Manama, Bahrain – February 17, 2025 – BENEFIT, Bahrain’s leading fintech and electronic financial transactions provider, has reported a total of 421 million electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) via BenefitPay in 2024. This represents a 22% increase in transaction volume compared to 2023, reinforcing BENEFIT’s role in accelerating the Kingdom’s transition to a cashless economy and advancing Bahrain’s Economic Vision 2050.
The Electronic Fund Transfer System (EFTS), which powers Fawri, Fawri+, and Fawateer, recorded a 14% increase in transaction value, rising from BD 29 billion in 2023 to BD 33 billion in 2024.
Key Transaction Insights for 2024
✅ Fawri+ Transactions:
- Nearly 420 million transactions were processed, a 26% increase year-over-year.
- The total value surged to BD 9 billion, marking a 17% increase from the previous year.
- Transactions via the BenefitPay app grew by 22.88%, reaching almost 410 million.
✅ Fawri Transactions:
- Over 13 million transactions were completed, reflecting a 6% growth from 2023.
- The total value exceeded BD 23.6 billion, a 14% increase from BD 20.7 billion in 2023.
✅ Fawateer Transactions:
- Nearly 13 million transactions were conducted, with a 1% decrease in volume.
- Despite this, the total transaction value rose by 17%, reaching BD 1.2 billion (compared to BD 989.2 million in 2023).
Advancing Digital Identity and Financial Services
- eKYC Verifications: The National e-Know-Your-Customer (eKYC) platform processed over 790,500 verifications, reflecting a 6.3% increase from 2023.
- Credit Report Inquiries: The Bahrain Credit Reference Bureau, operated by BENEFIT, recorded a 52.1% surge in inquiries, surpassing 521,000 requests in 2024, with total customer credit report inquiries reaching 543,000.
BENEFIT’s Continued Excellence and Industry Recognition
In addition to achieving record-breaking growth, BENEFIT received multiple prestigious accolades in 2024, including:
🏆 WITSA Global Innovation & Tech Excellence Award
🏆 Recognition as a “Great Place to Work®”
These awards underscore BENEFIT’s commitment to innovation, excellence, and fostering a positive work environment. The company’s continued success reflects its technological advancements and the dedication of its employees, reinforcing its role as a driving force in Bahrain’s fintech sector.
Through ongoing innovation and digital transformation, BENEFIT remains at the forefront of Bahrain’s transition to a cashless, technology-driven financial ecosystem.
