The Shared Electronic Banking Services Company (KNET), held its General Assembly for the fiscal year ending October 31, 2024, and announced the continued growth of its operations.

Chairman Mohamed Al-Othman stated that KNET has consistently reinforced its position as a leading payment company in Kuwait since its establishment, aiming to achieve the highest standards of service quality, delivered with speed, security, and ease, and to meet this goal, the company has focused on keeping pace with continuous developments in banking services both regionally and internationally while adopting the latest digital transformation technologies.

Al-Othman highlighted that KNET has concentrated its efforts on developing a comprehensive infrastructure for payment systems that guarantees the delivery of high-quality products and services characterized by efficiency and ease of use to meet the increasing needs of customers. 

And added “The company is also enhancing its collaboration with leading companies in modern financial technology to remain at the forefront of innovation in the payments field, contributing to improving customer experience and achieving its future vision”.

He noted that the fiscal year ending October 31, 2024, saw KNET continuing to achieve record numbers and sequential growth through its various electronic payment methods, including point-of-sale systems, online payment gateways, the government electronic payment program (Tasdied), and ATMs. Total transaction numbers increased by 17% compared to last year, with a corresponding 6% increase in total transaction amounts.

Al-Othman mentioned that KNET’s point-of-sale service has become one of the basic pillars of the payment ecosystem in the Kuwaiti market, relied upon daily by various sectors due to its efficiency and ease of financial transactions. The number of point-of-sale devices increased by 5%, with a 20% rise in the number of transactions. The online payment gateway also experienced a growth of 13% this year compared to last, with a 7% increase in transaction amounts.

He further added that cash withdrawal transactions through ATMs saw a decline of 14% in 2024, with a corresponding 15% drop in withdrawal amounts. This reflects the increasing consumer preference for digital payments and transfers. Regarding the “Tasdied” program, which had its contract renewed with the Ministry of Finance last August, he noted a 4% increase in completed transactions.