Manama: BENEFIT, the Kingdom's leading company in Fintech and electronic financial transactions, announced a remarkable achievement in 2024, reaching a total volume of 421 million electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay. This marks a substantial 22% increase in transaction volume compared to the previous year, further establishing BENEFIT as a key player in the Kingdom's digital financial sector.
According to Bahrain News Agency, the Electronic Fund Transfer System (EFTS), which encompasses Fawri, Fawri+, and Fawateer, experienced a notable growth in 2024. The total value of transactions increased by 14%, climbing from 29 billion Bahraini dinars in 2023 to 33 billion in 2024.
Fawri+ transactions exhibited a significant surge, reaching nearly 420 million, a 26% rise from the previous year. The total value of these transactions also increased, reaching almost 9 billion Bahraini dinars, a 17% growth. Transactions via the BenefitPay application specifically saw a 22.88% increase, totaling almost 410 million.
In 2024, over 13 million Fawri transactions were conducted, marking a 6% increase compared to the previous year. The total value of these transactions exceeded 23.6 billion Bahraini dinars, a 14% rise from 2023's 20.7 billion.
Despite a 1% decline in Fawateer transactions, amounting to almost 13 million in 2024, their total value rose by 17%, surpassing 1.2 billion Bahraini dinars, up from 989.2 million in 2023.
The National electronic Know-Your-Customer (eKYC) platform also saw growth, with verifications totaling over 790.5 thousand in 2024, a 6.3% increase from 743.4 thousand in 2023.
BENEFIT's Bahrain Credit Reference Bureau reported a remarkable 52.1% increase in credit report inquiries, surpassing 521 thousand in 2024. Total customer credit report requests and inquiries reached 543 thousand this year.
BENEFIT's achievements in 2024, including receiving the prestigious WITSA Global Innovation and Tech Excellence Award and being recognized as a Great Place To Work, underscore the company's dedication to excellence. These accolades highlight the efforts and innovative spirit of BENEFIT's employees and the company's commitment to a positive work environment. The significant growth and innovation seen in this year's results are a testament to BENEFIT's technological advancements and exceptional workforce.