Basata Boosts Stake in MadfoatCom to 25%, Strengthening Digital Payments in Jordan

Egyptian fintech company Basata has raised its stake in Jordan’s leading digital payments provider, MadfoatCom, to 25%, marking a significant step in the region’s digital financial services landscape. The investment, supported by Jordan Kuwait Bank (JKB), the Social Security Investment Fund (SSIF), and other financial institutions, positions the banking sector in Jordan as a majority stakeholder, holding over 50% of MadfoatCom. This development further solidifies the role of digital payments in Jordan’s financial ecosystem.

Founded in 2009 through a merger of Masary and Bee, Basata specializes in mobile money, bill payments, and supply chain solutions. Its acquisition in MadfoatCom, established in 2011, enhances Basata’s ability to offer innovative financial services. MadfoatCom provides real-time bill presentment and payment systems, a key component in Jordan’s growing digital economy.

Basata’s investment aligns with its goal to expand digital financial services, particularly targeting small and medium-sized enterprises (SMEs). The partnership aims to improve online and mobile payment solutions, streamline money transfers, and enhance bill payment systems, thereby contributing to broader financial inclusion in the region.

The deal was announced at a meeting at the Central Bank of Jordan and highlights a pivotal moment in the country’s digital transformation. The transaction was facilitated by Anniston Capital Inc. and Imara Asset Management, with legal support from Al Tamimi & Company. Both Basata’s Chairman Aladdin Saba and MadfoatCom’s Executive Chairman Nasser Saleh underscored the potential of this collaboration to drive innovation in the regional fintech sector.

SOURCE: AFCD