Benefit posts 14pc profit in 2015

Manama : The Benefit Company posted consolidated operating profit of BD3,090,964 in 2015, a growth of 14 per cent from BD2,701,819 in 2014, the company announced in its annual general meeting yesterday.

In November 2015, Benefit in cooperation with the Central Bank of Bahrain (CBB) and its member banks, had successfully launched the Electronic Fund Transfer with bulk direct debit and direct credits (EFT) and Electronic Bill Payment and Presentment (EBPP) services together under one national project called “EFTS”.

And in December 2015, a new core system of the Bahrain Credit Reference Bureau went live successfully with 42 members. The new system was designed with enhanced security measurements and automation of most functions, which has reduced uploading members’ data from a day to a couple of hours. Furthermore, the system will enable the company to add new modules to cater to additional sectors such as Telecom, Insurance and Government entities.

These initiatives were part of the three main pillars that will shape Benefit and its services in the coming years and will reinforce its leading role in the electronic payments, funds transfer and risk management industry, and shall add significant value not only for the financial sector, but also for the entire community of Bahrain and shall have positive impact on the overall economy.

The company said it has completed two preliminary studies, one for the ATM outsourcing services and second for POS outsourcing services, and is looking forward to start the initial implementation of these strategic initiative services in 2016. Benefit will further study the two services and determine their scope.

Benefit will also be focusing on the implementation of sharing credit bureau data across the GCC, once a formal legalisation is founded by GCC Central Banks.