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How my degree helped me to become one of Jordan’s FinTech pioneers
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How my degree helped me to become one of Jordan’s FinTech pioneers
Chloe Lane
Updated Apr 19, 2023Save
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Sponsored by the University of Jordan
“The best start-up is the one that solves a problem” said Nasser Saleh, University of Jordan graduate and founder of MadfooatCom. “You need to address [the problem] and transform it into an opportunity.”
That’s exactly what Saleh did when he founded MadfooatCom, Jordan’s first electronic bill and payment service in 2011.
TopUniversities spoke to Saleh about how he came to start MadfooatCom and how his degree from the University of Jordan helped him with this.
Gaining knowledge and experience
Saleh graduated from the University of Jordan in 1995 with a BSc in Electrical Engineering. The University of Jordan’s School of Engineering is committed to excellence and the development of innovation in engineering, applied sciences and technology.
After graduating, Saleh started a job as a programmer, working in the technology sector of banks and consulting firms outside of Jordan. Working in these firms gave him the experience and inspiration he needed to create his start-up.
While working in these firms outside of Jordan, Saleh noticed that most of his payments were paid electronically. However, he returned to Jordan in 2008 and found that the payments there were made in cash. This seemed to Saleh like a gap in the market, and sparked the idea for MadfooatCom.
Turning an idea into a business
When Saleh noticed this problem, he was determined to find a solution. This problem-solving thinking was instilled in him while studying at the University of Jordan’s School of Engineering.
He said: “The School of Engineering teaches students how to think and find solutions for problems and challenges. This is the thinking I applied when I found a problem with cash payments in Jordan. It helped me think of the solution to introduce e-Payments.”
To make his idea a reality, in 2011 Saleh joined Oasis 500, an incubator that creates opportunities for entrepreneurs to access funding, network with industry specialists and build their own companies.
Now that he had an investment partner, he was able to start Madfooat in Amman, Jordan. Madfooat makes it possible for people in the MENA region to view and pay their bills electronically, with ease, comfort and speed.
The University of Jordan was one of the first Middle Eastern universities to adopt this new technology, prompting other universities to follow suit.
Since Madfooat was established, it has become an acclaimed leader in financial services technology, and it’s now Jordan’s national ePayments platform. The company’s famous eFawateerCom product has so far processed more than 133 million payments valued at more than US$63 billion.
Saleh’s hope for the future of Madfooat? “My goal is to see MadfooatCom as a regional Fintech player,” he said.
Support for entrepreneurs
Today, the University of Jordan encourages entrepreneurs like Nasser Saleh. The University of Jordan Innovation and Entrepreneurship Center (UJIEC) aims to promote and foster innovation and entrepreneurship culture, education, training and practice.
The UJIEC offers an array of services to support budding entrepreneurs, which include:
There are also opportunities for students to network and gain access to mentors. Through its strategic partnerships and growing network, UJIEC helps entrepreneurs access potential investors across different sectors. The University of Jordan’s entrepreneurial students and alumni will get access to national and international competitions, exhibitions and events.
“I’m happy the university is supporting entrepreneurs with its internal programmes,” said Saleh.
Testimonials
As Content Editor for TopUniversities.com and TopMBA.com, Chloe creates and publishes a wide range of articles for universities and business schools across the world. Chloe has a Bachelor’s degree in Economics from the University of Reading and grew up in Leicestershire, UK.
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