The African Export-Import Bank (Afreximbank) has
inaugurated a pan-African customer due deligence platform called “Mansa” to
provide a trusted source of primary data required for due deligence checks on
counterparts in Africa.
Dr Benedict Oramah, Afreximbank’s President said
this in a statement by the Media Head of the bank, Obi Emekekwue, on
Thursday in Abuja.
Oramah said:” Mansa will serve as the primary
repositor and a reliable source of customer due deligence information , with
respect to African corporates, 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 whilst educing 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 ensuring 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 relationship’s 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.
inaugurated a pan-African customer due deligence platform called “Mansa” to
provide a trusted source of primary data required for due deligence checks on
counterparts in Africa.
Dr Benedict Oramah, Afreximbank’s President said
this in a statement by the Media Head of the bank, Obi Emekekwue, on
Thursday in Abuja.
Oramah said:” Mansa will serve as the primary
repositor and a reliable source of customer due deligence information , with
respect to African corporates, 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 whilst educing 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 ensuring 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 relationship’s 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.
