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The Islamic Corporation for the Development of the Private Sector (ICD) Signs 13 Landmark Agreements to Promote Private Sector Growth in its Member Countries

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Islamic Corporation

The signing of these agreements underscores ICD’s unwavering commitment to fostering prosperity through strategic partnerships and promoting access to finance and financial inclusion in its member countries

BAKU, Azerbaijan , June 25, 2026/APO Group/ –The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), a member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of 13 significant financing and strategic cooperation agreements with various counterparts aimed at catalyzing economic development and bolstering private sector growth and initiatives across several member countries in diverse regions around the world. These agreements were signed during the 2026 Annual Meetings of the IsDB Group, held in Baku, Azerbaijan, under the theme “Regional Integration for Sustainable Prosperity”, which provided a platform for member countries to advance dialogue and cooperation on regional connectivity, resilience and inclusive growth. The signing of these agreements underscores ICD’s unwavering commitment to fostering prosperity through strategic partnerships and promoting access to finance and financial inclusion in its member countries.

 

In line with its mandate to support private sector growth in its member countries, the ICD and the Azerbaijan Business Development Fund (ABDF) signed a framework agreement to launch a managed Shariah-compliant line of financing program for SMEs during the opening ceremony of the IsDB Group 2026 Annual Meeting’s Private Sector Forum in Baku. Under this framework, the parties are to collaborate in deploying up to AZN 200 million within the next two years. The program introduces a local currency (AZN) financing channel by which, ICD, acting as ABDF’s agent, will blend ABDF’s AZN funds with ICD’s USD, EUR, and AZN resources to support SMEs and private sector growth in Azerbaijan. Through this initiative, the ICD, acting on its own behalf and on behalf of ABDF, will provide either single or multi-currency line of financing facilities to selected partner financial institutions in Azerbaijan for on-ward financing of eligible companies in the country. This arrangement is expected to help mitigate foreign exchange risk that has long hindered the growth of  Azerbaijani SMEs, especially those operating outside major cities in the country.

In a further attempt to explore bankable financing opportunities in Azerbaijan and facilitate the realization of its mandate of supporting private sector development in its member countries, the ICD also signed a Memorandum of Understanding (MoU) with the State Oil Company of the Azerbaijan Republic (SOCAR), establishing strategic cooperation between the two institutions to collaborate in financing  of infrastructure and energy projects in Azerbaijan and other member countries within existing public private partnership (PPP) frameworks. Under the Memorandum of Understanding, the parties will identify and evaluate financing opportunities for project companies established by SOCAR and its joint venture partners. Within this framework, ICD will provide financing solutions tailored to the specific requirements of the projects.

Further, the ICD signed a Mandate Letter with Azerconnect for a USD 20 Million financing facility for capex financing and an Expression of Intent Letter for a USD 15 Million Line of Financing Facility with Turan Bank for onward financing of SMEs and eligible companies in Azerbaijan.

In an effort to strengthen and deepen its operations in Nigeria, the ICD also signed a Mandate Letter with the Nigerian Export-Import Bank (NEXIM) for a USD 50 Million syndicated line of financing facility to be arranged by ICD to be used by NEXIM for financing eligible private sector entities in Nigeria.

In line with its mandate of promoting economic development in its member countries, the ICD also signed an Expression of Intent  Letter for a proposed EUR 50 million Line of Financing Facility with  Afriland Bank (Cameroon),  and a Final Term Sheet for Euro 20 Million line of finance facility with AFG Bank (Cameroon), each for the purpose of onward financing of SMEs and other eligible private sector companies in Cameroon. Under these facilities,  the ICD will be leading and supporting the arrangement and mobilization of resources and private capital to support the operations of these Cameroonian banks and thus contributing to fostering economic growth and prosperity in the country.

Consistent with its objective of having a diversified portfolio across its member countries, the ICD also signed a Murabaha Facility Agreement with Al Salam Bank of Bahrain (ASB) for a USD 50 million Line of Finance Facility for the purpose of  onward financing of eligible companies in Bahrain whose operations contribute or have the potential of contributing significantly to the  growth and development of SMEs and the private sector in general in Bahrain.

ICD has also signed a strategic Memorandum of Understanding  with DAMU Entrepreneurship Development Fund of Kazakhstan to establish framework for cooperation aimed at identifying and developing financing and guarantee opportunities for Lines of financing in Kazakhstan, with a focus on supporting SMEs and private‑sector entities.

To further its support to the growth of the private sector in Kazakhstan, the ICD also signed a strategic Memorandum of Understanding with KAZAGROFINANCE JSC of Kazakhstan (KAF) to establish a common ground for partnership between the parties and the Ministry of Agriculture of Kazakhstan to extend thematic agri-sector linked line of finance facilities  to KAF under the Ministry’s subsidy program to farmers in Kazakhstan.

Additionally, Leveraging on ICD’s recent and first successful credit enhancement transaction with the African Solidarity Fund (FSA) in Mauritania in partnership with Banque Mauritanienne de l’Investissement (BMI),  the ICD signed a strategic Expression of Intent Letter with FSA as a demonstration of their intent to upscale their partnership in the use of FSA’s guarantees as credit enhancement for ICD’s line of financing operations in selected common member countries of the Parties.

Finally, the ICD also signed a Strategic MOU with the Texel Group of UK to establish a platform of cooperation on credit portfolio enhancement through insurance. Through this MOU the parties are aiming to combine ICD’s origination and development financing capabilities with Texel Group’s structuring and placement expertise in the use of Non Payment Insurance to enhance risk management, optimize capital allocation, and mobilize additional financing into priority sectors, while enabling ICD to upscale its financing activities and efficiently manage portfolio concentration and credit exposure in its member countries.

All these signed agreements represent a major step forward in ICD’s efforts to promote sustainable economic growth and financial inclusion across its member countries. By strengthening partnerships with key financial institutions and development partners, ICD continues to play a vital role in supporting private sector growth and development in its member countries.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

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African SaaS Leader Becomes Seamless Technologies, Unveils Artificial Intelligence (AI) and Financial Solutions

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SaaS

The move reflects the company’s long-term commitment to building technology infrastructure that supports productivity, access, and enables prosperity for working Africans

LAGOS, Nigeria, July 15, 2026/APO Group/ –SeamlessHR (www.SeamlessHR.com), a leading African HR technology company, today announced its evolution into Seamless Technologies, a strategic transition driven by the company’s expansion into AI and financial services and its ambition to build a broader technology platform serving businesses and workers across Africa.

 

Having established itself as a market leader in HR technology, Seamless Technologies is extending its capabilities beyond workforce management to address one of the continent’s most significant challenges: access to financial services. Working with partners, the company is enabling businesses and their employees to access financial solutions directly within the flow of work, creating new opportunities for financial inclusion, operational efficiency, and business growth.

Under the new corporate structure, Seamless Technologies operates through three core verticals: SeamlessHR, its flagship workforce management platform; Breeze, an embedded financial service that gives businesses and workers access to Employee Self-Service, financial solutions including payroll financing, earned wage access, and lifestyle services; and SeamlessProcure, a procurement solution designed to streamline enterprise purchasing and vendor management.

As part of this evolution, Seamless Technologies is expanding its workforce technology portfolio with the launch of BWOP (Blue Collar Operations Platform), a solution built for organisations managing frontline and shift-based workforces. Together with SeamlessHR’s existing platform for office-based teams, BWOP enables the company to support the full spectrum of workforce operations, helping businesses digitise attendance, payroll, workforce records, communication, and employee self-service regardless of where work happens.

This evolution reflects a much bigger opportunity than HR technology alone

Supporting these products is Samira, the company’s artificial intelligence layer, designed to help organisations and employees automate tasks, access insights, and interact more intelligently with technology across the Seamless ecosystem.

Commenting on the transition, Dr Emmanuel Okeleji, CEO and Co-Founder of Seamless Technologies, said, “This evolution reflects a much bigger opportunity than HR technology alone. As we looked at the challenges facing businesses and workers across Africa, it became clear that access to finance sits at the centre of economic participation and productivity. Our expansion into financial services is a natural extension of our mission, and Seamless Technologies gives us the platform to solve these challenges at a much larger scale.”

Chief Technology Officer and Co-Founder Deji Lana added, “The future belongs to platforms that connect people, work, and financial services in a seamless way. Through financial solutions, artificial intelligence, and our growing suite of products, we are building infrastructure that helps businesses operate more efficiently and enables workers to access more opportunities.”

Irfan Keshavjee, Chairman of the Advisory Board, said, “The transition to Seamless Technologies reflects the company’s maturity and ambition. Having built a leading position in HR technology, the business is now entering a much larger addressable market with the capabilities to create long-term value across multiple sectors.”

The transition provides a unified corporate identity designed to support product expansion and international market entry, while enabling individual product brands to maintain clear positioning and operational focus.

The move reflects the company’s long-term commitment to building technology infrastructure that supports productivity, access, and enables prosperity for working Africans.

Distributed by APO Group on behalf of SeamlessHR.

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In Search of Unstoppable Africans, Global Africa Business Initiative (GABI) Invites Nominations from Across the Continent

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Nominations open July 15 – September 9, 2026

We encourage people across Africa and around the world to nominate the individuals whose work deserves to be seen and recognized

NEW YORK, United States of America, July 15, 2026/APO Group/ –The search is on for “Unstoppable Africans”. The Global Africa Business Initiative (GABI) (www.GABI.UNGlobalImpact.org) has opened nominations for a new community-led campaign to recognize and celebrate entrepreneurs, business leaders and changemakers whose ideas, leadership and actions are driving Africa’s economic transformation.

 

This global call to action leads into Unstoppable Africa 2026, GABI’s flagship event in New York from 20–21 September, co-convened by the United Nations and African Union and organized by the UN Global Compact.

Building on the momentum of the four previous Unstoppable Africa convenings, the campaign aims to recognize the business people whose work reflects the innovation, resilience and leadership driving Africa’s growth today.  An Unstoppable African is someone whose vision, courage, or actions are rewriting what is possible in their community, industry, country or continent. GABI is calling on people everywhere to propose business leaders who are driving meaningful change and influencing Africa’s present and future.

The campaign will spotlight changemakers across five areas: Energy, Digital Transformation, Trade, Creative Industries and Sports. The Energy category honours leaders driving Africa’s move to sustainable, reliable and affordable energy solutions. Digital Transformation celebrates those advancing Africa’s digital economy through technology, innovation and digital infrastructure. Trade recognises individuals creating economic opportunity, strengthening regional trade and helping African businesses grow. The Creative Industries celebrates those building sustainable businesses across film, music, fashion, art and design while strengthening Africa’s creative economy. Sports recognises athletes, investors, administrators and innovators using sports to create jobs, grow industries and unlock economic opportunity across the continent.

Through #UnstoppableAfricans, GABI is creating a global platform to amplify the people whose leadership and ideas are helping shape Africa’s future but whose stories are not always widely recognised.

UN Assistant Secretary-General Sanda Ojiambo, CEO and Executive Director of the UN Global Compact, highlighted the spirit of the initiative: “With 12 of the world’s 20 fastest-growing economies in Africa, the continent’s contribution to business, trade and investment continues to grow. Every day, African entrepreneurs, innovators and business leaders are shaping industries, driving markets and strengthening economies. Through the Unstoppable Africans campaign, we want to recognize these changemakers, celebrate their achievements and provide a global platform to share their stories. We encourage people across Africa and around the world to nominate the individuals whose work deserves to be seen and recognized.”

How to Nominate

  • Opening date: July 15, 2026
  • Closing date: September 9, 2026
  • Who can nominate: Anyone may nominate themselves or someone else whose ideas, leadership or work are driving business, investment, innovation or economic opportunity across one or more of the campaign’s five focus areas.
  • Complete the nomination form here: Nominate your Unstoppable African (https://apo-opa.co/4bM3CAj)

Following the close of nominations, GABI will identify five changemakers, one from each focus area, to be featured in the #UnstoppableAfricans storytelling series ahead of Unstoppable Africa 2026. Their stories will be shared with a global audience of business leaders, investors, policymakers and partners, showcasing the people helping shape Africa’s future. Under the theme: ‘Powering Business, Scaling Economies, Shaping the Future’, Unstoppable Africa, GABI’s flagship event, will take place at the Marriott Marquis in New York on Sunday and Monday September 20-21.

For a chance to attend the Unstoppable Africa 2026 event in person in September, please register here: https://events.unglobalcompact.org/unstoppableafrica26/rta (https://apo-opa.co/4gFdQ8Z).

Follow the latest developments at www.GABI.UNGlobalImpact.org and (136) Unstoppable Africa — YouTube (https://apo-opa.co/4wBAeF4)

Distributed by APO Group on behalf of Global Africa Business Initiative.

 

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Kora Highlights Africa’s Growing Role in Global Payments Conversations at iFX Expo International

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As demand for cross-border financial services continues to grow, Kora remains focused on helping global businesses access African markets through reliable, connected payment infrastructure that enables seamless money movement across the continent

LIMASSOL, Cyprus, July 15, 2026/APO Group/ –Africa’s growth potential was a recurring theme at iFX Expo International 2026, with brokers, payment service providers and fintech companies increasingly looking to the continent as a strategic expansion market. Businesses operating across multiple regions increasingly require solutions that can support local collections, cross-border payouts and settlements through a single platform.

This was a recurring theme at iFX Expo International 2026 in Cyprus, where brokers, payment service providers and fintech companies gathered to discuss the future of trading, payments and customer acquisition.

Africa remains a priority growth market

You can’t serve a growing market by making assumptions

Through conversations with industry players including B2Broker, Zotapay, Virtual Pay, Equals, Verify Africa, and Exness, Africa emerged as one of the most discussed growth markets. Participants highlighted the increasing demand for unified infrastructure that can simplify payment operations across multiple African countries.

Speaking during the panel session, “Who Will Power the Future of Global Payments’’ Kora’s Chief Financial Officer, Ayodeji Osisami highlighted why local expertise is essential to building payment infrastructure for Africa.“You can’t serve a growing market by making assumptions. You have to be on the ground, understand what customers actually need, and build infrastructure that reflects the realities of each market.”

His remarks reinforced the importance of combining local market knowledge with scalable infrastructure to help global businesses expand confidently across the continent.

Building the infrastructure behind growth

At the event, Kora shared how businesses can access Pay-ins, Payouts and settlement across multiple African markets through a single integration. These conversations reflected a growing need for payment infrastructure that can support expansion without adding operational complexity.

As demand for cross-border financial services continues to grow, Kora remains focused on helping global businesses access African markets through reliable, connected payment infrastructure that enables seamless money movement across the continent.

Distributed by APO Group on behalf of Kora.

 

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