BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, announced that it reached a total volume of 345.4 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay in the year 2023. This signifies a significant 37% increase in transaction volume compared to the previous year, solidifying BENEFIT’s position as a driving force in the Kingdom’s digital financial landscape.
The Electronic Fund Transfer System (EFTS) on all channels (Banks and BenefitPay channels), which includes Fawri, Fawri+, and Fawateer, has witnessed substantial growth in 2023, as seen by a 14% increase in total value from 25.4 billion Bahraini Dinars in 2022 to 29 billion Bahraini Dinars in 2023.
All Fawri+ transactions reached a volume of nearly 335 million, a 37% increase from the previous year, and 7.3 billion Bahraini Dinars in value, a 19% increase from 2022. It is worth noting that in January 2023 alone, there was a 49% increase in Fawri+ transactions over the BenefitPay application from the previous year.
Furthermore, a total volume of more than 12 millionFawri transactions were made in 2023, showing an increase of 13%, with their total value exceeding 20.7 billion Bahraini Dinars for the year 2023, compared to over 18.4 billion Bahraini Dinars for the year 2022, an increase of 13%.
A total volume of almost 13 million Fawateer transactions were conducted in 2023, a growth increase of 7%. Their total value amounted to 989.2 million Bahraini Dinars for the year 2023 compared to 928.7 million Bahraini Dinars for the year 2022, an increase of 7%.
The National electronic Know-Your-Customer (eKYC) platform transactions totaled up to more than 743 thousand eKYC verifications in 2023 in comparison to over 424 thousand verifications in 2022, showing a substantial increase of 75%.
The Bahrain Credit Reference Bureau, which is operated by BENEFIT, has total inquiries exceeding 340 thousand credit reports during 2023 compared to over 272 thousand in 2022, demonstrating an 25% increase.
This remarkable outcome not only marks a stellar year for BENEFIT, but also signifies a significant step forward in Bahrain’s digital transformation journey. 2023 was a year of key achievements and bold investments for BENEFIT, including securing the prestigious eGov Excellence Award 2023 for the Best Website in the Private Sector, acquiring the Bahrain FinTech Bay (BFB) which fosters sustainable investment in the Kingdom’s burgeoning fintech ecosystem, and forging strategic partnerships and bilateral agreements to introduce pioneering fintech and payment solutions to consumers, while simultaneously strengthening collaborative frameworks among Gulf nations. Further illustrating BENEFIT’s unwavering commitment to user experience, the complete revamping of the BenefitPay application in the prior year stands as a testament to its focus on cutting-edge solutions.
BENEFIT’s dedication to fostering a robust and accessible financial ecosystem remains unwavering. The company looks forward to further enriching the lives of its users with cutting-edge solutions and unparalleled service.
