BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, announced that it reached a total volume of 252.5 million for all electronic fund transfer transactions (Fawri, Fawri+ and Fawateer) through BenefitPay in the year 2022, a 70.8% increase in volume compared to 2021.
The Electronic Fund Transfer System (EFTS) on all channels, which includes Fawri, Fawri+, and Fawateer, has witnessed substantial growth in 2022, as seen by a 25% increase in total value from 20.3 billion in 2021 to 25.4 billion in 2022. A total of nearly 268 million payments were made through the Electronic Fund Transfer System (EFTS) in 2022.
Fawri+ transactions reached nearly 245 million, a 74% increase from the previous year, and 6.2 billion Bahraini dinars in value, a 39% increase from 2021. It is worth noting that in January 2022 alone, there was a 107% increase in Fawri+ transactions over BenefitPay application from the previous year.
Furthermore, a total of more than 11 million Fawri transactions were made in 2022 showing an increase of 14% with their total value exceeding 18 billion Bahraini Dinars for the year 2022, compared to over 15 billion Bahraini Dinars for the year 2021, an increase of 20%
A total of almost 12 million Fawateer transactions were conducted in 2022, a growth increase of 31%. Their total value exceeded 928.7 million Bahraini Dinars for the year 2022 compared to 641.7 million Bahraini Dinars for the year 2021, an increase of 45%.
The National electronic Know-Your-Customer (eKYC) platform totaled up to more than 424 thousand eKYC transactions in 2022 in comparison to over 204 thousand transactions in 2021, showing a substantial increase of 107.6%.
The Bahrain Credit Reference Bureau, operated by BENEFIT, has total inquiries exceeding 272 thousand credit reports during 2022 compared to over 264 thousand in 2021, demonstrating a 3% increase.