Latest news with #Fawateer
Daily Tribune
19-05-2025
- Business
- Daily Tribune
Bahrain Records Strong Growth
TDT | Manama Bahrain's economy showed solid momentum in the final quarter of 2024, according to the Bahrain Chamber of Commerce and Industry's report titled 'Overview of the Local Economy – Q4 2024'. The report recorded a 3.4 percent year-on-year increase in real GDP, driven by 4.6 percent growth in the non-oil sector. Leading this expansion were information and communication activities with a 12.4 percent surge, followed by transportation and storage at 11 percent, and manufacturing at 7 percent. Financial and insurance activities contributed the largest share to GDP at 17.3 percent. Trade trends Trade with GCC countries fell slightly by 2 percent compared to the same quarter a year earlier. However, trade with Qatar jumped significantly by 255 percent, reaching USD 116 million in Q4 2024. Saudi Arabia remained Bahrain's top export destination, while China led imports. Top export commodities included aluminum alloys, iron ores, and unwrought aluminum. On the import side, the leading items were aluminum oxide, smartphones, and aircraft engine parts. Spending and finance Point-of-sale transactions increased 14 percent to BHD 1.26 billion, with supermarket and department store spending growing by 26 percent and 29 percent respectively. Jewelry sales rose by 26 percent, while ATM withdrawals declined by 10 percent. Fawri+ transfers rose 12 percent, accompanied by a 10 percent increase in Fawri and 8 percent in Fawateer transactions, indicating stronger consumer confidence and broader adoption of digital payments. Business costs and inflation Interest rates on business loans saw a marked drop, particularly in the construction and real estate sector, where rates fell from 10.2 percent to 6.64 percent. Manufacturing and trade sectors also benefited from reduced borrowing costs. Inflation remained modest. The Consumer Price Index rose by just 0.5 percent year-on-year in December 2024. The largest price increases were seen in restaurants, communication services, and miscellaneous goods, while household furnishings declined. Global standing Manama ranked first globally in the financial category of the 'Global 150 Cities Index 2024'. Bahrain was also placed in the 'Role-Modeling' category in the Global Cybersecurity Index and ranked first in the Arab world in the Fraser Institute's Economic Freedom of the World Index. The chamber stated that the findings reflect the resilience of Bahrain's private sector and the country's improving economic fundamentals.
Biz Bahrain
25-04-2025
- Business
- Biz Bahrain
BENEFIT Showcases Cutting-Edge Digital Financial Solutions at 'Innovation in Social Housing' Summit
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, participated in the 'Innovation in Social Housing Sector' Summit, held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. Under the theme 'Towards Innovative and Sustainable Housing Solutions,' the event was held at Exhibition World Bahrain, serving as a platform to explore transformative and sustainable approaches to social housing. During the conference, BENEFIT underscored its leading role in advancing integrated digital financial solutions tailored to the needs of the housing and real estate sectors. The company showcased exemplary case studies stemming from its strategic partnerships with both public and private sector entities, illustrating its financial services as key enablers of financial innovation, streamlining home financing processes, enabling secure and efficient digital payment channels, and simplifying lending procedures for citizens and residents across the Kingdom. As part of the exhibition held alongside the summit, BENEFIT engaged directly with visitors at its dedicated stand, providing information and guidance on its credit bureau services. Attendees were offered on-the-spot access to their personal credit reports through the Bahrain Credit Bureau, a BENEFIT-operated service that has been embedded within the housing application requirements to enhance the efficiency and timeline of the evaluation process. BENEFIT emphasized that its collaborative efforts with the Ministry of Housing and Urban Planning and the Eskan Bank to fetch applicants' credit report data have significantly simplified procedures for the Ministry's housing programs. This integration ensures faster, more efficient delivery of support to eligible beneficiaries. In addition, BENEFIT leveraged this participation to raise awareness about its flagship app, BenefitPay, and the comprehensive range of services it offers. A particular highlight was the Fawateer feature, which enables users to seamlessly view and pay bills electronically. Mr. Abdulwahed AlJanahi, Chief Executive at BENEFIT commented, 'We are proud to contribute to this important national initiative, which reflects our continued dedication to empowering individuals through forward-thinking financial solutions that align with the objectives of social housing programmes. Our focus remains on delivering secure, accessible, and practical digital tools that streamline financial processes and enrich the overall experience of programme beneficiaries.' Mr. AlJanahi affirmed that the remarkable turnout at BENEFIT's stand reflects the growing public interest in innovative digital financial solutions and expressed appreciation for the opportunity to participate in such a significant event, which serves as a valuable platform to engage with citizens and key stakeholders within the housing sector. This participation reinforces BENEFIT's pivotal role in supporting Bahrain's national digital transformation agenda by advancing secure, integrated payment ecosystems that contribute to a cashless society and enhance the quality of life for all.
Zawya
24-04-2025
- Business
- Zawya
BENEFIT showcases cutting-edge digital financial solutions at 'Innovation in Social Housing' summit
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, participated in the 'Innovation in Social Housing Sector' Summit, held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. Under the theme 'Towards Innovative and Sustainable Housing Solutions,' the event was held at Exhibition World Bahrain, serving as a platform to explore transformative and sustainable approaches to social housing. During the conference, BENEFIT underscored its leading role in advancing integrated digital financial solutions tailored to the needs of the housing and real estate sectors. The company showcased exemplary case studies stemming from its strategic partnerships with both public and private sector entities, illustrating its financial services as key enablers of financial innovation, streamlining home financing processes, enabling secure and efficient digital payment channels, and simplifying lending procedures for citizens and residents across the Kingdom. As part of the exhibition held alongside the summit, BENEFIT engaged directly with visitors at its dedicated stand, providing information and guidance on its credit bureau services. Attendees were offered on-the-spot access to their personal credit reports through the Bahrain Credit Bureau, a BENEFIT-operated service that has been embedded within the housing application requirements to enhance the efficiency and timeline of the evaluation process. BENEFIT emphasized that its collaborative efforts with the Ministry of Housing and Urban Planning and the Eskan Bank to fetch applicants' credit report data have significantly simplified procedures for the Ministry's housing programs. This integration ensures faster, more efficient delivery of support to eligible beneficiaries. In addition, BENEFIT leveraged this participation to raise awareness about its flagship app, BenefitPay, and the comprehensive range of services it offers. A particular highlight was the Fawateer feature, which enables users to seamlessly view and pay bills electronically. Mr. Abdulwahed AlJanahi, Chief Executive at BENEFIT commented, 'We are proud to contribute to this important national initiative, which reflects our continued dedication to empowering individuals through forward-thinking financial solutions that align with the objectives of social housing programmes. Our focus remains on delivering secure, accessible, and practical digital tools that streamline financial processes and enrich the overall experience of programme beneficiaries.' Mr. AlJanahi affirmed that the remarkable turnout at BENEFIT's stand reflects the growing public interest in innovative digital financial solutions and expressed appreciation for the opportunity to participate in such a significant event, which serves as a valuable platform to engage with citizens and key stakeholders within the housing sector. This participation reinforces BENEFIT's pivotal role in supporting Bahrain's national digital transformation agenda by advancing secure, integrated payment ecosystems that contribute to a cashless society and enhance the quality of life for all.
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
