BENEFIT reports surge in electronic transactions

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, announced reaching a remarkable milestone: a total volume of 345.4 million electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay in 2023.

This achievement represents a substantial 37% surge compared to the previous year, reaffirming BENEFIT’s pivotal role in shaping 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.

Total value soared by 14%, escalating from 25.4 billion Bahraini Dinars in 2022 to an impressive 29 billion Bahraini Dinars in 2023.

Fawri+ transactions alone soared to nearly 335 million, marking a 37% upsurge from the previous year, with a total value of 7.3 billion Bahraini Dinars, a 19% increase from 2022.

Notably, January 2023 witnessed a remarkable 49% surge in Fawri+ transactions via the BenefitPay application compared to the previous year.

Moreover, over 12 million Fawri transactions were conducted in 2023, indicating a 13% increase, with their total value surpassing 20.7 billion Bahraini Dinars, a 13% rise from 2022.

Fawateer transactions also experienced notable growth, with a total volume of almost 13 million transactions in 2023, reflecting a 7% increase.

Their total value amounted to 989.2 million Bahraini Dinars, up by 7% from 2022. Additionally, the National electronic Know-Your-Customer (eKYC) platform witnessed a remarkable surge, with over 743 thousand eKYC verifications in 2023, a significant 75% increase compared to 2022.

Furthermore, the Bahrain Credit Reference Bureau, operated by BENEFIT, recorded over 340 thousand credit report inquiries in 2023, marking a notable 25% increase from 2022.