Basata Holding for Financial Payments S.A.E., a leading fintech company specializing in digital payments, has increased its stake in MadfoatCom, Jordan’s leading electronic payment provider, to 25%. This strategic acquisition further strengthens Basata’s role in advancing digital financial inclusion and enhancing Jordan’s digital payments infrastructure. The investment, executed in collaboration with key Jordanian financial institutions, including Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), reinforces a shared commitment to advancing the fintech ecosystem and supporting Jordan’s digital transformation.
The acquisition was formally announced during a meeting at the Central Bank of Jordan, attended by the Governor of the Central Bank and key stakeholders. In addition to Basata’s increased stake, new investors such as SSIF (7%), Arab Bank, Housing Bank for Trade and Finance, Jordan Islamic Bank, and Jordan Kuwait Bank are now involved. With this transaction, the banking sector now holds over 50% of MadfoatCom, further solidifying its position as a pivotal player in Jordan’s financial ecosystem.
This acquisition aligns with Basata’s long-term vision of expanding digital financial services across the region. By leveraging MadfoatCom’s established market presence and infrastructure, Basata plans to introduce innovative payment solutions that improve accessibility, efficiency, and financial inclusion for businesses and consumers alike. The partnership will focus on expanding 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) by providing digital financial tools to improve operational efficiency and foster growth.
Chairman of Basata, Mr. Aladdin Saba, commented, “Our strategic stake in MadfoatCom, in partnership with Jordan’s leading financial institutions, is a key step in our regional growth strategy. This collaboration will expand our network, introduce innovative financial solutions, and contribute to creating a more inclusive digital economy in Jordan and beyond.”
Eng. Nasser Saleh, Executive Chairman and Founder of MadfoatCom, added, “This partnership marks a significant 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 leadership in digital payments.”
The transaction was facilitated by New York-based Anniston Capital Inc. and Imara Asset Management, which served as exclusive financial advisors to Basata. Al Tamimi & Company in Jordan acted as legal counsel.
