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.”

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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).

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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.

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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.

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Benefit Announces Launch Of Remittance Service For Benefitpay Customers

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.”

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Benefit Holds Annual Corporate Strategy 2022-2024 Meeting With Partners In The Financial Sector

October 2021 (Manama, Bahrain) –  BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service conducted and held their annual corporate strategy 2022-2024 end of September along with selected financial institutions in the Kingdom comprising conventional retail banks, Islamic retail banks, international retail banks and digital banks.

The meeting was led and chaired by Yousif AlNefaiei, Deputy Chief Executive at BENEFIT, along with the company’s senior management and Executive Management representatives from each bank in the meeting.The meeting discussed potential collaboration opportunities with BENEFIT, while highlighting new global Fintech trends to develop more innovative digital services to further elevate the financial industry, and enhance digital banking services for consumers in the Kingdom and MENA.

The corporate strategy meeting presented and outlined BENEFIT’s upcoming 3-year strategy from 2022 – 2024, with a clear set of goals for the company’s direction for the future. The presentation was followed by an in-depth roundtable with key players in the financial industry to gather the valuable insights and recommendations to embed and incorporate in its strategy to further advance the financial ecosystem. The roundtable showcased potential areas and strategies to develop and evolve digital innovations within the banking ecosystem in key areas including retail, SME products and services, risk and compliance, customer experience and expectations when it comes to banking and payments and more.

On the occasion, Mr. AlNefaiei said: “BENEFIT is committed to achieving impressive growth in the coming years, and we value the participation of the industry leaders with their shared thoughts and views that go towards strengthening the banking industry in Bahrain.”

He added: “Our mission, as BENEFIT, is to invest in innovative solutions that add value to the various stakeholders within the financial sector and the industry as a whole. We are leading this front to export financial services to the region, and position Bahrain as the leading hub for innovative financial services and solutions, and we will continue to achieve our vision, along with our highly talented team to contribute to one of the Kingdom’s most important initiatives in line with Bahrain’s Economic Vision 2030.”

It is worth noting that BENEFIT follows a periodic policy to implement action plans and strategies in accordance with the latest local and international economic conditions, and to execute innovative and new initiatives that are in line with the policies of the Central Bank of Bahrain, in order to make the Kingdom of Bahrain a regional model for innovations in the fields if FinTech and digital transformation.

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Benefit Awarded ‘Smart Finance Award’ At Smart Cities Bahrain 2021

October 2021 (Manama, Bahrain) – The kingdom’s leading regional player in electronic financial transactions; BENEFIT was awarded the ‘Smart Finance Award’ for the BenefitPay Application earlier this week at the two-day Smart Cities Summit Bahrain 2021 held in the Gulf Convention Center under the patronage of His Excellency the Minister of Works, Municipalities Affairs and Urban Planning, Eng. Essam bin Abdullah Khalaf.

The Bahrain Smart Cities Awards were first established in 2018 to recognize the best practices for smart and sustainable solutions implemented in the Kingdom of Bahrain and encourage others to follow this lead. The 5th Edition welcomed more than 250 representatives from public and private sector entities, international organizations, including the United Nations Development Program (UNDP) and the United Nations Human Settlements Program.

The ‘Smart Finance Award’ goes towards BenefitPay’s rollout of several cashless initiatives within the kingdom that have supported in nourishing sustainable growth in several ways by building a safer and more inclusive economy with less reliance on cash.

The app has streamlined payments, allowing users to access all their utility Bills and pay them in one place through ‘Fawateer’ which includes Telecoms, Electricity and water, charity and several other categories. These solutions established a modern system for the country, with simplified access and modern tools for quick payments.

BenefitPay has also supported in digitizing parking and improving urban living by activating BenefitPay for parking services, for more convenient options available to pay for parking in the Kingdom.

The application has also introduced several diverse features for online payments including QR code payment, Fuel payments throw Sadeem service, and Tap and Go, reducing our impact on the environment by paying bills electronically which saves time, money, and environmental costs.

Furthermore, BenefitPay developed E-commerce seamless payment options to simplify and encourage business, which was critical during the pandemic, such as cashless payment options for in-App and Web checkout for E-commerce merchants which allows businesses to conduct seamless business operations and easily accept payments from consumers wherever they are.

BENEFIT’s CE Abdulwahed AlJanahi “As BENEFIT, we realise that digital payment solutions in smart cities are kickstarting an important evolution in human living spaces. With BenefitPay, we have contributed to creating a sustainable economy and payment ecosystem in a major way. Digital payments can make cities more liveable, enable a cash economy, and seamless experiences for everyday tasks such as bill payments, parking, and online services for individuals and businesses.”

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Benefit Awarded This Year’s Egovernment Excellence Award ‘Best Application For The Smart Devices Award’

October 2021 (Manama, Bahrain) – The kingdom’s leading regional player in electronic financial transactions; BENEFIT received the eGovernment Excellence Award 2021 for ‘The Best Application for the Smart Devices Award’. BENEFIT won the award on the strength of its mobile application; BenefitPay,  which was designed to meet the unique needs of both consumers and business that enables fast, secure, and convenient payments.

The Smart Devices Award recognizes the private sector entities that provide a smart device application to their end users with the aim of reducing the cost, time, and effort in accomplishing a task or a series of tasks. The award comes as recognition of BENEFIT’S leading efforts to push the boundaries within the Financial ecosystem in the Kingdom. This achievement further validates BENEFIT’s unparalleled endeavors in the Kingdom as the top FinTech industry leader, inline with Bahrain’s Economic Vision 2030.

The eGovernment Excellence Award was created under the Patronage of HH Sheikh Mohammed Bin Mubarak Al Khalifa, Deputy Prime Minister and Chairman of the Supreme Committee for Information and Communication Technology (SCICT), the eGovernment Excellence Award is a strategic platform launched by the Information & eGovernment Authority to recognize and reward the Kingdom of Bahrain’s pioneering ICT initiatives.

BENEFIT’s CE Abdulwahed AlJanahi “This prestigious award is the result of all our collective efforts as a team, and the support of our partners. Everyday we try to reimagine what mobile banking could be, and what solutions that need to be developed or advanced to enhance the economy and its citizens. This award comes at a time where Bahrain has achieved outstanding milestones, leading the financial ecosystem in MENA. We will continue to revolutionize the payments scene and provide value added services to achieve Bahrain’s vision.

BENEFIT’s reputation as the Kingdom’s leader in financial transactions has been further solidified through several awards and accolades, which included the ‘Smart Finance Award’ for the BenefitPay Application, which  goes towards BenefitPay’s rollout of several cashless initiatives within the kingdom that have supported in nourishing sustainable growth. In addition, this year,  BENEFIT has been awarded with the “Best Digital Wallet (BenefitPay App)” award for 2021 by the Pan Finance Awards.

The eGovernment Excellence Award brings together a range of national projects and initiatives to embrace ICT excellence in diverse areas through participations from the Public and Private sectors, as well as submissions by NGOs and citizens, furthering digital transformation to achieve the objectives of Bahrain Economic Vision 2030.

BenefitPay has over 4000 merchants with more than 700K registered users using the platform. The total payments value in the EFTS via the “BenefitPay” application is BD 2 billion in the first half of 2021.

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Bahrain First Country To Launch Electronic Cheque Service *In Mena

The Central Bank of Bahrain officially launches the eCheque service, implemented by BENEFIT, inline with Bahrain’s Vision 2030 to drive innovation in digital payments.

October : 2021 (Manama, Bahrain) – The Central Bank of Bahrain officially launches the eCheque service, implemented by BENEFIT in the Kingdom on Bahrain. Bahrain is the first country to implement this service in the entire MENA Region. The announcement was made recently to highlight this milestone and address the community on the new solution that will simplify payment collection for all consumers and SMEs. The launch of the eCheque service is inline with Bahrain’s Vision 2030 to drive innovation in digital payments.

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, will roll out several campaigns to shed light on the rollout of the new eCheque service. eCheque will be backed by all related banks in Bahrain which will allow easy and simple payments.

Digitization of the cheque-related processes will have several advantages and simplify overall banking transactions for consumers and businesses within the Kingdom. Benefits include an issuing and depositing service accessible via the eCheque related platforms which will allow bank customers to process an eCheque any time. Furthermore, individuals can use the eCheque service with the convenience of their mobile phones in a quick and seamless manner.

When it comes to security, users will adopt a secure digital signature, which removes the need for handwritten signatures as required with paper cheques, reducing the risk of forgery and fraud. Additionally, electronic signatures preserve the underlying identities and enable more secure audit trails and keep track of the digital signer’s timestamp and location. The unique login credentials and the ability to sign from a device allows electronic signatures to have greater traceability compared to traditional signatures.

BENEFIT’S Chief Executive, Abdulwahed AlJanahi commented on the launch, “The implementation of eCheque will lead the Kingdom of Bahrain into a new era of electronic payments. As BENEFIT, we want to provide seamless and secure payment experiences. The eCheque will allow consumers to enjoy the functions of a regular cheque online without having to experience the long waiting time associated with traditional paper cheques. This milestone will be an optimal solution for those who are just starting to embrace online banking. I want to thank the Central Bank of Bahrain which has been an invaluable partner since the beginning of the journey. Our collective efforts and vision for Bahrain has made it possible to achieve this significant milestone in the region.”

Shafaq Al Kooheji, Head of Payment Services in BENEFIT and the Project Director of the eCheque service stated, “The launch of the eCheque service reflects the Central Bank of Bahrain’s ongoing efforts to offer a wide range of payment services. Not only do eCheques offer various advantages over their physical counterparts, but they also represent the Kingdom’s commitment to enhancing the efficiency and modernization of Bahrain’s financial infrastructure.”

She added, “This initiative also provides a green way to make payments, in line with Bahrain’s efforts to achieve its sustainable development goals. I’d like to thank everyone for their contribution towards this milestone and bringing the eCheque service into fruition.”

Bahrain is the first country in the MENA Region to launch the eCheque. The launch will be followed by a wider campaign to increase public awareness of the eCheque service and reinforce their understanding of using it.

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