By : JD
Jordan Daily – MadfooatCom, the Jordan-based electronic payment company, announced the addition of new strategic investors during a meeting held at the Central Bank of Jordan on Monday.
The meeting, attended by the Governor of the Central Bank of Jordan and the company’s shareholders, confirmed the completion of the investment deal, the company said in a statement seen by Jordan Daily.
The new investors include Egypt’s Basata Holding, which acquired a 25% stake, and the Social Security Investment Fund, which secured 7%. Additionally, Arab Bank, Housing Bank for Trade and Finance, Jordan Islamic Bank, and Jordan Kuwait Bank joined the consortium of banks already investing in MadfooatCom. The company’s existing shareholders include Capital Bank of Jordan, Bank al Etihad, and Cairo Amman Bank, with the total bank ownership exceeding 50%.
Founded in 2011, MadfooatCom operates and manages the “eFAWATEERCOM” system under the supervision of the Central Bank of Jordan. Launched in 2014, the platform connects local banks with billing entities in a single, secure system, allowing citizens to view and pay their bills electronically via ATMs, online banking, and mobile payment apps provided by the company, banks, and electronic payment firms.
Basata Holding, one of Egypt’s largest electronic payment service providers, offers a wide range of digital payment solutions through various payment channels and an extensive network of points of sale across Egypt. Their services include bill payments, money transfers, mobile payments, and e-wallet services, alongside solutions for merchants and customers.
MadfooatCom emphasized the importance of the deal in strengthening cooperation between the Jordanian and Egyptian markets. The company also highlighted its ambition to expand its operations within Jordan and beyond, aligning with the vision of its shareholders, who are focused on the growing trend of digital payments and the promising future of the sector in both regional and global markets.
