BENEFIT holds annual General Meeting, announces 2022-24 strategy
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
BENEFIT, a leading Fintech and electronic financial transactions services announced launching its 2022-2024 strategy during its Annual General Meeting yesterday at its headquarters in Seef District.
The strategy, Chief Executive of BENEFIT, Abdulwahed AlJanahi, said focuses on Payment Infrastructure, Enabling Access to Credit, Support Digitalization and Internationalisation with multiple innovative initiatives, The meeting also discussed the corporate Governance report and legal compliance for the year ended 31st December 2022 and approved the appointment of two Executive Directors until March 2025.
Terming the year as remarkable for BENEFIT, Mohamed Ebrahim Albastaki, the Chairman, said the company successfully implemented its commitments as well as made phenomenal advances “toward our strategic ambitions by broadening our innovative technology initiatives, establishing a cashless payment ecosystem, and maintaining the Kingdom as the region’s financial hub.”
Abdulwahed AlJanahi, the Chief Executive of BENEFIT, said the year had brought new successes and partnerships for the company, which helped to enhance its sustainability.
He mentioned several significant achievements, including the launch of a cross-border payments initiative, participation in key regional and international events, and strategic initiatives for advancing the economies of GCC countries.
Additionally, he highlighted his commitment to promoting the digitisation of payment infrastructure.
BHD 1,790,314 net profit BENEFIT’s net profit attributable to the equity shareholders of the Group for 2022 was BHD 1,790,314, a significant increase from BHD 715,497 reported in the previous year.
The company’s electronic payments grew at an accelerated pace, driven by the popularity of the National Wallet BenefitPay, resulting in a total volume of 252.5 million in 2022, up by 70.8% from 2021.
Additionally, the Electronic Fund Transfer System witnessed remarkable growth, with over 245 m Fawri+ transactions in 2022, indicating a 74% increase from 2021.
Fawri transactions reached 11 m, a 14% increase from the previous year, while Fawateer transactions reached almost 12 million, a 31% increase, with their value exceeding BD 928.7 m in comparison to 2021.