Basata Payments, a leading Egyptian digital payment company, has announced an increase in its stake in Jordanian-based MadfooatCom to 25%.
The aim is for Basata to strengthen its presence in the Jordanian market and expand its operations in digital payments across the region.
This strategic move aligns with Basata’s commitment to advancing financial technology (FinTech), promoting financial inclusion, and supporting digital payment infrastructure in Jordan.
The deal was executed in collaboration with key Jordanian financial institutions, including the Arab Bank, Jordan Kuwait Bank, Jordan Islamic Bank, Housing Bank for Trade and Finance, and the Social Security Investment Fund (SSIF), acquiring a 7% stake in MadfooatCom.
Following this investment, Jordanian banks now collectively own more than 50% of MadfooatCom’s shares, further solidifying their role in accelerating digital financial services within the Kingdom.
This investment aligns with Basata’s long-term strategy to expand its financial services across the Middle East. Through MadfooatCom, Basata aims to:
- Enhance transaction efficiency and simplify financial operations.
- Expand financial inclusion for individuals and businesses.
- Introduce advanced digital payment solutions, including mobile payments, fund transfers, and bill payments.
- Empower small and medium-sized enterprises (SMEs) by providing financial tools that improve operational efficiency and foster growth.
Basata was established in 2009 following the merger of Masary and Bee, positioning itself as a leading digital payment platform in Egypt, specializing in bill payments, e-wallets, and supply chain financial solutions.
On the other hand, MadfooatCom, founded in 2011 by Nasser Saleh, is a Jordan-based financial technology company offering instant online bill payment and settlement services.
This strategic partnership strengthens collaboration between FinTech companies and major banking institutions in Jordan, fostering greater innovation and digital payment adoption across the region.
