The African Export-Import Bank (Afreximbank) has introduced a customer due diligence platform that will serve as a primary single source of data.
Known as the MANSA Repository, the platform will collect data on African corporates, including small- and medium-sized enterprises and financial institutions.
Reduced compliance costs
The soft launch of the MANSA Repository took place recently during a workshop organised by Afreximbank at its Cairo headquarters.
Participants in the workshop included representatives of African central banks, the African Development Bank, the Central Bank for African States, the Federal Reserve Bank of New York and independent compliance and legal experts.
“The platform will open the door for Africa to trade and will enhance trade finance as it will help reduce compliance costs,” said Afreximbank president Benedict Oramah.
The repository is named after Mansa Moussa, a king of Mali, who, during his pilgrimage to Mecca in 1324, travelled with thousands of tonnes of gold.
The full launch of the MANSA platform will take place during Afreximbank’s annual meetings in the Nigerian capital, Abuja, which begin on 11 July.
Categories: Trade Based Financial crimes News