Latest news with #ElectronicFundTransferSystem
Bahrain News Gazette
18-02-2025
- Business
- Bahrain News Gazette
BENEFIT Achieves 33 Billion BD in Electronic Financial Transactions for 2024
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.
Biz Bahrain
18-02-2025
- Business
- Biz Bahrain
BENEFIT reaches total value of 33 Billion Bahraini Dinars worth of electronic financial transactions in 2024
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, announced that it reached a total volume of 421 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay in the year 2024. This signifies a significant 22% increase in transaction volume compared to the previous year, solidifying BENEFIT's position as a driving force in the Kingdom's digital financial landscape. The Electronic Fund Transfer System (EFTS) on all channels, which includes Fawri, Fawri+, and Fawateer, has witnessed substantial growth in 2024, as seen by a 14% increase in total value from 29 billion in 2023 to 33 billion Bahraini dinars in 2024. Fawri+ transactions saw significant growth, reaching nearly 420 million, a 26% increase from the prior year. This was reflected in the total value of these transactions which rose to almost 9 billion Bahraini dinars, a 17% increase. Notably, Fawri+ transactions through the BenefitPay application grew by 22.88%, reaching almost 410 million. Furthermore, a total of more than 13 million Fawri transactions were made in 2024, marking a 6% increase from the previous year. The total value of these transactions surpassed 23.6 billion Bahraini Dinars, a 14% rise compared to 20.7 billion Bahraini Dinars in 2023. Almost 13 million Fawateer transactions were conducted in 2024, reflecting a 1% decrease compared to 2023. Despite this minor decline, their total value increased by 17%, exceeding approximately 1.2 billion Bahraini Dinars in 2024, up from 989.2 million in 2023. The National electronic Know-Your-Customer (eKYC) platform verifications totaled up to more than 790.5 thousand eKYC transactions verifications in 2024 in comparison to over 743.4 thousand transactions verifications in 2023, showing a substantial increase of 6.3% Demonstrating a remarkable 52.1% increase in credit report inquiries at the Bahrain Credit Reference Bureau, operated by BENEFIT, surpassed 521 thousand inquiries in 2024. Total customer credit report requests and inquiries reached 543 thousand in 2024. BENEFIT's remarkable achievements in 2024, including winning the prestigious WITSA Global Innovation & Tech Excellence Award and achieving recognition as a Great Place To Work®, are a testament to the company's unwavering commitment to excellence. These accolades reflect the hard work, dedication, and innovative spirit of BENEFIT's employees, as well as the company's commitment to fostering a positive and productive work environment. This year's results, marked by significant growth and innovation, are directly reflected in these milestones, demonstrating that BENEFIT's success is driven by both its technological advancements and its exceptional people
Zawya
17-02-2025
- Business
- Zawya
BENEFIT reaches total value of BD 33bln worth of electronic financial transactions in 2024
Manama, Kingdom of Bahrain - BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, announced that it reached a total volume of 421 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay in the year 2024. This signifies a significant 22% increase in transaction volume compared to the previous year, solidifying BENEFIT's position as a driving force in the Kingdom's digital financial landscape. The Electronic Fund Transfer System (EFTS) on all channels, which includes Fawri, Fawri+, and Fawateer, has witnessed substantial growth in 2024, as seen by a 14% increase in total value from 29 billion in 2023 to 33 billion Bahraini dinars in 2024. Fawri+ transactions saw significant growth, reaching nearly 420 million, a 26% increase from the prior year. This was reflected in the total value of these transactions which rose to almost 9 billion Bahraini dinars, a 17% increase. Notably, Fawri+ transactions through the BenefitPay application grew by 22.88%, reaching almost 410 million. Furthermore, a total of more than 13 million Fawri transactions were made in 2024, marking a 6% increase from the previous year. The total value of these transactions surpassed 23.6 billion Bahraini Dinars, a 14% rise compared to 20.7 billion Bahraini Dinars in 2023. Almost 13 million Fawateer transactions were conducted in 2024, reflecting a 1% decrease compared to 2023. Despite this minor decline, their total value increased by 17%, exceeding approximately 1.2 billion Bahraini Dinars in 2024, up from 989.2 million in 2023. The National electronic Know-Your-Customer (eKYC) platform verifications totaled up to more than 790.5 thousand eKYC transactions verifications in 2024 in comparison to over 743.4 thousand transactions verifications in 2023, showing a substantial increase of 6.3% Demonstrating a remarkable 52.1% increase in credit report inquiries at the Bahrain Credit Reference Bureau, operated by BENEFIT, surpassed 521 thousand inquiries in 2024. Total customer credit report requests and inquiries reached 543 thousand in 2024. BENEFIT's remarkable achievements in 2024, including winning the prestigious WITSA Global Innovation & Tech Excellence Award and achieving recognition as a Great Place To Work®, are a testament to the company's unwavering commitment to excellence. These accolades reflect the hard work, dedication, and innovative spirit of BENEFIT's employees, as well as the company's commitment to fostering a positive and productive work environment. This year's results, marked by significant growth and innovation, are directly reflected in these milestones, demonstrating that BENEFIT's success is driven by both its technological advancements and its exceptional people.
