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.

About Basata

Basata is a high-growth fintech platform at the forefront of a changing market looking for new ways for people to manage and move their money in person and online.

Basata is an e-payment platform specialized in bill payments, mobile money, and supply chain solutions with a presence across Egypt through its large PoS network of 150,000 points of sales reaching a mass market through SME merchants and kiosks and availing more than 3,500 services via its partners to offer bill payments and collection.

Basata’s strong partnerships helped build and cement its position as a leading payment service provider thanks to a strong network of top-up distributors and a strong technological arm.

Basata continuously improves its business model by increasing its network, improving its services and product offerings, and maximizing its operational efficiency.

Established in 2018, Basata (formerly known as “Ebtikar”) is backed by shareholders and investors from leading companies in the Egyptian market, including Vodafone Egypt, the largest mobile money wallet provider, allowing both entities to focus on creating innovative products that capture part of the Egyptian unbanked population, through a new and unique brand. In a short time, it has become a pioneer in delivering smart payment solutions and services.

About Jordan Kuwait Bank

Jordan Kuwait Bank is one of the largest and most prominent banks in the Hashemite Kingdom of Jordan. Established as a public shareholding company in 1976, it offers individuals and businesses a range of banking and investment services. The Bank operates a network of over 60 branches throughout Jordan and a branch in Cyprus, holding a 53% stake in the Bank of Baghdad in Iraq. The main shareholder is Kuwait Projects Company Holding (KIPCO), which owns 51% of the Bank's capital through Al Rawabi United Holding Company. Other significant shareholders include the Social Security Corporation, with 21%, and Odyssey Reinsurance Company, a Fairfax Canadian Holding Company subsidiary, with 5.85%.

The Bank is a pioneer in integrating modern technology into its banking services and products in Jordan. It utilizes advanced electronic and technological delivery methods to provide high-quality, personalized service. This approach aligns with its mission to deliver comprehensive

banking experiences through innovative and agile solutions. The Bank is also recognized for its leadership in social responsibility, sustainability, and green financing in Jordan.

About MadfoatCom

MadfoatCom is at the forefront of fintech, transforming digital financial services as the leading payment company in Jordan. Established in 2011, the company provides cutting-edge solutions accessible to businesses, governments, and individuals worldwide. Driven by a vision to revolutionize digital payments, MadfoatCom has gained recognition for its real-time payment processing solutions.

Under the supervision of the Central Bank of Jordan (CBJ), MadfoatCom's flagship Electronic Bill presentation & Payment (EBPP) service, eFAWATEERcom, has become a cornerstone of the company's success, further solidifying its position as a trusted leader in the payment industry.

MadfoatCom has become a cornerstone in Jordan's transition to a cashless economy, thanks to its online portal that connects all banks in Jordan with billers and offers over 1,100 services. With a robust adoption and distribution network through banks and payment service providers, as well as the support of the Jordanian government for services such as customs, fines, and tax payments, MadfoatCom has played a pivotal role in this transformation. The company's success is also a testament to the guidance and support of the Central Bank of Jordan (CBJ), whose efforts have been instrumental in driving the shift toward a more digital and cashless economy.