BENEFIT posts 2021 net profit, 164% jump in online payments

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

BENEFIT, a leading Fintech and electronic financial transactions service provider, yesterday reported the full year 2021 profit and a massive 164% jump in online payment transactions exceeding BD20 billion.

The Group’s 2021 net profit was BD 715,497 compared to 1,434,096 in 2020.

BENEFIT also said it recorded 159 million payments through the Electronic Fund Transfer System (EFTS) in 2021, up 164% with the total value exceeding 20 billion Bahraini Dinars compared to 16 billion Bahraini dinars in 2020, an increase of 26% In 2021, the Group’s main focus was on launching the e-Cheque service, obtaining a license for trust services and e-signature from the TRA and the remittance service for BenefitPay customers.

The announcement came during the annual General and Extraordinary General Meeting earlier this week at Benefit head office in Seef District.

The annual meeting discussed the appointment of ten directors and one CBB observer for three years, starting from February 2022 to March 2025.

Chairman of BENEFIT, Mohamed Ebrahim Albastaki, stated, “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.

Chief Executive, Abdulwahed AlJanahi, said, “We will continue to build on this success and continue to provide innovative solutions demanded by our customers in diverse sectors.”