Manama, Bahrain - BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, has reached a total value of 16.4 Billion Bahraini dinars for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) during the first half of 2024, a 14.5% increase in value compared to the first half of 2023.

The online payments under the Electronic Fund Transfer System (EFTS), consisting of Fawri+, Fawri and Fawateer, experienced substantial growth in the first half of 2024, as witnessed by 25.0% volume increase, from 170.7 Million transactions during the first half of 2023, to 213.4 Million transactions in the first half of 2024.

Fawri+ transactions over all channels in the first half of 2024 reached a total value of BHD 4.2 Billion compared to BHD 3.6 Billion in the previous year, a growth of 17.3%. Furthermore, Fawri+ transactions through BenefitPay’s application in the first half of 2024 reached a total value of BHD 3.9 Billion, a growth of 15.9%, compared to BHD 3.3 Billion in the first half of 2023.

Fawri transactions over all channels increased by 13.5% as its value in the first half of 2024 exceeded BHD 11.6 Billion, compared to BHD 10.2 Billion during the first half of 2023. Moreover, Fawri experienced a value increase of 19.9% through the BenefitPay application, increasing from BHD 454.6 Million during the first half of 2023, to BHD 545.0 Million in the first half of 2024.

Regarding Fawateer transactions across all channels, the first half of 2024 reported a value of BHD  548.5 Million showcasing a 16.8% increase from the first half of 2023, where the value was BHD 469.6 Million. Fawateer transactions through BenefitPay’s application increased in value by 54.9%, with a total value of BHD 194.6 Million in the first half of 2024, up from BHD 125.7 Million during the same period of the previous year.

The National electronic Know-Your-Customer (eKYC) platform totaled up to 381,791 verifications, 13.7% increase from the first half of 2023.

Furthermore, the Bahrain Credit Reference Bureau operated under BENEFIT, recorded a total of 251,889 credit report inquiries in the first half of 2024, up from 144,625 credit report inquiries in the first half of 2023, a 74.2% increase.

Since the start of 2024, BENEFIT has achieved several significant milestones and achievements. In the first quarter, BENEFIT launched the Identity Verification (IDV) feature for BenefitPay, significantly boosting user security. At the start of the second quarter, the company introduced the Fintech Drivers Program, building on its collaboration with Reboot Coding Institute and General Assembly to cultivate future fintech talents in Bahrain. Shortly after in June, BenefitPay won the Fintech Award at the Bahrain Digital Content Awards 2023, recognizing its innovation and user-friendly features. Moreover, BENEFIT was recently honored as one of Bahrain's Top 50 Companies for the third consecutive year by Al Bilad, highlighting its sustained impact and leadership in the fintech sector. These accomplishments underscore BENEFIT's dedication to transformative growth and its ongoing commitment to progressing the Kingdom’s financial ecosystem.

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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.