'Madfoo3atCom' the 8th Team to Qualify for this Year's MIT Semi-Finalist Round
Jordanian “Madfoo3atCom” has been selected as one of the semi-finalists teams for this year’s MIT Enterprise Forum Pan Arab Region Startup Competition for the Start-up Track
After 16 years of working in the technology and business industry Nasser Saleh had had enough and was ready to venture into the entrepreneurial world and start his own business. The father of four was taking one of the biggest risks in his life but something inside of him said that “it was time to make the move” he says.
With the rise of internet users and the increased use of smart phones in the Middle East the demand for online shopping is higher than ever however the region still lacks reliable online payment platforms. This inspired Nasser to establish “Madfoo3atCom” is a personal billing platform that provides a centralized electronic bill presentation and payment (EBPP) service. Launched to the Jordanian market as a first step, it connects banks with billers (mobile, electricity and water service providers, among others) to facilitate online real-time secure bill inquiry and payment services through banks’ existing electronic channels. Through its services Madfoo3atCom aims to encourage and maximize the usage of electronic payments by the local community and ease the burden of collecting bills and paying them for both customers and billers.
How it works
Madfoo3atcom acts as an electronic collection intermediary between billers and banks. Madfoo3atCom receives the billing information from the billers that have subscribed with the company and in return Madfoo3atCom will make the bills available to banks. Banks inform customers of the payment required and customers can pay through various banking channels. Once the transaction is made Madfoo3atCom informs the biller that the bill has been settled. Customers can pay all sorts of bills using Madfoo3atCom including their telecommunication (mobiles & land-line) bills, water, electricity, internet and education bills in addition to any other bill that users have to settle.
A competitive advantage
Madfoo3atCom helps customers, banks and billers save both time and money when using its services by offering the following:
Customers are not required to wait in Queues
Better time management
No cash handling
Customers receive an automated Notification of when their payment is made.
Transactions can be done anytime, anywhere
24/7 Online Debit Payment Services
Effective & Efficient Customer Service
Madfoo3atCom was established in Jordan in 2011 with the support of Oasis 500 and has won several prestigious awards. The company is now composed of three team member including the founder Nasser Saleh. “I applied to the competition because I wanted my business to expand to the MENA region and to gain exposure. Having a mentor is also an additional benefit which encouraged me to apply because I truly believe that a mentor can provide constant guidance and support, two things every entrepreneur needs” said Nasser. Madfoo3atCom will attend a two day workshop in Qatar in April 25 along with 49 other teams, where they will receive coaching, training and network with other entrepreneurs from the Arab region and meet the region’s major players in the entrepreneurial ecosystem.