The African Export-Import Bank (Afreximbank) has launched a pan-African customer due diligence (CDD) repository platform for financial institutions, corporate entities and SMEs to tackle information gap and business risk in Africa.
The platform ‘MANSA’ was named after the renowned Emperor of the Malian Empire in the 1300s, Mansa Musa, in recognition of his remarkable contributions to the African economy.
In the press statement by the multilateral pan-African financial institution released at the launch of the operations, MANSA operations is targeted at resolving challenges relating to the lack of market information and resolving “the perceived risk of doing business in Africa and with African.”
Speaking at the virtual event organised by Afreximbank to mark the launch of the operations, the President of Afreximbank, Prof. Benedict Oramah stated the essence of the operations:
“Globally, regulators are toughening their stance as well as the severity of their sanctions for breaches of customer due diligence compliance regulations instituted to prevent various financial crimes and related activities.”
“This has dramatically increased the cost and complexity of satisfying Customer Due Diligence and Know Your Customer requirements. We have created MANSA as the solution to the negative impact on Africa, such as de-risking, the withdrawal of correspondent banking relationships and cuts in trade finance and investment financial flows to Africa.”
MANSA is now at an initial phase of implementation and open to Corporate organisations to upload their profiles.
Present at the virtual event held in Cairo include, Prof. Benedict Oramah, President of Afreximbank; Mr. Ade Ayeyemi, Group CEO of Ecobank; Stefan Nalletamby, Director – Financial Sector Development Department at the African Development Bank; Dr. Naglaa Nozahie, Governor’s Advisor, African Affairs, Central Bank of Egypt and Engr. Mansur Ahmed, President, Manufacturers Association of Nigeria, and several corporate firms.