Money & Business
As Bahrain’s leading regional player in electronic financial transactions, how do you aim to improve efficiency with your new digital remittance service?
ELEVATING DIGITAL TRANSFORMATION IN BAHRAIN Gulf Insider talks to Benefit’s Chief Executive, Abdulwahed AlJanahi on the newly launched remittance services, exciting new services to look forward to, and vision for Bahrain’s financial sector.
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enefit is Bahrain’s leading regional player in electronic financial transactions and FinTech solutions. The company has been unlocking vast opportunities for nearly 25 years by powering effortless
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Gulf Insider April 2022
payment solutions for all individuals and businesses in the Kingdom. Benefit has won many prominent local and international awards such as the e-Government Excellence Award 2021 and the Best Smart Application Award 2021 and many more.
The remittance service is something that we’ve been working on for some time as we have big numbers of expats here in Bahrain. Our goal in everything we do is to make things easy for the public. With the remittance, we have started with Bahrain Financing Company (BFC), but there will be a number of money exchange companies on the app in the near future for the purpose of providing the customer with the most convenient services. They can compare prices and rates on the app – all within the convenience of their own home, office, or wherever they may be. We also aim to provide the best service even in terms of speed and delivery of the money. Ultimately, our goal is to reach a level where you can easily transfer money even when you travel abroad. We want to empower and facilitate the digitalisation of money transfer and make the process as efficient and user-friendly as possible. Apart from benefitting from the reduced costs, they get the convenience of the exact same service as if they visited the branch through the app. Our aim is to make it a lifestyle. Users won’t have to carry cash or cards, or even their Sadeem plastic cards – we want everything to be on the app.
How is sending money via this service different from visiting a remittance outlet or via the remittance’s own app? It is readily available. We are providing users with a convenient service where instead of doing the job manually with a long process – they can do it electronically and it is time efficient. They spend less time and less money. Once you open the app and go to remittance – you will have a number of rates and different providers, and then it’s your choice. You’ll have everything available in your hand, instead of calling or looking at the website or visiting the branch.
