Bahrain’s BENEFIT records $77.1 billion in electronic transactions in 2023

The electronic fund transfer system (EFTS) on all channels witnessed substantial growth to BHD 29 billion in 2023

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 – has 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 989.2 million Bahraini Dinars for the year 2023 compared to 928.7 million Bahraini Dinars 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.