BENEFIT HOLDS ANNUAL GENERAL AND EXTRAORDINARY GENERAL MEETING 2022

The Group has reported a net profit for the financial year ended on December 31st 2021 with a net profit of BD 715 Thousands for the group.

 

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services held its Annual General and Extraordinary General Meeting earlier this week, held at Benefit Company’s head office in Seef District, Bahrain.

The Group has reported a net profit for the financial year ended on December 31st 2021 with a net profit of BD 715,497 for the group comparing to 1,434,096 in 2020.

In addition to the company’s financial performance, BENEFIT announced a massive increase of online payment transactions in 2021. Over 159 million payments were made through the Electronic Fund Transfer System (EFTS) increasing by 164% with the total value exceeding 20 billion Bahraini Dinars for the year 2021 in comparison to 16 billion Bahraini dinars in 2020, which is an increase of 26%

During 2021, BENEFIT’s main focus was on major announcements of new services which included the launch of the e-Cheque service, obtaining a license for trust services and e-signature from the TRA and the remittance service for BenefitPay customers.

During the meeting, BENEFIT held a discussion on the approval for the Corporate Governance report and compliance for the year ended 31st December 2021 per the requirements of the Central Bank of Bahrain and the Ministry of Industry, Commerce & Tourism. Furthermore, the annual meeting discussed the Appointment and election of ten Directors and one CBB Observer for the term of three years starting from February 2022- until March 2025.

 

Chairman of BENEFIT; Mr. Mohamed Ebrahim Albastaki stated, “I would like to welcome the new board members and express my appreciation to the previous members for their remarkable contribution. 2021 was a tremendous year for BENEFIT.  We became the first entity to operate MENA’s first national electronic cheque system, and also obtained a license for trust services and e-signature from the TRA. A big milestone also included the remittance service that provided a solution for a very important target segment in Bahrain.

He further added, “Not to mention, that after 24 years, we have revealed a new brand visual identity, serving as a testimony to BENEFIT’s energizing pulse across the community. Our commitment to the Kingdom and the MENA region was reflected through the several prestigious local and international awards we received last year. I would like to once again, thank the Central Bank of Bahrain, our shareholders, and esteemed partners; and financial institutions, for their support throughout our journey to ensure our success for the overall ecosystem. Most importantly, I would like to thank our team who has carried this vision forward a step further every year.

Chief Executive of BENEFIT;  Abdulwahed AlJanahi in his statement to shareholders, “In 2021, BENEFIT introduced several new solutions in partnership with several stakeholders and entities bringing forth a new era of payments to serve the major communities in the Kingdom. Our efforts have won BENEFIT several prominent local and international awards including the e-Government Excellence Award 2021 and the Best Smart Application Award 2021 and others. We will continue to build on this success and continue to provide innovative solutions demanded by our customers in diverse sectors. Our success is owed to our partners and stakeholders, alongside our team to further position Bahrain as a prime FinTech visionary in the MENA region.”

Read More

BENEFIT REACHES TOTAL VALUE OF 20 BILLION BAHRAINI DINARS WORTH OF ELECTRONIC FINANCIAL TRANSACTIONS IN 2021

The volume of payments through the Electronic Fund Transfer System (EFTS) increased by 164% in 2021

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, announces massive increase of online payment transactions in 2021. A total of 159,321,294 payments were made through the Electronic Fund Transfer System (EFTS) increasing by 164% with the total value exceeding 20 billion Bahraini Dinars for the year 2021 in comparison to 16 billion Bahraini dinars in 2020, which is an increase of 26%

 

Fawri + transactions totaled 140,580,028 over all channels, increasing by 196% and exceeded 4.4 billion Bahraini Dinars in total value in 2021 compared to 2.2 billion Bahraini Dinars in 2020, which is an increase of 97%. Fawri + transactions over BenefitPay only increased by 109%  reaching a total value that exceeded 4.1 billion Bahraini Dinars for the year 2021, compared to 1.9 billion Bahraini Dinars For 2020.

 

A total of 9,629,924 Fawri transactions were made showing an increase of 11%, with their total value exceeding 15.2 billion Bahraini Dinars for the year 2021 compared to 13.4 billion Bahraini Dinars for the year 2020, an increase of 14%

 

A total of 9,111,342 Fawateer transactions were conducted, which is an increase of 117%. Their total value exceeded 640 million Bahraini Dinars for the year 2021 compared to 463 million Bahraini Dinars for the year 2020, an increase of 38%.  Fawateer transactions over BenefitPay increased by 158% with a total value exceeding 122 million Bahraini Dinars for the year 2021 compared to 60 million Bahraini Dinars for the year 2020 which is an increase of 102%.

 

Over All Electronic Fund Transfer System (EFTS) transactions through the “BenefitPay” application increased by 111% with a total value exceeding 4.8 billion Bahraini Dinars in 2021 versus over 2.3 billion Bahraini Dinars in 2020

 

By the end of 2021, BenefitPay users totaled up to 860K compared to the 688K at the end of 2020. The total QR payment transactions jumped to exceed 3.6M transactions in 2021 comparing to 1.2 M in 2020

 

Fuel payment  transactions’ volume reached more than  5.5 Million for the year 2021 compared to 2.3  Million for the year 2020, showing an increase of 134%.

 

 

 

The National Digital identity and the electronic Know-Your-Customer (eKYC) platform totaled up to 204,277 eKYC verifications in 2021 in comparison to 73,067 verifications in 2020, showing an increase of 180%. There are a total of 277,294 eKYC transactions up to date.

 

The Bahrain Credit Reference Bureau, operated by BENEFIT, has issued a total of 264, 271 credit reports during 2021 compared to 264, 824 in 2020. Moreover, in 2021, a total of 34, 407 reports were issued online via the Kingdom of Bahrain’s National Portal (Bahrain.BH).

Read More

Total EFTS transfers exceeded 13 million transactions per month:

BENEFIT ANNOUNCES A 1.6 MILLION INVESTMENT  IN DEVELOPING UPGRADED ELECTRONIC MONEY TRANSFER SYSTEM

 

The kingdom’s leading regional player in electronic financial transactions; BENEFIT upgrades its entire Electronic Funds Transfer System (EFTS) with an investment of BHD 1.6 million to meet the increasing usage and growth demand for the system’s services within the Kingdom. The system has been upgraded across all levels, and was officially launched on Friday, November 19th. This reflects BENEFIT’s commitment to continuously develop and provide advanced solutions in line with the company’s future initiatives and new strategic direction.

The EFTS system was updated with the latest version, utilising advanced and enhanced technological features to meet the constantly changing payment developments within the financial sector. The upgrade allows for better performance aligned with industry standards and best practices, ensuring efficiency and enabling banks, individuals, corporations, and government bodies to prosper from this critical and significant initiative.

The new system is specifically designed to handle a larger volume of transactions for faster processing. Furthermore, the database has been enhanced with the latest technology to enable high performance, access and availability whenever needed. The system infrastructure has also been integrated with the latest servers and network devices to support the security-enhancing technologies, and safeguard sensitive data.

Reyadh Almearaj, AGM Information Technology commented, “At BENEFIT, we always go a step further and ensure that our solutions and systems are up to date with the latest technologies and features in line with our promise to our users and partners. As a team, we realise that this is an ongoing mission, as we continuously enhance the system with the highest global standards, and security measures to deliver the best possible experience for our consumers.”

The Electronic Fund Transfer System (EFTS) was first launched in 2015, with monthly transaction rates currently exceeding its reach to more than 13.2 million in 2021. It is the most popular payment method in the Kingdom. The system is considered one of the most widely used payment methods in the Kingdom through various electronic channels such as the Benefit Pay application or electronic banking payment channels for banks

The system has undergone various developments and continuous enhancements to meet the requirements at that time. The volume of payments made through the electronic money transfer system last year amounted to more than 159 million transactions, while the total value of payments exceeded 20 billion Bahraini dinars.

Read More

BENEFITPAY AWARDED FOR BEST DIGITAL WALLET BY PAN FINANCE AWARDS

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has been awarded with the “Best Digital Wallet (BenefitPay App)” award for 2021 by Pan Finance Awards, a programme providing compelling content about leading companies and individuals within the realms of financial services and a true indicator of excellence.

 

The reputable accolade recognises BENEFIT’s National Electronic Wallet Payment System, BenefitPay’s efforts to provide an enhanced digital experience through its mobile application, which enables consumers to pay and transfer funds in Bahrain in a fast, secure, and convenient manner. Furthermore, the award validates BENEFIT’s distinct presence in the Kingdom as the top FinTech industry leader through its unique and innovative tailored services and solutions, due to best practices and user experience assessment, in order to enhance the digital society resonating with Bahrain’s Economic Vision 2030.

 

BENEFIT’s Assistant General Manager in Marketing and Innovation, Nezar Maroof, commented on this occasion, “We are honored to receive the Pan Finance Award for “Best Digital Wallet”. This recognition is a reflection of BENEFIT’s committed and dedicated skilled team of digital and technology specialists, as well as our ongoing efforts to digitize payment transactions and invest in technology. Digital wallets are of the most innovative solutions within the payment ecosystem, and it’s a pleasure to be able to receive such an accolade highlighting our efforts in this digital revolution.”

 

BENEFIT’s reputation as the Kingdom’s leader in financial transactions has been further solidified through several awards and accolades, including this year’s egovernment excellence award ‘Best Application for the Smart Devices Award’ and “Best e-Wallet Payment System – BenefitPay” and “Most Innovative e-Payment Product” at the 2020 Global Economics Magazine Awards.

 

BenefitPay has secured over 800,000 registered users since its launch in Bahrain, owing to the diversity of features and services accessible in the mobile application, making it the preferred choice for payment and money transfer for many.

 

Pan Finance is a UK based online magazine providing worldwide intelligence on finance, economics and global commerce and was established to provide the global financial community with concise, intelligible, and up-to-date news.

Read More
X
Welcome to Benefit Website
Welcome to WPBot
wpChatIcon
X