Egypt-based fintech company Basata Holding for Financial Payments S.A.E. has expanded its footprint in Jordan by increasing its stake in MadfoatCom, the country’s leading electronic payment provider, to 25%. The acquisition, executed in partnership with key Jordanian financial institutions, underscores Basata’s commitment to advancing digital financial inclusion in the region. This move aligns with Jordan’s broader digital transformation agenda, further strengthening its financial infrastructure.

Consortium of Banking Institutions Supports the Acquisition

The investment was carried out in collaboration with Jordan Kuwait Bank (JKB), the Social Security Investment Fund (SSIF), and several other leading Jordanian banks. With this transaction, the banking sector now collectively owns more than 50% of MadfoatCom, reinforcing its pivotal role in the country’s financial ecosystem. The deal was formally announced at a meeting held at the Central Bank of Jordan, attended by the governor and key stakeholders from the financial sector.

Enhancing Digital Payment Services and Financial Inclusion

Basata’s investment in MadfoatCom is part of its long-term vision to expand digital financial services across the region. By leveraging MadfoatCom’s extensive market expertise and infrastructure, Basata aims to introduce innovative solutions that improve accessibility, efficiency, and financial inclusion. The collaboration will also focus on scaling digital payment services such as online and mobile transactions, money transfers, and bill payments, with a special emphasis on supporting small and medium-sized enterprises (SMEs).

Executive Leadership’s Perspective on the Acquisition

Aladdin Saba, Chairman of Basata, emphasized that this strategic stake strengthens the company’s regional growth strategy in partnership with Jordan’s leading financial institutions. He highlighted that the collaboration will facilitate the expansion of Basata’s network, the introduction of advanced financial solutions, and the development of a more inclusive digital economy. Nasser Saleh, Executive Chairman and Founder of MadfoatCom, noted that this partnership marks a milestone for Jordan’s fintech sector, enabling financial innovation and reinforcing MadfoatCom’s leadership in digital payments.

Advisory and Legal Support for the Transaction

The transaction was structured and facilitated by New York-based Anniston Capital Inc. and Imara Asset Management, which acted as exclusive financial advisors to Basata. Legal counsel was provided by Al Tamimi & Company in Jordan, ensuring smooth execution of the investment. The deal reflects growing confidence in Jordan’s fintech ecosystem and the increasing role of banking institutions in shaping the country’s digital economy.

Basata and MadfoatCom: Driving Fintech Innovation

Basata, formerly known as Ebtikar, is a high-growth fintech platform specializing in e-payments, mobile money, and supply chain solutions. With a strong presence in Egypt through a network of 150,000 points of sale, Basata has built a reputation for delivering innovative financial services, particularly for underserved communities. Its partnership with Vodafone Egypt has further strengthened its ability to reach the unbanked population with smart payment solutions.

MadfoatCom, founded in 2011, has played a crucial role in Jordan’s transition to a cashless economy. Operating under the supervision of the Central Bank of Jordan, the company’s flagship service, eFAWATEERcom, connects banks and billers to facilitate real-time digital payments. With over 1,100 services available through its platform, MadfoatCom continues to expand its impact on Jordan’s financial ecosystem.

Basata’s increased stake in MadfoatCom represents a significant step in the evolution of Jordan’s fintech industry. The partnership is set to drive further financial innovation, enhance service offerings, and support the nation’s digital transformation goals. As digital payments continue to gain traction, this collaboration is poised to create long-term value for businesses and consumers alike.