By: Basel Khaled

Basata Holding for Financial Payments S.A.E., a leading e- payment services company in Egypt, and Jordan Kuwait Bank have announced the successful acquisition of a 27.1% stake in MadfoatCom, one of Jordan's leading electronic payment companies. This strategic move is part of Basata's ambitious expansion plan to become a leading regional digital payment solutions provider.

Basata and Jordan Kuwait Bank have successfully concluded a deal with several of MadfoatCom’s shareholders to acquire a stake in Amman-based MadfoatCom following joint efforts. This acquisition underscores Basata's commitment to expanding its expertise and innovative digital payment solutions into new markets. The partnership offers a promising opportunity to enhance Basata's footprint in the region, leveraging MadfoatCom’s extensive experience in the market.

Commenting on the deal, Mr. Aladdin Saba, Chairman of Basata, stated, "Basata's entry into the Jordanian electronic payments market through the acquisition of a strategic stake in MadfoatCom, in collaboration with Jordan Kuwait Bank, marks the beginning of our ambitious regional expansion plan. Our goal is to establish Basata as the leading electronic payment platform in the region." He added, "We are excited to collaborate with our new trusted partners to deliver innovative payment solutions, expand our customer network, and advance financial inclusion in the region."

For his part, Mr. Haethum Buttikhi, CEO of Jordan Kuwait Bank, expressed his eagerness for the deal, stating, "We are proud to partner with Basata, and we believe this strategic alliance will enhance regional cooperation between Jordan and Egypt and expand the horizons of the electronic payments sector in Jordan." He continued, "We are confident that this collaboration will add significant value to the Jordanian market and strengthen the bank's position as a key player in driving digital transformation in the region."

Eng. Nasser Saleh, Chairman and Founder of MadfoatCom, added, "The successful collaboration between Basata, JKB, and MadfoatCom will bring value and positively impact business volume in the Jordanian market, leveraging the strong alignment between our companies' strategies." He added, "We look forward to achieving further growth and success through this partnership as well as providing  a diverse range of payment solutions that meet the needs and ambitions of our customers."

This new partnership aims to offer flexible payment solutions that cater to a wide range of societal needs, including online and mobile payments, money transfers, bill payments, and other E-financial services. Additionally, emphasis will be dedicated to supporting SMEs in adopting digital solutions. Through this partnership, the involved parties hope to contribute to economic growth in Jordan and drive the region's digital payments sector forward.

The New York based Anniston Capital Inc. and Imara Asset Management originated this transaction and acted as exclusive financial advisors to Basata while Al Tamimi & Company in Jordan acted as legal counsellors.