain Commercial Facilities Company (BCFC)

Bahrain Commercial Facilities Company B.S.C., known as "Bahrain Credit", was established on 29th August 1983 under Bahrain's Commercial Companies Law 1975 as a closed Company with an authorized capital of B.D. 10,000,000 and issued capital of BD 5,000,000, intending to act as a specialist finance Company.

In 1993, Bahrain Credit became a public shareholding company with an authorized capital of BD 50,000,000 and issued capital of BD 11,000,000. Effective 26th June 2005, the Company became licensed and regulated by the Central Bank of Bahrain (C.B.B.) to operate as a financial institution.

In 1989, Bahrain Credit acquired the agency right of Honda, Cadillac, Hummer, and GMC cars dealership in Bahrain and Established the National Motor Company (N.M.C.).

In 1997, Tas'heelat Insurance Services Co. W.L.L. was established to offer new and innovative financial services and insurance products. The Company offers a spectrum of insurance services under one roof.

In October 2002, Tas'heelat Real Estate Services Company (S.P.C) was established to offer investors and consumers various real-estate-related services such as property valuation, brokerage, and management.

Learn more at: bahraincredit.com.bh                                                                                     

For more information, contact:
Tom Romanski
Brand and Communications Lead
Codebase Technologies
​​​​​​​Email: romanski@codebtech.com