eTransfers on the rise in Bahrain

Manama : Bahrain’s Electronic Fund Transfer System (EFTS) has witnessed a remarkable growth in the first half of 2017, recording a noticeable increase in the number of transactions made through Fawri+, Fawri and Fawateer systems, according to a report by the Central Bank of Bahrain. 

EFTS, launched on 5 November 2015, accommodates customer fund transfers within local banks through smart phones, computers or tablets. The facility allows retail bank customers to instantly transfer funds, throughout the day, from their bank accounts to recipient accounts in any other bank in just 30 seconds. 

The number of Fawri+ transactions amounted to approximately 153 thousand, worth about BD37.9 million during the first half of 2017, a growth of 211pc when compared to the value of transactions during the first half of 2016. “Fawri+” allows users to transfer a maximum total amount of 1,000 Bahraini Dinars per day. 

The number of Fawri transactions was 2.4 million, worth about BD4.6 billion during the first half of 2017, which was a growth of 44pc compared to the value of transactions during the same period of 2016. “Fawri” allows transferring funds to a single or multiple recipients, such as payment of salaries, within the same bank business day or future date. 

As for Fawateer, the number of transactions was around 553.2 thousand, worth about BD29.7 million during the first half of 2017, a growth of 458pc compared to the value of transactions during the same period of 2016. “Fawateer” service allows customers to pay their bills through an efficient and fast system. This service aggregates all the outstanding bills from different billers in order for the customer to pay these bills in one transaction within 30 seconds. 

Commenting on the growth, Shaikh Salman bin Isa Al Khalifa, Executive Director of Banking Operations at the Central Bank of Bahrain, said: “The central bank’s policy is to continuously develop all banking transactions by introducing the latest technologies in the field of payment and settlement systems, in order to significantly benefit the local economy. 

The Central Bank of Bahrain in collaboration with the BENEFIT COMPANY has initiated the systems.