Going Digital! BENEFIT Processes Transactions Worth BD 29 Billion in 2023

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Bahrain’s leading fintech company, BENEFIT, processed a record-breaking 345.4 million electronic fund transfers in 2023, marking a 37% surge compared to the previous year. This growth solidifies BENEFIT’s position as a key driver in the Kingdom’s digital financial landscape.

The total value of transactions across all channels also saw a significant 14% increase to reach 29 billion Bahraini Dinars. Fawri+ transactions witnessed the most impressive growth, jumping 37% in volume and 19% in value. Individual services like Fawri and Fawateer also saw steady increases, solidifying their popularity.

Beyond core services, BENEFIT’s eKYC platform saw a remarkable 75% growth in verifications, while credit report inquiries through the Bahrain Credit Reference Bureau surged by 25%. These figures highlight the growing adoption of digital financial solutions in Bahrain.

BENEFIT’s commitment to innovation extends beyond numbers. In 2023, they secured the prestigious eGov Excellence Award, acquired Bahrain FinTech Bay, and forged strategic partnerships to introduce cutting-edge solutions. Moreover, the revamped BenefitPay app showcases their dedication to user experience.

Looking ahead, BENEFIT remains committed to fostering a robust and accessible financial ecosystem, enriching the lives of its users through innovative solutions and exceptional service.

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