By: Ahmed El-Shamsy
Bahrain – Mubasher: Benefit Company, Bahrain's electronic network for financial transactions, continues to play a vital role in developing the digital payments ecosystem in the Kingdom and promoting the transition to a cashless economy amid growing momentum in the fintech sector.
In an exclusive interview with Mubasher Info on the sidelines of the FinTech Forward 2025 (FF25) conference, Yousif Al Nefaiei, Deputy Chief Executive at Benefit, revealed ambitious targets for the BenefitPay app, which is expected to record transactions exceeding BHD 30 billion by the end of 2025.
The app has already surpassed BHD 27 billion by the end of September 2025 through more than 365 million transactions.
Al Nefaiei voiced his aspirations for BenefitPay to become a leading national model in providing digital financial services, and for Bahrain to continue its global leadership in creating an integrated digital economy based on innovation, trust, and ease of use.
Bahrain is a regional financial center. What factors have contributed to this?
The Kingdom created an integrated ecosystem for the fintech industry, which is the core of its regional and global excellence. We have flexible legislation and advanced regulations. This is in addition to the Sandbox platform from the Central Bank of Bahrain (CBB), which allowed startups to test their products in a safe environment.
Moreover, the advanced digital infrastructure that includes data, payments, and digital transfers, such as BenefitPay, enables smooth access to efficient services like Apple Pay and Samsung Pay.
Focusing on human capital has also been a key pillar, through specialized training programs in cooperation with institutions, such as the BIBF, the Bahrain FinTech Academy, and Tamkeen.
The Gulf country also backs funds that reinforce startups, such as the Al Waha Fund and the Hope Fund.
What are your plans to make BenefitPay a part of the daily lives of Bahraini citizens?
At Benefit Pay, we focus on enhancing user relations through intelligent personalization of services, leveraging data science to deliver experiences tailored to each customer's needs.
We are also working on launching new services in collaboration with our partners, including cross-border transfers through agreements and alliances with countries and global firms.
What is the current market size of Benefit Pay?
The number of subscribers has reached more than 1.2 million out of a total population of 1.6 million, reflecting the high level of trust and reliance on the app.
We exceeded 365 million transactions worth BHD 27 billion by the end of September, and we aim to hit BHD 30 billion by the end of this year.
The average number of visits to the app is approximately 1.7 million times on a daily basis, with an average of two visits per person daily. This makes Bahrain first in the MENA and second globally in e-payments per person, according to the Global Data 2023 report.
Is there a specific budget allocated for cybersecurity at Benefit?
Certainly, we invest heavily in cybersecurity and risk management. We apply the highest international standards, including NIST and ISO 27001, to ensure the protection of user data and trust. We have obtained international certifications confirming our commitment to these standards.
Is BenefitPay a free app? Does it include residents?
Yes, the app is free for any resident of Bahrain who has a bank account or bank card. They can download and use the app easily. We have a 24/7 technical support center to serve all users.
Are there any plans to impose transaction fees in the future?
The current fees are identical to the Fawry Plus system, and transactions under BHD 100 are completely free. More than 97 to 98% of daily transactions are free. This is a strategic approach to expanding the app's use and making digital services accessible to everyone without barriers.
