Basata raises equity in Jordan's Madfoatcom to expand regional business
Basata increased its shareholding in MadfoatCom to 25% to accelerate digital financial inclusion across the region and enhance the digital payments infrastructure in Jordan.
The partnership will focus on scaling digital payment services, including online and mobile transactions, money transfers, and bill payments.
It will also back small and medium-sized enterprises (SMEs) by providing digital financial tools that drive operational efficiency and growth.
The transaction was implemented in collaboration with a consortium of key Jordanian financial institutions, including Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF).
Meanwhile, the banking sector collectively holds over 50% of the ownership in MadfoatCom, solidifying its role as a key player in Jordan's financial ecosystem.
Aladdin Saba, Chairman of Basata, stated: '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.'
Nasser Saleh, Executive Chairman and Founder of MadfoatCom, added: ' 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.'
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