BENEFIT, Bahrain’s Fintech and electronic financial transactions trailblazer, has hit 16.4 billion Bahraini dinars in electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) in the first half of 2024! This marks a 14.5% increase in value compared to the first half of 2023.
The Electronic Fund Transfer System (EFTS), which includes Fawri+, Fawri, and Fawateer, saw major growth, with a 25.0% boost in transaction volume, jumping from 170.7 million transactions in the first half of 2023 to 213.4 million in the first half of 2024.
Fawri+ transactions across all channels reached a total value of BHD 4.2 billion in the first half of 2024, up from BHD 3.6 billion the previous year—a 17.3% rise. Transactions through BenefitPay’s app hit BHD 3.9 billion, growing 15.9% from BHD 3.3 billion in the first half of 2023.
Fawri transactions increased by 13.5%, with their value surpassing BHD 11.6 billion in the first half of 2024, compared to BHD 10.2 billion in the first half of 2023. Transactions through the BenefitPay app saw a 19.9% rise, from BHD 454.6 million in the first half of 2023 to BHD 545.0 million in the first half of 2024.
Fawateer transactions reported a value of BHD 548.5 million in the first half of 2024, a 16.8% increase from BHD 469.6 million in the first half of 2023. Through BenefitPay’s app, Fawateer transactions skyrocketed by 54.9%, reaching BHD 194.6 million in the first half of 2024, up from BHD 125.7 million in the same period last year.
The National electronic Know-Your-Customer (eKYC) platform recorded 381,791 verifications, a 13.7% increase from the first half of 2023.
The Bahrain Credit Reference Bureau, operated by BENEFIT, saw a massive 74.2% increase in credit report inquiries, totaling 251,889 in the first half of 2024, up from 144,625 in the first half of 2023.
2024 has been a milestone year for BENEFIT! In Q1, they launched the Identity Verification (IDV) feature for BenefitPay, enhancing user security. Q2 saw the introduction of the Fintech Drivers Program, in collaboration with Reboot Coding Institute and General Assembly, to nurture future fintech talents in Bahrain. In June, BenefitPay snagged the Fintech Award at the Bahrain Digital Content Awards 2023 for its innovation and user-friendly features. Plus, BENEFIT was honored as one of Bahrain’s Top 50 Companies for the third consecutive year by Al Bilad. These achievements highlight BENEFIT’s dedication to growth and its ongoing commitment to advancing Bahrain’s financial ecosystem.
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