Mastercard has partnered with Bahrain’s BENEFIT to explore opportunities for collaboration in driving innovation and financial inclusion in the country’s dynamic payments ecosystem.
The two entities seek to co-create innovative digital payment solutions, powered by advanced technology, to address the rapidly evolving needs of consumers and businesses. The collaboration supports the efforts of the Central Bank of Bahrain to accelerate the development of the country’s digital economy.
“At BENEFIT, we are proactively working to strengthen Bahrain’s position as a regional financial hub in line with the strategic objectives of The Economic Vision 2030. Our partnership with Mastercard will leverage our complementary capabilities and expertise to develop and launch seamless and secure financial offerings that make life easier, smarter, and more efficient,” said Abdulwahed AlJanahi, Chief Executive, BENEFIT.
“Mastercard is committed to harnessing the power of public-private partnerships to advance digital transformation in the region. As one of the most dynamic and innovative countries in the Middle East, Bahrain is a key market for us, and forms a crucial part of our MENA growth strategy. We look forward to working with BENEFIT to empower its corporate and individual customers to realize their ambitions and unlock their full potential,” said Dimitrios Dosis, President of EEMEA at Mastercard.
BENEFIT is a leader in electronic payments, fund transfer, business process outsourcing services and support. The company’s mission is to provide innovative business and lifestyle solutions that are essential in everyday life, inspire and energise individuals, institutions, and society to unleash new opportunities.
Last year, BENEFIT processed over 345 million electronic fund transfer transactions through BenefitPay, Bahrain’s national electronic wallet payment system, and its services Fawri, Fawri+ and Fawateer.
