The problem
Founder Nasser Saleh came home to Amman and spent hours in cash queues to pay utility bills — counters wouldn’t even take his credit card. With no shared digital rails, banks, billers, and customers each bore the cost of cash: wasted time, failed collections, and no path to cashless government and utility payments.
How it works
MadfooatCom built and operates eFAWATEERcom, the national electronic bill presentment and payment service. Billing entities — telecoms, utilities, ministries, customs, social security — present invoices once to the portal, and any individual or business pays through their own bank, mobile wallet, or agent. The platform acts as the intermediate bridge so the entire payment cycle runs digitally and securely.
Pain points
Cash-only queues for everyday bills, cards refused at counters, billers chasing collections across disconnected channels, and banks with no common infrastructure for bill settlement.
Business model
National-rails economics: MadfooatCom monetises the bill-presentment and payment volume clearing through eFAWATEERcom, and is extending into online and mobile payments, money transfers, and digital financial tools for SMEs.
Challenges
Domestic bill volume is largely captured, so growth depends on regional replication and new SME products; and with Jordan’s banking sector holding over half the company, product bets move at the pace of conservative shareholders.
Funding
- No public venture raises disclosed; early backing came from Oasis500, and the shareholder base is now dominated by banks and strategic investors.
- Equity: Egypt’s Basata Payments increased its stake to 25% alongside Jordan Kuwait Bank and the Social Security Investment Fund, leaving Jordan’s banking sector with over 50% collective ownership.
Latest — Feb 2025
In February 2025 Egypt-based Basata Payments raised its stake in MadfooatCom to 25% in a deal announced at the Central Bank of Jordan, with the partners targeting expanded online and mobile payments, money transfers, and SME financial tools across the region.