October, 2021 (Manama, Bahrain) – The kingdom’s leading regional player in electronic financial transactions; BENEFIT has announced the launch of a remittance service as part of its BenefitPay service, which will enable all users of the app to make international money transfers.
The new service will enable users to enjoy faster, cheaper and value-added remittance services that are provided through various leading service providers in the Kingdom via one platform, as it will be initially commenced in cooperation with Bahrain Finance Company, while other institutions will be added in the near future.
BENEFIT’s Chief Executive, Abdulwahed AlJanahi, commented, “We are delighted to onboard this service, which reflects BENEFIT’s strategic goal of continuously expanding our solutions to multiple communities, and offering our consumers with cutting-edge digital solutions. This service will undoubtedly benefit a great proportion of society and we’re honoured to play a role in ensuring our consumers can perform their payments safely and securely. The remittance service operates as a marketplace for all licensed remittance service providers in the Kingdom of Bahrain. We are coordinating with all the authorised remittance institutions to be part of this comprehensive platform.”
Deepak Nair, CEO, Bahrain Financing Company (BFC) stated, “We are thrilled to be part of this journey, and as the first service provider in Bahrain to join the platform, which is characterised by ease of use, speed and transparency, and provides international communities with increased convenience. As BFC, we have always been a frontrunner within the remittance industry, as we were also the first transfer and exchange company to introduce the digital on-boarding feature on its remittance app and website. This announcement further amplifies our efforts to provide more for our consumers.”
It is worth noting that BENEFIT’s new digital remittance service comes in the context of facilitating sending money abroad. The new service aims to disrupt the industry by offering an innovative solution for seamlessly transfer money. With this service, users can choose the amount they want to send and where, and get several affordable, fast and secure options from local top trusted providers. Transfers can be made to bank accounts defined within banks abroad, or by receiving the transferred amount directly at the offices of the receiving institution. This service is in line with the National Electronic Wallet Payment System, BenefitPay’s expansion of offerings in response to its users’ need for high-quality services. Today, more than 750,000 registered users benefit from the app, which provides services that range between money transfers, bill payments and various purchases in a fast, convenient and safe manner.”