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.
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