Manama, Kingdom of Bahrain - BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, announced that it reached a total volume of 252.5 million for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) through BenefitPay in the year 2022, a 70.8% increase in volume compared to 2021.
The Electronic Fund Transfer System (EFTS) on all channels, which includes Fawri, Fawri+, and Fawateer, has witnessed substantial growth in 2022, as seen by a 25% increase in total value from 20.3 billion in 2021 to 25.4 billion in 2022. A total of nearly 268 million payments were made through the Electronic Fund Transfer System (EFTS) in 2022.
Fawri+ transactions reached nearly 245 million, a 74% increase from the previous year, and 6.2 billion Bahraini dinars in value, a 39% increase from 2021. It is worth noting that in January 2022 alone, there was a 107% increase in Fawri+ transactions over the BenefitPay application from the previous year.
Furthermore, a total of more than 11 million Fawri transactions were made in 2022 showing an increase of 14% with their total value exceeding 18 billion Bahraini Dinars for the year 2022, compared to over 15 billion Bahraini Dinars for the year 2021, an increase of 20%
A total of almost 12 million Fawateer transactions were conducted in 2022, a growth increase of 31%. Their total value exceeded 928.7 million Bahraini Dinars for the year 2022 compared to 641.7 million Bahraini Dinars for the year 2021, an increase of 45%.
The National electronic Know-Your-Customer (eKYC) platform totaled up to more than 424 thousand eKYC transactions in 2022 in comparison to over 204 thousand transactions in 2021, showing a substantial increase of 107.6%.
The Bahrain Credit Reference Bureau, operated by BENEFIT, has total inquiries exceeding 272 thousand credit reports during 2022 compared to over 264 thousand in 2021, demonstrating a 3% increase.
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About BENEFIT
BENEFIT was established in 1997 and is licensed by the Central Bank of Bahrain (CBB) as an ancillary service provider to the Kingdom’s financial services industry. BENEFIT is owned by Banks in Bahrain, regulated by the CBB, to provide innovative Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services across different sectors in the Kingdom of Bahrain and the Region.
BENEFIT’s range of services – supported by GCCNet in countries within the region – include operating of Automated Teller Machines (ATM), Point of Sale (POS), GCCNet, The GCCNet Dispute Management System, Credit Reference Bureau (CRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal, eCheque, EFTs, national eWallet (BenefitPay) and national eKYC Platform for the financial sectors, Bahrain Electronic Cheque, Wages Protection System, and Trust Services for digital signatures.
