BAHRAIN has launched the Wage Protection System (WPS) as a collaborative effort of the Labour Market Regulatory Authority (LMRA) and the Central Bank of Bahrain (CBB).
WPS requires employers to pay their employees through any medium facilitated by entities licensed by the CBB, with the aim to protect workers’ financial rights which are governed by their contracts of employment.
The system, which is being implemented as a three-phase programme in the country, began its first phase on May 1.
BFC Payments, the Fintech arm of Bahrain Financing Company (BFC) Group, delivers digital payments services for corporates, small and medium-chain enterprises, proprietors and consumers.
BFC Payments offers salary accounts for employees to receive their salary and manage it using a mobile app.
The service provided by BFC Payments ensures WPS compliance for corporates who disburse salaries through straightforward processes.
The product will also help boost digital financial inclusion to the underserved and unbanked segment in the kingdom.
“We are proud to be part of the LMRA’s wage protection system,” said BFC Payments business development, strategic partnerships and innovation head Davis D Parakal.
“It ensures the timely transfer of wages to workers and at the same time brings simplicity and transparency to businesses.
“Currently, our systems are WPS-compliant and are processing salaries for more than 100 enterprises in the kingdom.
“Our fast account opening process for businesses along with mobile wallet and cards for the workers make it a unique proposition in this market.”
BFC Payments offers a mobile wallet that considerably reduces customer dependency on cash, welcoming them to the country’s mobile payments ecosystem.
The BFC Payments app, which is available for download on the App Store and Google Play Store, also enables users to remit money back home at great rates quickly, safely and conveniently.
BFC Payments is a part of BFC Group which is one of the financial leaders in the region that includes an international network of money exchanges across four countries.
The history of the companies that are incorporated under the group date back over 100 years, with BFC trading in gold bullion and continually growing its services.
For more information on BFC Payments, visit www.bfcpayments.com or contact a BFC Payments business development officer on 17004548.
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