BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, welcomed a delegation from the Central Bank of Libya as part of its wider visit to several financial and banking institutions across the Kingdom. The visit sought to gain insight into Bahrain’s advanced expertise in payments infrastructure and financial platforms.

During the visit, BENEFIT presented an overview of its extensive financial services, highlighting the achievements of the Bahrain Credit Bureau in issuing credit reports, the innovative electronic identity verification service (e-KYC), as well as the significant growth recorded in electronic funds transfer system transactions, including Fawri, Fawri+, and Fawateer, all accessible through the “BenefitPay” app.

BENEFIT highlighted its pioneering role in advancing the digital transformation of Bahrain’s financial sector and in developing the digital payments infrastructure, thereby reinforcing the Kingdom’s position as a premier regional hub for Fintech.

The discussions also addressed the contribution of BENEFIT’s advanced services in supporting digital banks, enabling them to deliver comprehensive digital experience to customers. This includes the ability to open accounts, execute payments, and apply for credit services seamlessly, underpinned by robust payment systems, reliable credit reporting frameworks, and secure identity verification services.

For their part, the members of the Central Bank of Libya delegation shared insights into their institution’s future strategy for digital transformation in financial services. They expressed their appreciation for the opportunity to learn from Bahrain’s pioneering experience in financial sector digitization and emphasized the value of drawing on the BENEFIT model as an outstanding regional example. 

The delegation further underlined the importance of knowledge exchange and collaboration in developing solutions that will support the Central Bank of Libya’s vision of building an advanced and future-ready financial sector.