KNET General Assembly Session 2015

Chairman of the Board of KNET, Mr. Mohammed Al-Othman said that it had been more than 22 years since KNET continued to deliver numerous successes and developments of excellence in the banking sector service in the State of Kuwait, and it was just as distinctive in 2015 not unlike previous years; full of achievements and developments that added to the record of the company’s history.

In his speech during the General Assembly of the company for the fiscal year ended 31 October 2015, Mr. Al-Othman said that the year 2015 was marked by many achievements and successes for the level of services provided, whereby the company had executed nearly 197 million transactions for about 14 billion dinars through different means of electronic payment as in POS, ATM, Internet, and others, generating a revenue of more than a billion Kuwaiti dinars per month, and the growth rate was about 17% from 2014.

Mr. Al-Othman said that this year was filled with accomplishments at all levels and in all electronic payment channels, and with the end of the fiscal year 2015, KNET had run more than 45,118 POS devices, most of which supported GPRS, accounting for nearly 91% of the total POS deployed in the market. KNET had also run nearly 124 million POS transactions worth 7.6 billion dinars, a growth rate of 19.7% from the previous year. 2015 was also marked by the launch of a new type of device that supports the NFC feature, and KNET had put up over 4,500 devices during the year in the Kuwaiti market. This was in line with the company’s strategic objectives, which aimed at implementing and employing the latest electronic means into the Kuwaiti market, to keep its Member Banks on par with the latest technology thereby helping to serve their customers more efficiently.

The Chairman related, “We are currently running and managing more than 661 ATMs in the Kuwaiti market, and during 2015 we have run nearly 55.6 million ATM transactions, valued at approximately 5.7 billion Kuwaiti dinars”.

With respect to transactions over the Internet, Mr. Al-Othman said that 2015 was a special year wherein a growth rate of more than 35% had been witnessed in this channel, and where the number of merchants and websites that accepted electronic payments was approximately 375. KNET had run more than 15 million payment processes online in 2015, valued at approximately 500 million Kuwaiti dinars.

Under its strategic partnership with the public sector, KNET managed to expand its services with government agencies, serving more than 41 government agencies through different electronic payment channels by the end of the fiscal year 2015, clearly demonstrated by KNET having run more than 2.4 million electronic transactions worth 257.6 million Kuwaiti dinars.