Inflow of Expatriates: Bahrain has been an ex-pat hotspot for decades because of its multicultural environment and a progressive nation which is known to offer a good quality of life to its residents. With the recent economic and political reform, the country has seen tremendous growth in infrastructure development, thus creating more job opportunities and an attractive destination for expatriates. With the increasing inflow of expatriates also increases the inflow of remittance to other countries, thus fueling the Bahrain remittance market.
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Large-Scale Government Investments: The government has planned to invest billions of dollars to improve infrastructure, industry, housing and connectivity to call for a more diverse economic base. As part of Bahrain’s 2021 Economic Recovery Plan, Bahrain announced over 22 strategic infrastructure projects worth over $30 billion, including the construction of five man-made islands. This emphasis on construction is consistent with the Kingdom’s Vision 2030 economic development strategy. Other than that government has also planned USD 7 billion for the modernization and expansion project which is too executed by BAPCO. In October 2021, the government also launched its Economic Recovery Plan which outlines Bahrain’s post-pandemic economic recovery trajectory and includes key business initiatives across the infrastructure, tourism, financial services and logistics sectors, among others. The investment in these projects will led to more inflow of workers from different countries, thus fueling the Bahrain remittance market.
Increasing Digitization & E-Wallets: With the adoption of the ‘cloud-first’ policy in 2017 by the Bahrain Government, the Country has attracted some of the world’s leading tech players to set up operations in the Kingdom. Most notably, cloud computing giant Amazon Web Services (AWS) launched its hyper-scale Cloud Region in Bahrain in 2019, its first in MENA and a landmark investment. Alongside AWS’s new data centres powering the region’s cloud ecosystem which eventually helped in digitization and introduction of e-wallets which has led to the growth of the remittance market in Bahrain.
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 the growing phase having a CAGR of ~% from 2017-2021. The increasing inflow of expatriates, digitization, e-wallets and major government investments has led to rise in the growth of Bahrain remittance market. It is expected that 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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