Egypt-based fintech company Basata has acquired an additional stake in Jordan’s MadfoatCom, increasing its ownership to 25%. This move aims to bolster Basata’s role in accelerating digital financial inclusion across the region.
Founded in 2009, Basata (formerly known as Ebtikar) is an e-payment platform specializing in bill payments, mobile money, and supply chain solutions. MadfoatCom, established in 2011 by Nasser Saleh, is a Jordanian public shareholding company that offers an online, real-time bill presentment and payment system.
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.”
The investment was executed in collaboration with a consortium of key Jordanian financial institutions, including Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF). This underscores a collective commitment to advancing the fintech ecosystem and supporting Jordan’s digital transformation agenda.
In addition to Basata, new investors joining MadfoatCom include the Social Security Investment Fund, 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% of MadfoatCom, further solidifying its position as a key player in Jordan’s financial ecosystem.
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. Al Tamimi & Company in Jordan served as legal counsel.
Basata’s investment in MadfoatCom aligns with its long-term vision of expanding digital financial services across the region. Leveraging MadfoatCom’s deep market expertise and infrastructure, Basata aims to introduce innovative payment solutions that enhance accessibility, efficiency, and financial inclusion for both businesses and consumers.
The partnership will also focus on expanding digital payment services, including online and mobile transactions, money transfers, and bill payments. A key emphasis will be placed on supporting small and medium-sized enterprises (SMEs) by providing digital financial tools to drive operational efficiency and growth.
Eng. Nasser Saleh, Executive Chairman and Founder of MadfoatCom, remarked, “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.”
According to a FinDev Gateway article about financial inclusion in the MENA region, only 48% of adults in the MENA region have a financial account, which is 23 percentage points below the developing economy average. This raises concerns about the region’s ability to provide access to formal financial services and create financial resilience, especially for vulnerable populations. The likelihood of having an account decreases further among unemployed adults, with only 39% of those not active in the labor force having an account—the lowest percentage globally. Additionally, digital payments are not widely adopted in the region; only 40% of adults reported digital transactions in the past year, compared to the developing economy average of 57%.
With this strategic acquisition, Basata aims to strengthen its role in accelerating digital financial inclusion across the region and enhancing the digital payments infrastructure in Jordan.