Latest news with #BasataHoldingforFinancialPayments
Zawya
10-04-2025
- Business
- Zawya
Basata joins forces with Connect Money to reinforce Egypt's digital payment sector
Cairo – Leading fintech company Basata Holding for Financial Payments has partnered with Connect Money to launch 'Basata Card', according to a press release. The partnership aims to provide flexible and secure financial solutions for both merchants and individual consumers, in addition to boosting the efficiency of financial transactions and fostering the transition to a cashless digital society. The launch aligns with Basata's strategy to expand its portfolio of digital financial solutions and add new features to its services in the coming period. Meanwhile, the company plans to focus on enhancing the user financial experience and bolstering the digital payments ecosystem in Egypt. Through the new card, users will be able to withdraw cash from any ATM across Egypt and to conduct purchases online or in-store with ease and security. It also allows instant money transfers between cardholders, facilitating seamless and rapid financial transactions. For maximum security, users can immediately deactivate their cards in case of loss or theft, safeguarding their funds against unauthorized use. Karim Shehata, CEO of Basata Holding for Financial Payments, stated: 'By offering innovative solutions that empower both merchants and consumers, we remain committed to developing a more integrated and user-friendly payments ecosystem one that accelerates digital transformation and enhances transaction efficiency across the Egyptian market.' 'Basata Card stands as one of the key tools in realizing this vision. We also reaffirm our commitment to promoting financial inclusion through practical solutions that stimulate economic growth, support business sustainability, and strengthen our role as a trusted partner in the advancement of the digital payments landscape,' Shehata added. Consumers can obtain a Basata Card at any of Basata's branches across Egypt. The company offers more than 2,000 financial services through its network of over 150,000 active points of sale and digital wallets. Source: Mubasher
Zawya
26-02-2025
- Business
- Zawya
Basata raises equity in Jordan's Madfoatcom to expand regional business
Cairo: Egypt-based fintech Basata Holding for Financial Payments has reinforced its position in Jordan by acquiring an additional stake in MadfoatCom, according to a press release. 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.'
Zawya
25-02-2025
- Business
- Zawya
Egypt's Basata raises stake in MadfoatCom to 25% in partnership with Jordanian banks
Egypt - Basata Holding for Financial Payments has strengthened its presence in Jordan by increasing its stake in MadfoatCom, the country's leading electronic payment provider, to 25%, as per an emailed press release. The investment was made in collaboration with key Jordanian financial institutions, including Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), reinforcing efforts to enhance digital payments infrastructure and financial inclusion in the region. With this transaction, the banking sector now holds over 50% of MadfoatCom, further cementing its role in Jordan's financial ecosystem. Basata's investment aligns with its strategy to expand digital financial services across the region. By leveraging MadfoatCom's market expertise, the company aims to introduce innovative payment solutions, enhance accessibility, and support small and medium-sized enterprises (SMEs) with digital financial tools. The partnership will also focus on expanding digital payment services, including online and mobile transactions, money transfers, and bill payments. The transaction was structured and facilitated by New York-based Anniston Capital Inc. and Imara Asset Management, which acted as exclusive financial advisors to Basata. Al Tamimi & Company in Jordan served as legal counsel.
