Bahrain Advances in Digital Payments, Boosts SME Support

Khaled Humaidan, Governor of the Central Bank of Bahrain, took center stage at the annual gathering of Finance Ministers and Central Bank Governors from the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region. The meeting was held alongside the International Monetary Fund (IMF) and World Bank annual sessions in Washington, D.C., with IMF Managing Director Kristalina Georgieva in attendance.

Governor Humaidan highlighted Bahrain’s dynamic economic diversification and the rising influence of the private sector, which now drives over 84% of the nation’s GDP. He also spotlighted the financial services sector as the country’s economic powerhouse, contributing around 17% of GDP since 2022.

Focusing on innovation, Governor Humaidan emphasized Bahrain’s leadership in digital payments and state-of-the-art instant payment infrastructure. He noted how these advances are fueling financial inclusion, supporting small and medium-sized enterprises (SMEs), safeguarding wages, and fostering sustainable growth. He stressed that strong public-private partnerships are central to expanding credit access and empowering SMEs across the kingdom.

In closing, Governor Humaidan expressed his gratitude for the IMF’s ongoing guidance in key areas such as deposit insurance, crisis prevention, and external sector statistics. He reiterated the crucial role of digital transformation in reinforcing financial stability, protecting consumers, and maintaining the integrity of Bahrain’s financial system.