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The Islamic Corporation for the Development of the Private Sector (ICD) Sign Four Letters of Intent and Strengthen the Ties with the Private Sector Actors in Uzbekistan

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The Islamic Corporation for the Development of the Private Sector (ICD) Sign Four Letters of Intent and Strengthen the Ties with the Private Sector Actors in Uzbekistan

The LOI came to support the commitment of IsDB Group to provide a framework for facilitating cooperation between the group entities and relevant Uzbek parties.

ICD signed four Letters of Intent (LOI) with Aloqabank, Microcreditbank, Trustbank, and Turonbank in Uzbekistan for a potential Line of Finance of USD 105 million in total; The projected Lines of Finance (LoF) will help the four banks to finance eligible private sector enterprises including SMEs in the Republic of Uzbekistan; The LOI came to support the commitment of IsDB Group to provide a framework for facilitating cooperation between the group entities and relevant Uzbek parties.

On the sidelines of the Samarkand Economic Forum held in Uzbekistan, the Islamic Corporation for the Development of the Private Sector (ICD), represented by Mr. Aamir Husain Khan, Director of the Global Markets Equity Department, signed four letters of intent to cooperate in respect to issue potential Lines of Finance to the following banks to finance eligible private sector enterprises, especially Small and Medium Enterprises (SMEs) in Uzbekistan:

  1. USD 30 million to Joint-Stock Commercial Bank “Microcreditbank”,
  2. USD 20 million to Private Joint Stock Bank “Trustbank”,
  3. USD 30 million to Joint-Stock Commercial “Aloqabank”,
  4. USD 25 million to Joint-Stock Commercial Bank “Turonbank”.

The projected line of financing facilities will be utilized by the above Banks to support the economic activities of private sector businesses in Uzbekistan, which have a crucial role to play in the country’s growth and development.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About ICD:
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies of its member countries, and encouraging cross-border investments.

ICD is Rated A2′ by Moody’s, ‘A-‘ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.

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FINTECH

Fincra Granted Payment System License in Tanzania

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Fincra Granted Payment System License in Tanzania

Fincra Receives Payment System Provider License from the Bank of Tanzania, Expands Regulatory Footprint in East Africa

Fincra, a leading pan-African payment infrastructure company, has received regulatory approval from the Bank of Tanzania through its 100% controlled local entity to operate as a licensed Payment System Provider, enabling it to deliver secure, scalable, and compliant payment services across Tanzania.

Fincra Granted Payment System License in Tanzania

Fincra Granted Payment System License in Tanzania

This approval, granted under the Payment Systems Licensing and Approval Regulations, 2015, authorises Fincra to provide payment services in Tanzania. The license represents a significant milestone in Fincra’s East African expansion strategy and underscores its commitment to working closely with regulators to build trusted financial infrastructure across the continent.

“We are thrilled to receive this license from the Bank of Tanzania. It reflects our long-standing commitment to regulatory integrity and positions us to deliver even more value to businesses in East Africa,” said Wole Ayodele, CEO at Fincra. “This is a key part of our mission to build the rails for an integrated Africa”

The license allows Fincra to offer its suite of payment products and services to businesses operating in Tanzania, including local collections, business payouts, and API-based infrastructure for real-time payments, all while maintaining full compliance with the regulatory framework set by the Bank.

Fincra’s entry into Tanzania is strategically aligned with the country’s growing digital economy and its push for financial inclusion. Businesses in sectors such as fintech, logistics, travel, retail, and remittance will now be able to leverage Fincra’s infrastructure to scale faster, move money more efficiently, and expand across borders.

This development follows Fincra’s earlier regulatory approval in South Africa as a Third Party Payments Provider (TPPP) and cements the company’s position as one of the few African fintechs actively building a multi-market regulatory foundation to support a truly pan-African financial ecosystem.

About Fincra
Fincra is building the trusted financial infrastructure for businesses in Africa to move money locally and globally. Through a suite of APIs and no-code solutions, Fincra enables secure collections, payouts, and settlements across borders, with full regulatory backing in every market it operates.

Create a Fincra account in 3 minutes here

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FINTECH

Fincra Secures South African TPPP License

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Fincra Secures South African TPPP License

Fincra, a leading provider of payment infrastructure for local and cross-border payments in Africa, is proud to announce receipt of another Third Party Payments Provider (TPPP) in South Africa. 

Under this license, Fincra is now authorised to process the following types of payments:

  • Credit Card
  • Debit Card
  • EFT (Electronic Funds Transfer) Credit
  • Real-Time Clearing (RTC)
  • Rapid Payments

The license reinforces Fincra’s ability to facilitate seamless, secure, and compliant financial transactions for businesses operating within and across South Africa. 

Fincra Secures South African TPPP License

Fincra Secures South African TPPP License

This development marks a pivotal advancement in Fincra’s mission to build the rails for an integrated Africa by creating the infrastructure to simplify how African businesses pay and get paid globally.

“Securing the TPPP license in South Africa is a significant step toward realising our mission to build the rails for an integrated Africa. It reinforces our commitment to building compliant, reliable infrastructure that powers cross-border trade at scale. We’re excited about the opportunities this opens  for businesses across the continent.”

— Ayowole Ayodele, CEO and Co-founder, Fincra. 

Fincra’s new capabilities enable businesses across Africa and beyond to integrate directly with South Africa’s core payment systems and banks, offering faster settlement, greater reliability, and compliance with the country’s stringent financial regulations. 

IFincra is now better positioned to support a broader range of merchants in industries such as e-commerce, logistics, B2B marketplaces, travel, and more.

 

“This license strengthens our ability to serve our merchants with faster, more secure, and locally compliant payment options in South Africa. It’s a game-changer for businesses looking to expand or operate in the region, and a strong signal of Fincra’s continued focus on enabling growth for our customers.”

— Emmanuel Babalola, CCGO, Fincra. 

For Fincra, this is not just a regulatory achievement, it’s a signal of what’s next for the African payments space. 

As Fincra expands across the continent, its growing regulatory footprint and partnerships with Tier-1 banks provide the foundation for scale and innovation. 

About Fincra
Fincra is a leading payment infrastructure provider enabling seamless cross-border transactions across Africa.

Fincra empowers businesses, fintechs, and financial institutions to collect payments globally and make payouts locally, all through one powerful API or platform. With Fincra, launching remittance products, automating payroll, and expanding into new African markets becomes effortless. Fincra is building the financial rails that power trade, innovation, and scale across the continent.

Create a free account in 3 minutes at fincra.com 

Connect with Fincra on LinkedIn , X(Twitter) Instagram, and Facebook

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BANKING

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”

 

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