BENEFIT reaches total value of over BD 14bln worth of electronic financial transactions in first half of 2023

Manama, Bahrain: BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, has reached a total volume of 161.9 Million transactions for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) through BenefitPay during the first half of 2023, a 42.4% increase in volume compared to the first half of 2022. 

The online payments under the Electronic Fund Transfer System (EFTS), consisting of Fawri+, Fawri and Fawateer, experienced substantial growth in the first half of 2023, as witnessed by a 40.8% volume increase, from 121.2 Million transactions during the first half of 2022, to 170.7 Million transactions in the first half of 2023. 

Fawri+ transactions over all channels in the first half of 2023 reached a total value of BHD 3.6 Billion compared to BHD 3.0 Billion in the previous year, a growth of 21.1%. Furthermore, Fawri+ transactions through BenefitPay’s application in the first half of 2023 reached a total value of BHD 3.3 Billion, a growth of 20.6%, compared to BHD 2.8 Billion in the first half of 2022. 

Fawri transactions over all channels increased by 13.3% as its value in the first half of 2023 exceeded BHD 10.2 Billion, compared to BHD 9.0 Billion during the first half of 2022. Moreover, Fawri experienced a value increase of 17.9% through the BenefitPay application, increasing from BHD 385.4 Million during the first half of 2022, to BHD 454.6 Million in the first half of 2023. 

Regarding Fawateer transactions across all channels, the first half of 2023 reported a value of BHD 469.6 Million showcasing a 5.9% increase from the first half of 2022, where the value was BHD 443.4 Million. Fawateer transactions through BenefitPay’s application increased by 38.5%, with a total value of BHD 125.7 Million in the first half of 2023, up from BHD 90.8 Million during the same period of the previous year.

The National electronic Know-Your-Customer (eKYC) platform totaled up to 326,494 verifications, a 69.9% increase from the first half of 2022.

Furthermore, the Bahrain Credit Reference Bureau operated under BENEFIT, issued a total of 9,172 credit reports in the first half of 2023, up from 7,680 credit reports in the first half of 2022, a 19.4% increase. Credit Report Inquiries also increased to 135,453 in the first half of 2023 up from 119,492 in the first half of 2022, increasing by 13.4%.