Benefit, the kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced that the total volume of its electronic fund transfer transactions for 2022 soared to 252.5 million, up 71% over the volumes recorded for previous year.

The Electronic Fund Transfer System (EFTS) on all channels, which includes Fawri, Fawri+, and Fawateer, has witnessed substantial growth in 2022, as seen by a 25% increase in total value hitting BD25.4 billion ($67 billion) in 2022 from BD20.3 billion ($53.5 billion) in 2021.

Benefit pointed out that a total of nearly 268 million payments were made through the Electronic Fund Transfer System (EFTS) in 2022.

Fawri+ transactions reached nearly 245 million, a 74% increase from the previous year, and BD6.2 billion in value, up 39% over 2021.

In January 2022 alone, there was a 107% increase in Fawri+ transactions over the BeneiftPay application from the previous year, it stated.

Furthermore, a total of more than 11 million Fawri transactions were made in 2022 showing an increase of 14% with their total value exceeding BD18 billion for 2022, compared to over BD15 billion in 2021, an increase of 20%, it added.

A total of almost 12 million Fawateer transactions were conducted last year, a growth increase of 31%. Their total value exceeded BD928.7 million last year compared to BD641.7 million for 2021, an increase of 45%.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).