Bahrain’s BENEFIT said the total volume of electronic fund transfer transactions – Fawri, Fawri+, and Fawateer – through BenefitPay reached 345.4 million electronic in the year 2023, up 37% compared to a year earlier.
The electronic fund transfer system (EFTS) on all channels – banks and BenefitPay channels – witnessed substantial growth in 2023, as seen by a 14% increase in total value from BHD25.4 billion in 2022 to BHD 29 billion in 2023.
All Fawri+ transactions reached a volume of nearly 335 million, a 37% increase from the previous year, and BHD7.3 billion in value, a 19% increase from 2022. It is worth noting that in January 2023 alone, there was a 49% increase in Fawri+ transactions over the BenefitPay application from the previous year.
Furthermore, a total volume of more than 12 million Fawri transactions were made in 2023, showing an increase of 13%, with their total value exceeding BHD20.7 billion in 2023, compared to over 18.4 billion Bahraini Dinars for the year 2022, an increase of 13%.
A total volume of almost 13 million Fawateer transactions were conducted in 2023, a growth increase of 7%. Their total value amounted to BHD989.2 million for the year 2023 compared to BHD928.7 million for the year 2022, an increase of 7%.
The national electronic Know-Your-Customer (eKYC) platform transactions totaled up to more than 743 thousand eKYC verifications in 2023 in comparison to over 424 thousand verifications in 2022, showing a substantial increase of 75%.
The Bahrain Credit Reference Bureau, which is operated by BENEFIT, has total inquiries exceeding 340 thousand credit reports during 2023 compared to over 272 thousand in 2022, demonstrating a 25% increase.
BENEFIT’s dedication to fostering a robust and accessible financial ecosystem remains unwavering. The company looks forward to further enriching the lives of its users with cutting-edge solutions and unparalleled service.
