BENEFIT and CRIF Join Forces to Launch Innovative SME Credit Scoring Framework

BENEFIT, the Kingdom's innovator and leading company in fintech and electronic financial transaction services and CRIF, a global leader in credit bureau services, business information, decision systems and advanced analytics, have collaborated to focus on the development and launch of an SME Credit Scoring model designed to provide accurate and transparent assessments of credit risk, thereby facilitating and accelerating SMEs’ access to the financing they need to grow and expand their operation. The new initiative aligns with the Government’s commitment to supporting SMEs through innovative solutions that improve access to financing and strengthen their competitiveness in the market. BENEFIT’s SME Credit Scoring model is expected to serve as a key enabler in achieving these goals.

Latifa Al Mutawa, Assistant General Manager for Bahrain Credit Reference Bureau at BENEFIT, said: "This partnership marks a significant step in strengthening Bahrain’s financial ecosystem. It extends the scope and impact of the Bahrain Credit Reference Bureau, operated by BENEFIT, by focusing on SMEs—a vital segment of the economy. By leveraging credit and alternative data, the new model will enable more data-driven decision-making, helping financial institutions assess risk with greater accuracy and consistency while supporting SMEs in accessing the financing they need to grow. We believe this will significantly contribute to the sector’s growth and to the Kingdom’s broader economic development.”

Roberto Ciraci, Head of Consulting and Solutions, CRIF said:

“Through this partnership, we are bringing together CRIF’s global credit bureau expertise and deep data capabilities with local market insights to deliver a powerful SME Credit Scoring model for Bahrain. With a strong track record of delivering similar solutions across multiple markets, we are confident in our ability to bring significant value to the Kingdom’s financial ecosystem. Built using CRIF advanced analytics capabilities, and proven global methodologies, the solution will enable financial institutions to make faster, more informed lending decisions, strengthen risk management, and expand their SME portfolios with confidence. We are excited to be partnering with BENEFIT on this important initiative, which will help unlock greater access to finance for SMEs and support the continued growth of the broader economy.”

This project is expected to strengthen the SME sector in the Kingdom and provides the necessary tools to support economic growth, as it focuses on the development and implementation of an innovative model for evaluating SME’s. This scoring model is anticipated to streamline the application approval and enhance customer management processes and expected to support digital transformation of SME’s onboarding process. This advancement is set to significantly enhance access to financing for SMEs, while strengthening the ability of financial institutions to conduct precise, consistent, and efficient credit risk assessments.

About BENEFIT

BENEFIT was established in 1997 and is licensed by the Central Bank of Bahrain (CBB) as an ancillary service provider to the Kingdom’s financial services industry. BENEFIT is owned by Banks in Bahrain, regulated by the CBB, to provide innovative Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services across different sectors in the Kingdom of Bahrain and the Region. BENEFIT’s range of services – supported by GCCNet in countries within the region – include operating of Automated Teller Machines (ATM), Point of Sale (POS), GCCNet, The GCCNet Dispute Management System, Credit Reference Bureau (CRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal, eCheque, EFTs, national eWallet (BenefitPay) and national eKYC Platform for the financial sectors, Bahrain Electronic Cheque, Wages Protection System, and Trust Services for digital signatures.