BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, hosted a pivotal meeting with the International Monetary Fund (IMF) Article IV Consultation Mission at its headquarters, as part of the mission’s annual visit to the Kingdom of Bahrain. 

Led by Mr. John Bluedorn, Deputy Division Chief in the Regional Analytics and Strategy Division of the Middle East and Central Asia Department at the IMF and Mission Chief for the Kingdom of Bahrain, the mission visited Bahrain from September 29 to October 10, 2024. 

The IMF’s Article IV consultations are conducted in all 190 member countries of the International Monetary Fund. These consultations provide recommendations on a broad range of economic challenges, including fiscal, monetary, and exchange rate policy, as well as healthcare, pensions, labour market dynamics, and other significant policy areas.

During the meeting, BENEFIT team, engaged in insightful discussions with the IMF delegation, which included Mr. Bluedorn, senior economist Fabio Comelli, and economists Colombe Ladreit and Daniel Lee. The talks focused on several key areas, including the critical role of BENEFIT in advancing digital payments in Bahrain, the Kingdom’s digital payment infrastructure, regional cross-border payment initiatives, trends in digital payments, and the broader outlook for FinTech in Bahrain.

Commenting on the discussions, Yousif Alnefaie, Deputy Chief Executive at BENEFIT stated, “Our collaboration with esteemed global institutions like the IMF underscores BENEFIT’s unwavering commitment to advancing digital financial innovation in Bahrain, while aligning with the Kingdom’s broader economic objectives. As digital payments increasingly integrate into financial systems, BENEFIT remains committed to spearheading cutting-edge solutions that not only strengthen Bahrain’s economy but also drive growth across the region.”

BENEFIT has been a pivotal force in Bahrain’s digital finance transformation, solidifying its position as a leader in the sector. In the first half of 2024, BENEFIT achieved a significant milestone, surpassing BD 16.4 billion in total electronic fund transfer transactions across its services—Fawri, Fawri+, and Fawateer. This marks a 14.5% increase in transaction value compared to the first half of 2023, underscoring the company’s leadership in the digital payments sector.

As a catalyst for digital transformation, BENEFIT remains steadfast in advancing the future of financial services in Bahrain. With a strong focus on innovation, the company is committed to driving the Kingdom's economic growth and enhancing its financial landscape.