MANAMA: Benefit, the main handler of the country’s electronic fund transfers and ATM transactions, has reported net profit of BD3,327,998 for 2019, a three per cent decrease in comparison with BD3,425,743 in 2018.
The company achieved a consolidated operating profit of BD2,903,964, an 8pc decrease in comparison with BD3,152,075 in 2018, whereas net consolidated assets saw a 7pc increase to BD22,283,941 in comparison with BD20,822,183 in 2018.
In line with the national health and safety directives, the annual general meeting was held in the presence of representatives from participating banks via video call.
Benefit chairman Mohamed Al Bastaki said: “Benefit aims to launch a series of innovative services during 2020, mainly focusing on further developing BenefitPay as a lifestyle, in addition to the growth of the company’s information arm through the launching of several unique and innovative services. Benefit will also launch a unique QR code service per electronic wallet during 2020, a service which has recently been granted licensing by the Central Bank of Bahrain, in line with the company’s commitment to the national economic vision of transforming into a cashless society. The CBB and Benefit are working closely to assist in enabling non-targeted sectors and markets to offer smooth cashless transactions.
Additionally, the company will focus on adding innovative services to BenefitPay during 2020, such as the expansion of using BenefitPay on the national electronic gate (bahrain.bh) as well as other websites providing commercial products and services, the use of BenefitPay in fuel stations, parking lots, in addition to money transfers via the app.
Benefit will also offer added features for the “Get to know your E-Agent” service, such as facial recognition and registering customers online.
The company will also include a larger number of members in this service, such as foreign exchange and payment providers.
Additionally, Benefit will launch a classification service for small and medium enterprises, making their financial transaction easier, and these initiatives are in place to support the ease and convenience of trade, in line with the kingdom’s vision.”
Benefit chief executive Abdulwahid Janahi said: “We have managed to maintain our position in the sector, setting a strong benchmark for electronic payment providers. We have been awarded the prize of ‘Fastest Growing Electronic Payment Provider’. We achieved over 300,000 BenefitPay users by the end of 2019, and a growth of 82pc over 2018 in electronic transfers through 15.3 million transactions.
“Over the next three years, we will focus on a new strategy for BenefitData and BenefitPlus where BenefitPlus becomes a lifestyle and focuses on supporting the food, e-shopping and transportation industries. The company strives to enhance the existing technological infrastructure and support our partners in providing speedy payment services.
“BenefitData will allow the employment of artificial intelligence in regards to customer data for credit and non-credit services, enabling our partners to serve their customers and answer their inquiries in a faster way, as well as deal with loan inquiries.”
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