Bahrain Commercial Facilities Company (BCFC) has launched Sahel App, a cloud-based credit and lending application, marking a significant milestone in Bahrain’s digital financial services sector. This strategic move, powered by Codebase Technologies and Atyaf eSolutions, represents a key advancement in digital lending and financial services in the Kingdom of Bahrain.
Overview of BCFC’s Sahel App
Launch and Collaboration
BCFC, in partnership with Codebase Technologies and Atyaf eSolutions, introduced the Sahel app as part of its digital transformation strategy. This collaboration underscores BCFC’s commitment to innovation and reflects the company’s foresight in adopting modern digital services development.
Features and Functionalities
Sahel offers various financial services, enabling customers to:
- Digitally onboard and apply for credit cards, loans, and insurance.
- Manage loan and credit repayments.
- View transaction history and statements.
- Conduct daily banking transactions.
The app is powered by Codebase Technologies’ Digibanc platform, featuring digital onboarding with fully remote ID verification (ID&V), facial recognition, and electronic Know Your Customer (eKYC) processes.
Technological Innovation
Sahel uses Codebase Technologies’ proprietary intelligent credit decisioning engine, facilitating instant credit card issuance and loan approvals. The app also includes a virtual credit card option and a unique loyalty points functionality. These features enhance customer experience, improve compliance, and optimize operational efficiency for BCFC.
Strategic Impact and Market Relevance
Digital Transformation in Bahrain’s Financial Sector
The launch of Sahel aligns with Bahrain’s increasing mobile phone and internet penetration, which has created a conducive environment for digital initiatives. The Central Bank of Bahrain’s report highlighting a 5.7% increase in total loans and credit facilities underscores the growing demand for innovative financial solutions in the Kingdom.
Advancing Bahrain’s 2030 Vision
Sahel’s launch is a critical step towards realizing Bahrain’s 2030 vision, which emphasizes diversifying the economy beyond oil reliance and increasing involvement in Information and Communication Technology (ICT). The app’s cloud-hosted banking approach is pivotal in this context, contributing to economic growth and development.
Role in Enhancing Financial Services
BCFC, through Sahel, demonstrates a proactive approach in leveraging technology to improve services, enhance customer value, and provide an excellent digital experience. The app’s deployment in a cloud environment ensures scalability, security, and reliability, meeting the evolving needs of customers and the market.
Conclusion
BCFC’s launch of the Sahel app is a transformative step in Bahrain’s lending industry, offering a comprehensive suite of digital financial services. This initiative not only enhances BCFC’s operational efficiency and customer experience but also aligns with Bahrain’s broader goals of digital transformation and economic diversification. Sahel represents a new era of financial solutions in the Kingdom, blending innovative technology with strategic foresight to meet the dynamic needs of the digital age.
