The Electricity and Water Authority (EWA) has recently joined the Bahrain Credit Reference Bureau, which is operated by the BENEFIT company and specialises in providing support services to local banks, implementing the Cabinet’s resolution to include a list of government agencies bureau’s membership, and within the framework of the agreement signed with the Ministry of Finance, with regards to the joining of 17 government agencies to the bureau.
On this occasion, BENEFIT CEO Mr. Abdulwahed Al Janahi asserted that the agreement allows EWA to strengthen technical cooperation with BENEFIT contributing to the development of credit services by exchanging credit information, as well as enriching credit information for individuals by adding electricity and water bills to the credit report to assess the client’s credit status.
Mr. Al Janahi explained that the bureau receives credit information, saves and classifies it, and then prepares credit reports and provides members with those reports upon their request, and shows the lending and debts incurred by clients.
He clarified further stating that the bureau’s system doesn’t influence taking decisions, but helps to facilitate the appropriate decision-making process by providing credit information, as banks, financial institutions and government agencies that bureau members provide all of the clients’ information.
It’s noteworthy that Benefit operates as per the license of the Central Bank of Bahrain (CBB) to provide support services in the financial sector, as it is a company specialised in developing innovative solutions for electronic payment processes, providing and managing multiple electronic channels for electronic payments, settlement of dues, invoices and financial transfers, in addition to managing the Bahrain Credit Reference Bureau.