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Having won the prestigious title of the “Fastest Growing Electronic Payment Solution,” BENEFIT has once again made it to business headlines by posting strong growth results for the year 2019.

The FinTech platform announced earlier in the week that it now has 300,000 registered users along with more than 2,300 merchants by the end of 2019. Overall, six million transactions were done using BenefitPay in 2019, which is indeed a remarkable feat for any payments platform.

Not only that, but BENEFIT also saw a whopping 15.39 million Electronic Fund Transfer System (EFTS) transactions on its channels, which is up 82% year-on-year. The net value of all EFTS transactions combined stood at BD 13.55 billion, which is nearly 18% higher as compared to 2018.

Meanwhile, the total Fawri across all channels grew by 21% to 7 million with a combined output of BD 12.74 billion. Fawri+ saw a massive spike as well — around 55% to be more specific — across all channels. In terms of value, that spike amounted to an increase from BD 174.73 million in 2018 to BD 542.46 million in 2019.

Commenting on these rather impressive feats, Abdulwahed AlJanahi, Chief Executive of BENEFIT, said: “We at BENEFIT are extremely proud of the significant achievements that were achieved during 2019. The announced figures highly reflect on the success of our platform, catering to consumers in a variety of ways. As a team, we will rise higher and embrace our commitment to continue in the path of innovation to achieve more in 2020.”

Jenan Al-Mukharriq

Jenan Al-Mukharriq

A highly driven organizing member of the StartUp Bahrain ecosystem. And a Project Manager at Matter In Hand with a passion for content creation and empowering communities.