Basata Holding for Financial Payments, an Egypt-based fintech company specialising in digital payment solutions, has expanded its presence in Jordan by increasing its stake in MadfoatCom to 25 per cent.
The investment, made in collaboration with Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), was announced during a meeting at the Central Bank of Jordan. This strategic move is part of Basata’s vision to enhance digital financial services and promote financial inclusion across the region.
Why Basata invested in MadfoatCom
This investment aligns with Basata’s growth strategy of expanding its digital payment services in the Middle East and North Africa (MENA) region. By partnering with MadfoatCom, Jordan’s leading electronic payment provider, Basata aims to leverage its market expertise to introduce innovative payment solutions, improve accessibility, and support small and medium-sized enterprises (SMEs). The partnership will also focus on enhancing online and mobile transactions, money transfers, and bill payments, helping to drive Jordan’s digital transformation agenda.
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What this means for Jordan’s financial sector
With this transaction, the banking sector now holds over 50 per cent of MadfoatCom, solidifying its role in Jordan’s financial ecosystem. The investment demonstrates a strong commitment to advancing the country’s fintech infrastructure and supporting a more inclusive digital economy. This move also reflects Basata’s ambition to strengthen its position as a leading digital payments provider in the region.
Looking ahead: A digital future for Jordan
The partnership between Basata Holding and MadfoatCom is expected to bring financial innovation to Jordan, enhance the customer experience, and support economic growth. By expanding its digital financial services, Basata aims to make payments more convenient and secure, ultimately fostering a cashless society. This strategic move is about increasing market share and empowering businesses and consumers with cutting-edge financial tools.
With this investment, Basata is set to play a pivotal role in transforming the digital payments landscape in Jordan and beyond, paving the way for a more connected and financially inclusive future.