BENEFIT records a total volume approximating 242.7 Million transactions and value of 18.2 Billion Bahraini Dinar Worth of electronic financial transactions in the first half of 2025
These accomplishments reflect BENEFIT's role as a key enabler of Bahrain's digital economy and its growing influence across the FinTech landscape.
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Daily Tribune
a day ago
- Daily Tribune
BENEFIT records 242.7 million transactions, 18.2 Billion Dinar worth of electronic financial transactions in first half of 2025
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, announced that it has reached a total volume of 229.4 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay during the first half of 2025. This marks a 13% increase in transaction volume and a 10% increase in transaction value compared to the same period in 2024, with the total transaction value reaching BD5.1 billion. 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. The total value of transactions reached BD18.2 billion in the first half of 2025, up from BD16.4 billion during the same period in the previous year, representing an 11% yearon-year increase. Fawri+ 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 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. eKYC platform 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. The Bahrain Credit Reference Bureau, operated by BENEFIT, issued approximately 246,000 credit reports during the first half of 2025, 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. The company's performance reflects the dedication of its team, the company's drive for innovation, and its ongoing commitment to delivering solutions, services, and products tailored to the evolving needs of users. BENEFIT's dynamic work environment and effective integration of advanced technologies into its operations and administration have been instrumental in this success. Milestones During the first half of 2025, BENEFIT also celebrated several strategic milestones. These include receiving the ISO 37301:2021 Certification for Compliance Management Systems, launching the 'Hadeya' feature within BenefitPay, and rolling out the second cohort of Ruwaad Leadership Programme. The company also launched the fourth edition of its flagship FinTech training programme 'Masaar,' was recognised as part of the national initiative the 50 Most Powerful Bahraini Companies and received the Bahrain digital Content Award. BENEFIT additionally signed multiple impactful partnerships, sponsorships, and cooperation agreements with a range of entities. These accomplishments reflect BENEFIT's role as a key enabler of Bahrain's digital economy and its growing influence across the FinTech landscape.
Biz Bahrain
a day ago
- Biz Bahrain
BENEFIT records a total volume approximating 242.7 Million transactions and value of 18.2 Billion Bahraini Dinar Worth of electronic financial transactions in the first half of 2025
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, announced that it has reached a total volume of 229.4 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay during the first half of 2025. This marks a 13% increase in transaction volume and a 10% increase in transaction value compared to the same period in 2024, with the total transaction value reaching BD5.1 billion. 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. The total value of transactions reached BD18.2 billion in the first half of 2025, up from BD16.4 billion during the same period in the previous year, representing an 11% year-on-year increase. 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. 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. The Bahrain Credit Reference Bureau, operated by BENEFIT, issued approximately 246,000 credit reports during the first half of 2025, 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. The company's performance reflects the dedication of its team, the company's drive for innovation, and its ongoing commitment to delivering solutions, services, and products tailored to the evolving needs of users. BENEFIT's dynamic work environment and effective integration of advanced technologies into its operations and administration have been instrumental in this success. During the first half of 2025, BENEFIT also celebrated several strategic milestones. These include receiving the ISO 37301:2021 Certification for Compliance Management Systems, launching the 'Hadeya' feature within BenefitPay, and rolling out the second cohort of Ruwaad Leadership Programme. The company also launched the fourth edition of its flagship FinTech training programme 'Masaar,' was recognised as part of the national initiative the 50 Most Powerful Bahraini Companies and received the Bahrain digital Content Award. BENEFIT additionally signed multiple impactful partnerships, sponsorships, and cooperation agreements with a range of entities. These accomplishments reflect BENEFIT's role as a key enabler of Bahrain's digital economy and its growing influence across the FinTech landscape.
Bahrain This Week
05-08-2025
- Bahrain This Week
BENEFIT Sets Gulf-Wide Benchmark with Dual ISO Certifications for E-Cheque System
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, has achieved a significant milestone by becoming the first company in the Gulf region to be awarded two distinguished ISO certifications: ISO 15489-1:2016 for Information and Document Management – Records Management, and ISO 16175-1:2020 Information and Documentation standards on e-Cheque service. These international certifications represent globally recognised benchmarks for excellence in records management practices. BENEFIT's receipt of ISO 15489-1:2016 underscores the company's robust capabilities in managing records throughout their lifecycle—spanning classification, storage, access, and secure disposal. The certification follows a comprehensive and meticulous audit conducted by the British Standards Institution (BSI), which confirmed that BENEFIT's e-cheque system adheres to the most rigorous standards in the management of documentation and data integrity. The ISO 16175-1:2020 certification affirms that BENEFIT's digital systems supporting the e-cheque service meet essential international requirements for functionality, security, and system reliability in records management software. The evaluation examined BENEFIT's digital infrastructure and validated its alignment with global best practices for secure, integrated, and efficient digital records handling. This recognition reinforces the company's ability to systematically maintain customer records in ways that serve both operational excellence and long-term archival preservation. Commenting on this landmark achievement, BENEFIT's Chief Executive, Mr. Abdulwahed AlJanahi, stated: 'We take immense pride in being the first organisation in the Gulf to attain these prestigious certifications. This accomplishment reflects the culmination of years of strategic investment in quality management, digital innovation, and secure financial technologies. It is also a powerful endorsement of BENEFIT's continued commitment to upholding the highest standards of security, reliability, and service delivery across all our platforms. Our customers and partners can be assured of a best-in-class experience anchored in transparency and trust.' Mr. AlJanahi noted that, amid the rapid global transition toward digitalisation in the financial sector, aligning with ISO standards for e-cheque services marks a strategic move to build a secure and forward-thinking digital infrastructure. BENEFIT's e-cheque platform has become a recognised benchmark at both regional and international levels, reflecting a visionary approach to the future of financial services. 'I extend my sincere appreciation to the executive leadership, management, and every member of the BENEFIT team whose professionalism and dedication were instrumental in achieving this significant milestone. This accomplishment not only reflects our collective efforts but also reinforces BENEFIT's position as a trusted and dependable partner for both individual and corporate clients across the financial landscape.' said Mr. Mr. AlJanahi.
