The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org/)and the General Council for Islamic Banks and Financial Institutions (CIBAFI) signed a Grant Agreement to collaborate towards advancing Islamic finance and its role in sustainable economic development.

This strategic partnership focuses on evaluating the economic progress of five select member countries of the Organization of Islamic Cooperation (OIC) in specific areas critical to both Islamic finance and sustainable development.

The project will delve into the experiences and achievements of leading OIC countries in achieving sustainable economic growth. Key areas of exploration include climate change mitigation, women and youth empowerment initiatives, digitalization advancements, and fostering financial inclusion – all examined through the lens of Islamic financial institutions’ roles.

The project’s deliverables will be comprehensive reports offering valuable recommendations based on these leading countries’ experiences. These insights will serve as a roadmap for other OIC member countries as they strive to achieve sustainable economic growth and navigate global challenges.

Islamic finance, with its emphasis on ethical and sustainable practices, can help address pressing social, economic, and environmental issues faced by OIC member countries, ultimately promoting sustainable development that fosters shared prosperity.

By showcasing the pioneering efforts of select OIC member countries, the project aims to raise global awareness about the positive impact of Islamic finance in overcoming critical challenges and building resilient economies.

This collaboration underscores the commitment of IsDBI and CIBAFI to supporting the growth of Islamic finance and promoting the integration of sustainability and innovation within the industry.

The initiative aligns with global efforts to address pressing issues and pave the way for a more sustainable and prosperous future.

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

Media contact:
Habeeb Idris Pindiga
Associate Manager, Knowledge Horizons
Islamic Development Bank Institute (IsDBI)
Email: hpindiga@isdb.org

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About the Islamic Development Bank Institute: 
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org/

ZalaTech, a leading software company headquartered in Addis Ababa, Ethiopia, successfully participated as an exhibitor at GITEX Africa 2024 (https://GITEXAfrica.com), held in Marrakesh, Morocco. This premier technology event, known for bringing together industry giants and innovators from across the continent, provided the perfect platform for ZalaTech to showcase its cutting-edge software solutions to a global audience.

Empowering Businesses through Technology

From its inception in Addis Ababa, ZalaTech has focused on developing innovative software tools designed to empower businesses of all sizes to thrive in today’s dynamic market. The company’s commitment to understanding the unique needs of African businesses was evident throughout GITEX Africa.

ZalaTech’s Spotlight: A Trio of Powerful Solutions

The ZalaTech booth was a hub of activity throughout the event, attracting attendees eager to explore the company’s software offerings. The focus was on three key solutions:

Enterprise Resource Planning (ERP): ZalaTech’s ERP solution streamlines core business processes, providing businesses with a centralized platform for managing inventory, finances, human resources, and customer relationships.
E-Learning: ZalaTech’s E-Learning platform caters to the growing demand for flexible and accessible learning solutions. This comprehensive platform empowers organizations to create engaging online courses, manage learning content, and track learner progress.
E-commerce: Recognizing the surge in online shopping, ZalaTech showcased its user-friendly E-commerce platform. This solution allows businesses to build robust online stores, manage inventory, and facilitate secure online transactions.

Beyond the Showcase: Interaction and Partnership

ZalaTech’s participation at GITEX Africa wasn’t solely about showcasing products. The company’s team of passionate and experienced professionals were readily available to engage with attendees. This included:

Live Demonstrations: Attendees were treated to live demonstrations of ZalaTech’s software solutions, allowing them to gain a firsthand understanding of the features and benefits offered.
Expert Consultations: ZalaTech’s team provided valuable insights and consultations, helping attendees identify the software solutions that best address their specific business needs.
Partnership Opportunities: GITEX Africa served as a platform for forging new connections. ZalaTech actively explored partnership opportunities, demonstrating its commitment to collaborating with businesses and organizations across Africa.

Looking Ahead

ZalaTech is committed to continuous innovation and development, ensuring its software solutions remain at the forefront of technological advancement. The company plans to leverage the momentum gained at GITEX Africa to expand its reach and empower even more businesses across Africa with the tools they need to succeed in the digital age.

Distributed by APO Group on behalf of GITEX Africa.

Contact Information:
info@zalatechs.com
+251911645867
+251912974411

About ZalaTech:
ZalaTech is a software company headquartered in Addis Ababa, Ethiopia. The company specializes in developing innovative software solutions designed to streamline business processes, enhance learning experiences, and facilitate online commerce. ZalaTech is passionate about leveraging technology to empower African businesses and contribute to the continent’s economic growth.

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has announced the commencement of project development activities of its second African Quality Assurance Center (AQAC) in Ngor Okpala, Imo State, Nigeria, in collaboration with Bureau Veritas.

Project development activities were launched at an event held on 3rd June 2024 in Imo State and attended by His Excellency Senator Hope Odidika Uzodinma, Governor of Imo State, where the Bank showcased a prototype design for the project and introduced Bureau Veritas, a world leader in Testing, Inspection and Certification, as the technical partner to support the operations and management of the facility.

The AQAC Imo State will build on the successes achieved with the pilot AQAC project launched in Ogun State in 2022, by developing a conformity assessment center focused on food, agri products and other goods. The Imo State AQAC will help Nigeria and neighbouring countries boost their exports and gain access to global and regional markets.

Speaking at the event in Imo State, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank said: “The commencement of project development activities of the AQAC in Imo State marks a significant step forward in Afreximbank’s mission to enhance Nigeria and the continent’s export potential. By ensuring that “Made in Africa” goods and products meet international standards and technical regulations at export markets, we are not only boosting trade but also fostering economic growth across the continent in line with the Bank’s mandate.”

It is pertinent note that the AQACs are also expected to expand intra-regional trade under the African Continental Free Trade Agreement (AfCFTA) by ensuring products meet standards and regulations at export destinations within the continent. Mrs. Kanayo noted that for AQACs to achieve this objective, Afreximbank is collaborating with several stakeholders, including the African Organization for Standardization (ARSO) to harmonize standards in key sectors including textiles, apparel, leather and gastronomy. So far, the Bank and ARSO have harmonized over 500 standards in the automotive, medical, and pharmaceutical equipment sectors.

Afreximbank sees an urgent need to support member countries’ efforts to improve their conformity assessment infrastructure to comply with international standards and technical regulations in order to promote exports and facilitate intra- and extra-African trade. To improve the hard quality infrastructure, African countries will need to establish testing laboratories and conformity assessment centers to increase their capacity in offering testing, inspection, and certification services.

Through the African Quality Assurance Centers (AQACs) initiative, Afreximbank is mobilizing financial and technical resources, in collaboration with governments, the private sector, and development partners, to develop world class internationally accredited laboratories offering conformity assessment services, and advocate for African countries to adopt appropriate National Quality Infrastructure to meet international trade standards and improve market access for “Made-in-Africa” products.

Afreximbank launched the AQAC initiative in 2017, committing over US$100 million to promote the establishment of internationally accredited facilities across Africa that offer testing, inspection and certification services as well as training in conformity assessment. These accredited facilities will ensure that products made in Africa meet applicable international standards and technical regulations thereby boosting exports across member countries in fulfilment of the Bank’s mandate to finance and promote Intra and Extra African trade.

Distributed by APO Group on behalf of Afreximbank.

Media Contacts
Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com
Tel: +20 2 24564100 /1/2/3

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com

Sarafu, a leading B2B e-commerce and payments company, recently participated in GITEX AFRICA 2024 (https://GITEXAfrica.com), which took place from May 29-31 in Marrakech, Morocco. This premier technology event served as a platform for Sarafu to unveil its latest innovations in financial solutions and connect with industry leaders from around the globe.

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In addition to its successful showcase at GITEX AFRICA, Sarafu is proud to announce its acceptance into the second cohort of the Visa Fintech Accelerator program in Africa. This prestigious program aims to support and accelerate the growth of innovative fintech companies across the continent, providing Sarafu with invaluable resources and mentorship to further its mission of expanding digital commerce in East Africa.

GITEX AFRICA, known for bringing together the best in technology and innovation, provided an ideal venue for Sarafu to demonstrate its commitment to revolutionizing financial services in Africa. With a focus on inclusivity and accessibility, Sarafu’s products are designed to empower individuals and businesses across the continent, fostering economic growth and stability.

“We were thrilled to be part of GITEX AFRICA 2024 and are honored to join the Visa Fintech Accelerator program,” said Firas Ahmad, Group CEO of Sarafu. “These opportunities represent significant milestones for us, allowing us to showcase our cutting-edge financial solutions, engage with key stakeholders, and receive critical support from industry leaders like Visa. Our acceptance into the Visa Fintech Accelerator is, in part, a validation of our approach to building B2B marketplaces in Africa, an area where a number of other players have faced challenges of late.”

During the event, Sarafu presented its unique approach to digitalizing commerce including:

Integrated Payments and E-Commerce: In order to fully digitize the marketplace in Tanzania, Sarafu built both the commerce and payments engines together, a necessary step given fragmentation across the online and digital payments space in the country.

Industry Leading Data: Sarafu’s approach to digitizing the supply chain yields the most accurate and comprehensive data sets on Fast Moving Consumer Goods in the region.

Market Segmentation: Sarafu’s data allows it to effectively segment the market and create value for both manufacturers and retail shops, resulting in industry leading take rates.

Visitors to the Sarafu booth at GITEX AFRICA had the opportunity to learn about the company’s progress, interact with the team, and explore potential collaboration opportunities. Additionally, Sarafu participated in various discussions and networking sessions, contributing to conversations on the future of financial technology in Africa.

For more information about Sarafu’s participation in GITEX AFRICA 2024 and the Visa Fintech Accelerator program, please visit our website at www.Sarafu.com or contact our media relations team at media@sarafu.com.

Distributed by APO Group on behalf of GITEX Africa.

Contact Information:
Sarafu
Firas Ahmad, Group CEO and Co-Founder
Email: firas@azampay.com
Website: www.Sarafu.com

About Sarafu:
Sarafu is a pioneering B2B e-commerce and payments company based in Dar Es Salaam, Tanzania, dedicated to providing innovative financial solutions that promote financial inclusion and economic development across Africa. Our mission is to empower individuals and businesses by offering secure, reliable, and accessible marketplaces and financial services. Over the last 4 years It acquired 20,000+ small and medium sized retail traders in Dar es Salaam and achieved an annual gross revenue of $26 million in 2023 growing to US$ 30m in 2024 with a healthy unit economics. It plans to raise $10 million  as part of a Series A round to finance its growth stage and scale up digitisation of trade as it expands beyond Dar es Salam, and outside of Tanzania in the next 5 years.