The African Export-Import Bank (Afreximbank), has inaugurated a pan-African customer due diligence platform known as “Mansa” to provide a trusted source of primary data required for due diligence checks on counterparts in Africa.
Dr Benedict Oramah, Afreximbank’s President said this in a statement issued by the Head of Media of the bank, Obi Emekekwue on Thursday in Abuja.
Oramah said: “Mansa will serve as the primary repository and a reliable source of customer due diligence information, with respect to African corporate financial institutions, parastatals and related entities.
“The goal of Mansa platform is to facilitate access to information necessary for conducting Know Your Customer (KYC), Anti-Money Laundering and Counter Terrorism evaluations.
“It will thereby reduce compliance costs with respect to African trade and project finance transactions.’’
According to Oramah, the platform is an extension of Afreximbank’s mission to expand, develop and diversify African trade.
He said the platform would enhance African trade by enabling the efficient on-boarding of customers while reducing operational workloads and cost of compliance by counterparts.
“This new digital service is a win-win for all participants, contributors, subscribers, national and international partners advocating good governance.
“Afreximbank has taken the lead with support of the African Development Bank, African Central Banks and other national and international strategic partners to inaugurate Mansa.
“It will enable Africa financial institutions and corporate entities to meet customer and business partners expectations at the same time, as well as ensure consistent and effective regulatory compliance.
“The ultimate aim of the platform is to increase trade in and with Africa.
“This will be done by de-risking compliance and strengthening relationships between international banks and global trading entities with their African counterparts, by promoting good governance, transparency and accountability.’’
The platform is named after Mansa Musa, the powerful ruler of the West African Malian Empire in the 1300s.
He was responsible for placing Africa on the world map and opening up trade across Africa.
He is believed to be the only person ever to control the flow of gold between Africa and the Mediterranean.