Central Bank of Bahrain
  

A noticeable increase in the usage of the Electronic Fund Transfer System

Manama, Bahrain – 20 September 2017 - Bahrain’s Electronic Fund Transfer System (EFTS), that was launched on 5th November, 2015, has shown remarkable results, in the form of the availability of an efficient and fast system that accommodates customer fund transfers within local banks through different electronic devices, such as smart phones, computers or tablets. This system has been initiated by the Central Bank of Bahrain in collaboration with the BENEFIT Company.

The EFTS allows retail bank customers to instantly transfer funds, throughout the day, from their bank accounts to recipient accounts in any other bank in just 30 seconds, through “Fawri+”, up to a maximum total amount of 1,000 Bahraini Dinars per day.  There is also the “Fawri” service, which allows fund transfers to a single or multiple recipients, such as payment of salaries, within the same bank business day or future date. This is in addition to the introduction of “Fawateer” service which allows customers to pay their bills through an efficient and fast system. This service aggregates all the outstanding bills from different billers in order for the customer to pay these bills in one transaction within 30 seconds.

The system witnessed a remarkable growth in usage, where the number of Fawri+ transactions amounted to approximately 153 thousand, worth about BD 37.9 million during the first half of 2017, a growth of 211% when compared to the value of transactions during the first half of 2016. While the number of Fawri transactions were 2.4 million, worth about BD 4.6 billion during the first half of 2017, which was a growth of 44% compared to the value of transactions during the same period of 2016. As for Fawateer, the number of transactions were around 553.2 thousand, worth about BD 29.7 million during the first half of 2017, a growth of 458% compared to the value of transactions during the same period of 2016.

Shaikh Salman bin Isa Al Khalifa, Executive Director of Banking Operations at the Central Bank of Bahrain, said: “The central bank’s policy is to continuously develop all banking transactions by introducing the latest technologies in the field of payment and settlement systems, in order to significantly benefit the local economy. The central bank continue to introduce policies and regulations to introduce more of these advanced services in the coming period”.

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