Leading fintech company Basata Holding for Financial Payments S.A.E., which specializes in digital payments, has strengthened its position in Jordan by boosting its ownership of MadfoatCom, the top electronic payment provider in the nation, to 25%. Basata’s role in expanding digital financial inclusion in the region and improving Jordan’s digital payments infrastructure is further reinforced by this strategic acquisition. A group of important Jordanian financial institutions, including Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), worked together to execute the investment, demonstrating a shared dedication to developing the fintech sector and assisting Jordan’s digital transformation initiative.
Key stakeholders and the governor of the Central Bank of Jordan attended a meeting where the acquisition was formally announced. The Social Security Investment Fund (7%), Arab Bank, Housing Bank for Trade and Finance, Jordan Islamic Bank, and Jordan Kuwait Bank are among the new investors joining MadfoatCom in addition to Basata. With this deal, MadfoatCom’s position as a major participant in Jordan’s financial ecosystem is further cemented as the banking industry now owns more than 50% of the company overall.
In line with its long-term goal of extending digital financial services throughout the region, Basata has invested in MadfoatCom. Through the utilization of MadfoatCom’s extensive market knowledge and infrastructure, Basata hopes to launch cutting-edge payment solutions that improve financial inclusion, accessibility, and efficiency for both consumers and businesses. Expanding digital payment services, such as bill payment, money transfers, and online and mobile transactions, will also be a priority of the partnership. Furthermore, a strong focus will be on assisting small and medium-sized businesses (SMEs) by offering digital financial tools that promote growth and operational efficiency.
Commenting on the acquisition, Mr. Aladdin Saba, Chairman of Basata, stated, “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.’
For his part, Eng. Nasser Saleh, Executive Chairman and Founder of MadfoatCom, added: “This partnership marks a major milestone for Jordan’s fintech sector. The collaboration 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.”
Imara Asset Management and Anniston Capital Inc., both based in New York, served as Basata’s sole financial advisors and helped to structure and facilitate the deal. Legal advice was provided by Al Tamimi & Company in Jordan.
