Bahrain Remittance Market Ecosystem
Bahrain Remittance Market is in the growing stage, consisting of ~ players (banks and digital payment companies) with just few companies acquitting the major portion of the market. Bahrain international remittance market is fragmented with the manifestation of small, medium and large corporations. Some of the major players in the Bahrain Remittance market are Western Union, MoneyGram, Al Barka Bank etc.
Key Market Findings:
- The Bahrain market is moderately consolidated with the majority of the market being captured by MTOs (Money Transfer Operators) & Banks in 2018.
- In terms of volume of transactions, the inbound remittance is expected to register a CAGR close to ~%.
- The three largest immigrant groups in Bahrain were from: India (Bahrain has the 5th highest number of Indian women migrant domestic workers of any country in the world); Bangladesh and Egypt. The rest of the migrants came from other Arab countries (including Jordan, Yemen, and Syria), other Asian countries (including Pakistan, Philippines, Nepal, and Thailand), Africa, Europe, and other regions.
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Rising Internal Migration: Bahrain, in general, offers good living and working conditions to its expatriate communities. With the recent economic reforms, the inflow of international as well as domestic workers migration has increased. The country is also increasing digitization and adopting e-wallets. Thus, increasing internal migration in the country.
Increasing Investments: Major sectors Finance & Banking, Oil, and Military contributed most to Bahrain’s growth opportunities. The country is also being promoted as the Silicon Valley of the Middle East, with the government offering great incentives and a supportive environment for fintech and e-commerce start-ups and other private investments. All this is being done to create exciting opportunities for a skilled workforce as well as high-profile expats looking for career growth. In addition, the Government of Bahrain also encourages the employment of female workers as well as it is a safe country, adding to the pool of available talent. Bahrain also allows expatriates to own residential properties here unlike other Gulf countries, which makes it an important investment destination for expats. In fact, investment here is not just confined to real estate alone, but also sectors like food, entertainment, health, information and communication, manufacturing, and mining as well.
Adoption of Digital Technologies: Government has ambitious plans to use digital technologies extensively to strengthen its services, processes, and decision making, as well as its ability to share data with constituents. There is specific emphasis on improving the individual organizational capabilities of Government entities by aligning their digital strategies with the national Digital Government Strategy 2020, strengthening the governance mechanisms, enabling a digital workforce, reinforcing agile development and analytical platforms while deploying robust cyber security measures and controls which will led to increase employment in the digital sector, thus fueling the inflow of workers in the country.
Analysts at Ken Research in their latest publication “Bahrain Remittance Market Outlook to 2027F – By International (Inbound & Outbound Remittance), By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors, by Domestic remittance flow corridor” provides a comprehensive analysis of Bahrain’s Remittance Market including market evolution, overview, genesis, market size and market segmentation. The Bahrain remittance market is in a growing phase having a CAGR of ~% from 2017-2021. The increasing inflow of expatriates, digitization, e-wallets, increasing internal migration and major government investments has led to rise in the growth of Bahrain’s remittance market. It is expected that the Bahrain remittance market will grow at a CAGR of ~% in the forecasted period 2022-2027F.
Key Segments Covered in the report: –
Bahrain Remittance Market
By International Inbound Remittance Flow Corridor
On the Basis of Channels (Volume of Transactions)
- Banking channels
- MTOs
- M-Wallets
- Others
On the Basis of Inflow Countries (By Value of Transactions)
- India
- Pakistan
- Bangladesh
- Sri Lanka
- Egypt
- Indonesia
By International Outbound Remittance Flow Corridor
On the Basis of Channels (Volume of Transactions)
- Banking channels
- MTOs
- M-Wallets
- Others
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On the Basis of Outflow Countries (By Value of Transactions)
- India
- Pakistan
- Bangladesh
- Sri Lanka
- Egypt
- Indonesia
By Point of Contact (By Volume)
- Branch Pick-up
- Mobile Payment & Online Transactions
- Prepaid Cards
By Domestic Remittance Flow Corridor (Value of Transactions)
- Urban to Rural
- Urban to Urban
- Rural to Urban
By Channels used (Value of Transactions)
- Banking Channel
- ADLAs & MTOs
- Retailers
- Others
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Key Target Audience
- Banks
- Money Transfer Operators
- M-Wallet Companies
- Hawalas
- Convenience and Retail Stores
- Supermarket Chains
- Bills and Payments Companies
- Investors & Venture Capital Firms
- Government Bodies
Time Period Captured in the Report:
- Historical Period: 2017-2021
- Base Period: 2022P
- Forecast Period: 2022P-2027F
Companies Covered:
- Western Union
- RIA Money Transfer
- MoneyGram
- Al Bakra Bank Group.
- Gulf International Bank.
- Bank of Bahrain and Kuwait.
Key Topics Covered in the Report
Market Ecosystem and Value Chain
Market Size on the Basis of Transaction Value, 2013–2018
Market Size on the Basis of Transaction Volume, 2013-2018
Market Size on the Basis of Average Transaction Size, 2013-2018
Market Trends, Growth Drivers & Challenges
Market Segmentation by Channels Used (Value of Transactions)
Market Segmentation by Corridors (Value of Transactions)
Market Segmentation by Inflow and outflow of countries (Value of Transactions)
Government Regulations
Migration Scenario
Strengths and Weaknesses of Major Players
Company Profiling
Snapshot on Bill Payment Market
Future Outlook and Projections
Growth Opportunities
Future Market Segmentation
SWOT Analysis
Analyst Recommendations
For More Information On The Research Reports, Refer To Below Link: –
Future Outlook of Bahrain Remittance Market
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