Basata Holding for Financial Payments S.A.E., a prominent fintech company specializing in digital payment solutions, has solidified its presence in Jordan by increasing its stake in MadfoatCom, the country’s leading electronic payment provider, to 25%. This strategic acquisition enhances Basata’s role in promoting digital financial inclusion throughout the region and improving the digital payments infrastructure in Jordan. The investment was made in collaboration with a consortium of key Jordanian financial institutions, including Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), highlighting a collective commitment to advancing the fintech ecosystem and supporting Jordan’s digital transformation agenda.
The acquisition was officially announced during a meeting held at the Central Bank of Jordan, which was attended by the Governor of the Central Bank and other key stakeholders. Alongside Basata, the new investors joining MadfoatCom include the Social Security Investment Fund (7%), Arab Bank, Housing Bank for Trade and Finance, Jordan Islamic Bank, and Jordan Kuwait Bank. With this transaction, the banking sector now collectively holds over 50% ownership in MadfoatCom, further reinforcing its significance in Jordan’s financial ecosystem.
Basata’s investment in MadfoatCom aligns with its long-term vision of expanding digital financial services across the region. By leveraging MadfoatCom’s extensive market expertise and established infrastructure, Basata aims to introduce innovative payment solutions that enhance accessibility, efficiency, and financial inclusion for both businesses and consumers. The partnership will focus on expanding digital payment services, including online and mobile transactions, money transfers, and bill payments. A significant emphasis will also be placed on supporting small and medium-sized enterprises (SMEs) by providing them with digital financial tools that promote operational efficiency and growth.
Commenting on the acquisition, Mr. Aladdin Saba, Chairman of Basata, remarked;
Our strategic stake in MadfoatCom, in partnership with Jordan’s most respected financial institutions, represents a pivotal step in our regional growth strategy. This collaboration will enable us to expand our network, introduce cutting-edge financial solutions, and create a more inclusive digital economy in Jordan and beyond.
Eng. Nasser Saleh, Executive Chairman and Founder of MadfoatCom, expressed his enthusiasm for the partnership, stating;
This collaboration marks a major milestone for Jordan’s fintech sector. The alliance between MadfoatCom, Basata, and our esteemed banking partners will drive financial innovation, expand service offerings, and strengthen our position as a leader in digital payments.
The transaction was structured and facilitated by Anniston Capital Inc., based in New York, and Imara Asset Management, which acted as exclusive financial advisors to Basata. Legal counsel for the transaction was provided by Al Tamimi & Company in Jordan. This acquisition not only signifies a significant investment in Jordan’s fintech landscape but also sets the stage for enhanced collaboration among financial institutions to foster a more robust digital economy.
