The Kingdom of Bahrain has launched Wage Protection System (WPS) along with the collaborative effort of the Labour Market Regulatory Authority (LMRA) and Central Bank of Bahrain (CBB). WPS will require employers to pay their employees through any medium facilitated by entities licensed by the CBB, protecting worker’s financial rights which are governed by their contracts of employment. WPS is to be implemented as a three-phase programme with the first phase having commenced on 1st May 2021.
BFC Payments, the Fintech arm of BFC Group, delivers digital payments services for Corporates, SMEs, Proprietors and Consumers. BFC Payments offers Salary Accounts for the workers to receive their salary and manage the salary using a mobile app. The service provided by BFC Payments ensures WPS compliance for the corporates who disburse the salary through our straightforward process. The product will also help to boost the digital financial inclusion to the underserved and unbanked segment in the Kingdom.
Mr. Davis D Parakal, Head of Business Development, Strategic Partnerships & Innovation of BFC Payments said, “We are proud to be part of the LMRA’s wage protection system. 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 multiple 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 the customer dependency on cash, welcoming them to the mobile payment’s ecosystem in the country. BFC Payments App also enables users to remit money back home at great rates quickly, safely and conveniently. The App can be downloaded by employees on the App Store and Google Play Store.
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 Bahrain Financing Company (BFC) trading in gold bullion and continually growing its services.
For more information on BFC Payments, please visit www.bfcpayments.com or contact a BFC Payments’ business development officer on +973 1700 4548.