MadfoatCom attracts new shareholders

AMMAN — The Jordanian electronic payments company "MadfoatCom" announced on Saturday during a meeting at the Central Bank of Jordan (CBJ), attended by the CBJ governor and the company’s shareholders, that it has completed the onboarding of new strategic investors.

The new investors include Basata Holding from Egypt (acquiring a 25 per cent stake), the Social Security Investment Fund (7 per cent), the Arab Bank, the Housing Bank for Trade and Finance, the Jordan Islamic Bank, and Jordan Kuwait Bank. 

These banks join the existing shareholder banks, Capital Bank of Jordan, Bank al Etihad, and Cairo Amman Bank, bringing the total banking sector ownership in the company to over 50 per cent.

Founded in 2011, MadfoatCom continues to operate and manage the eFAWATEERcom system under the supervision of the CBJ. 

The system, launched in the summer of 2014, connects banks operating in Jordan with billing entities through a single secure platform. 

It enables citizens to view their monthly bills from various service providers, check their amounts, and make electronic payments through multiple channels, including ATMs, online banking, and mobile payment applications provided by the company, banks, and electronic payment service providers.

Basata Holding is one of the largest electronic payment service providers in Egypt. The company offers a range of digital payment solutions and services through various payment channels and a nationwide network of point-of-sale terminals. 

Its offerings include bill payments, money transfers, collections, and mobile and e-wallet payments, as well as tailored collection solutions for merchants and customers.

MadfoatCom emphasised the significance of this investment in strengthening cooperation between the Jordanian and Egyptian markets, as well as in expanding its business operations. 

The company is particularly focused on growing in its existing markets and exploring new opportunities abroad, aligning with the strategic vision of its shareholders. 

The vision highlights the importance of digital payments and electronic transactions, which are poised for substantial growth and adoption in Jordan and beyond.

The onboarding of new shareholders was successfully facilitated with the support of New York-based Anniston Capital, Inc., Imara Asset Management, Al Tamimi & Co. Law Firm, and International Business Legal Associates, in collaboration with MadfoatCom’s internal team.