Bright future for payments market in the region

MANAMA: The successful implementation of instant payments in Bahrain was highlighted by Benefit, the operator of the country’s electronic fund transfer system (EFTS), at a key regional financial regulatory event.

Chaired by Saudi Central Bank governor Dr Fahad Al Mubarak and Central Bank of Bahrain (CBB) governor Rasheed Al Maraj, the Financial Stability Board (FSB) Regional Consultative Group (RCG) Workshop covered several aspects related to innovations, opportunities and regulatory challenges as well as how instant payments can meet the growing demands of the customer.

Delivering a presentation, Shafaq AlKooheji, head of payment services at Benefit, shared early insights from the perspective of an early adopter within the Mena region.

The presentation highlighted the types of approaches to implementation, how to accelerate instant payment solutions and meet regulatory requirements, challenges of implementations and emphasising the fundamental need to prioritise instant payments integration to solidify future business continuity.

“The payments market in the Mena region is growing, with the digital payments market expected to post 6.5 per cent CAGR from 2020 to 2025. We have created an impeccable instant payments-based product strategy in line with the kingdom’s vision towards an era of future-proofed payments,” said Ms AlKooheji.

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