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EgyptEgypt’s Basata Expands Stake in Jordan’s MadfooatCom, Strengthening Fintech Presence
2 min
Basata now owns 25% of MadfooatCom, reinforcing its role in Jordan’s digital payments sector.
The acquisition was facilitated in collaboration with major Jordanian financial institutions, including Jordan Kuwait Bank and the Social Security Investment Fund.
Additional investors, including Arab Bank, Housing Bank, Jordan Islamic Bank, and Jordan Kuwait Bank, joined the deal, collectively bringing Jordanian banks’ ownership to over 50%.
The partnership will focus on expanding digital financial services, including mobile payments, bill settlements, and SME financial tools.
Basata aims to leverage MadfooatCom’s technology to enhance financial inclusion and simplify digital transactions for businesses and individuals alike.
In a move set to bolster Jordan’s financial technology landscape, Egypt’s Basata has increased its stake in MadfooatCom to 25%, further embedding itself in the region’s digital payments sector. This expansion marks a significant step in Basata’s mission to enhance financial accessibility and digital transactions across the Middle East.
The investment was executed in collaboration with several leading Jordanian financial institutions, including Jordan Kuwait Bank and the Social Security Investment Fund, signaling a strong institutional backing for Jordan’s growing fintech ecosystem. As part of the deal, additional investors, including Arab Bank, Housing Bank, Jordan Islamic Bank, and Jordan Kuwait Bank, have also acquired stakes in MadfooatCom, resulting in Jordanian banks collectively owning more than 50% of the company.
The strategic move aligns with Basata’s long-term vision of strengthening digital financial infrastructure in the region. By leveraging MadfooatCom’s advanced payment systems, Basata aims to introduce more efficient, accessible, and scalable financial solutions, particularly for small and medium-sized enterprises (SMEs), which play a crucial role in the Jordanian economy. The partnership will focus on expanding mobile payment solutions, enhancing e-wallet services, and streamlining digital transactions, providing businesses and individuals with more seamless financial interactions.
Founded in 2009 through the merger of Masary and Bee, Basata has grown into one of Egypt’s most prominent fintech players, offering bill payment services, e-wallet integrations, and supply chain financial solutions. Meanwhile, MadfooatCom, established in 2011 by Nasser Saleh, has positioned itself as a key player in Jordan’s digital payments sector, providing a real-time electronic bill presentment and payment (EBPP) system that has transformed financial transactions in the country.
This latest investment underscores Basata’s confidence in Jordan’s fintech potential and its commitment to driving financial inclusion, efficiency, and innovation in the region’s digital economy.
