Arab Finance: Basata Holding for Financial Payments and the Jordan Kuwait Bank have acquired a 27.1% stake in the Jordanian e-payment firm MadfoatCom, according to an emailed press release.

This followed a deal concluded by Basata and Jordan Kuwait Bank with a number of MadfoatCom’s shareholders to acquire a stake in MadfoatCom.

This acquisition is part of Basata's expansion plan to become a leading regional digital payment solutions provider.

The partnership offers Basata a promising opportunity to boost its footprint in the region, leveraging MadfoatCom’s extensive experience in the market.

“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,” Chairman of Basata Aladdin Saba commented.

“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,” Haethum Buttikhi, CEO of Jordan Kuwait Bank, said.

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