Manama - Sharikat Mubasher: BENEFIT, a leading Bahraini fintech company providing electronic financial transactions services, launched its Digital Direct Debit service, bringing credit and payment capabilities together to advance lending in the Kingdom.
The service allows banks and financial institutions to establish recurring debit arrangements electronically, making it easier to collect installments and other scheduled payments, the company stated in a press release yesterday.
Customers will be able to manage their monthly commitments according to agreed payment amounts and schedules.
The new service combines BENEFIT’s payment expertise with the capabilities of the Bahrain Credit Reference Bureau, addressing different stages of the lending journey within a more integrated framework.
Shafaq Al Kooheji, assistant general manager of payment services at BENEFIT, stated that the Digital Direct Debit service gives institutions a reliable way to arrange and process recurring financial obligations based on clear, pre-authorized instructions. “It reduces operational processing, makes payments easier for customers and supports more consistent collections. Its applications also extend beyond lending to the insurance sector, where it can be used to collect premiums in line with agreed payment schedules, making it relevant across a range of financial activities,” she added.
In turn, Latifa Al Mutawa, assistant general manager of the Bahrain Credit Reference Bureau, commented: “The growing interest in Digital Direct Debit among banks and financing companies reflects the market’s continued shift toward more seamless and digitally enabled lending journeys. By connecting reliable credit information with an efficient digital repayment mechanism, we are helping lenders strengthen the end-to-end lending experience from informed credit decisions through to the collection of repayments.”
She highlighted that this integration simplifies processes for financial institutions, improves the customer experience, and provides a stronger foundation for the continued growth of digital lending in Bahrain.
The launch of the Digital Direct Credit services underscores BENEFIT’s ongoing efforts to deliver services and solutions that contribute to a more connected financial infrastructure in Bahrain and enable institutions to provide more efficient, responsive experiences that meet customer needs.