MANAMA: Benefit, which handles the country’s electronic fund transfers and ATM transactions, has acquired its joint venture partner Network International’s stake in Sinnad, a Bahraini company.
A statement said by acquiring all the shares of Sinnad making it a fully-owned subsidiary, Benefit will look to position it as a full-fledged outsourcing business to financial and non-financial organisations.
Sinnad was set up in 2009 as a joint venture between Benefit and Network International to provide third-party ATM and card processing services for banks in Bahrain and GCC.
It has an extensive footprint in the Middle East and Africa and has four key business lines including bank card processing, merchant processing, retailers’ loyalty programmes, and ATM services.
Benefit will further invest in Sinnad for state-of-the-art systems and technologies including FinTech and digitalisation, said chairman Abdulla Hussain.
“Sinnad will have an even greater opportunity to grow its footprint across the GCC and wider MEA region and provide industry-leading services to the banks. We look forward to see further growth in our business as we continue along this exciting path,” he added.
According to Benefit chief executive and Sinnad board director Abdulwahid Janahi, the full acquisition of Sinnad adds great value to Benefit through creating a full range of Cards services outsourcing services in a fully independent infrastructure.