Benefit posts strong H1 growth; e-transactions soars to $48bln
The total value of transactions reached BD18.2 billion ($48 billion) for the first six months, up from BD16.4 billion ($43.2 billion) during the same period last year, representing an 11% year-on-year increase, said BENEFIT in a statement.
Its total volume reached 229.4 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay, up 13% in transaction volume and a 10% increase in transaction value compared to last year, with the total transaction value reaching BD5.1 billion.
According to BENEFIT, the Fawri+ transactions across all channels amounted to 229.7 million in volume, valued at BD4.6 billion, representing a 15% increase in volume and a 10% increase in value compared to the 200.6 million transactions valued at BD4.2 billion recorded in 2024.
Additionally, Fawri+ Transactions conducted through BenefitPay alone surged by 13.7%, reaching 224.0 million in volume, it stated.
The company further noted that electronic payments made through the Electronic Fund Transfer System (EFTS) across all channels, including banks and BenefitPay which encompass Fawri, Fawri, and Fawateer services, experienced significant growth.
Fawri+ transactions across all channels amounted to 229.7 million in volume, valued at BD4.6 billion, representing a 15% increase in volume and a 10% increase in value compared to the 200.6 million transactions valued at BD4.2 billion recorded in 2024. Additionally, Fawri+ Transactions conducted through BenefitPay alone surged by 13.7%, reaching 224.0 million in volume.
Cross-channel Fawri transactions rose by 9% to 7.1 million, with a corresponding transaction value of BD13.0 billion, up from 6.5 million transactions worth BD11.6 billion in the previous year.
Additionally, Fawri transactions carried out through BenefitPay increased by 14%, reaching more than 331,000 transactions valued at BD609 million.
Despite a slight decline in Fawateer transaction volumes from 6.3 million to 5.9 million, the total value of these transactions grew by 10%, exceeding BD603.4 million, compared to BD548.5 million in 2024, said the statement.
The company also reported a substantial increase in usage of its eKYC platform, with the total number of verifications exceeding 490,000 in the first half of 2025, a 28% rise from nearly 382,000 verifications conducted during the same period last year, said the statement.
The Bahrain Credit Reference Bureau, operated by BENEFIT, issued approximately 246,000 credit reports during the first half, reflecting a 2% increase compared to the approximately 242,000 reports issued during the same period in 2024.
These achievements underscore BENEFIT's continued efforts to lead and excel in the financial services and FinTech space, it added.-TradeArabia News Service
Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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