The African Export-Import Bank (Afreximbank) yesterday launched Mansa – a pan-African customer information platform that will provide a single reliable source of data needed to conduct the necessary counterparty audits in Africa.
The Mansa platform is the centralized platform for benchmarking clients across the African continent. By providing complete information, it will put an end to the subjective assessment of customers and eliminate the idea, often unfair, that it is risky to do business with African companies. Mansa will also help to better understand the business climate in a country and will provide information on related services on the continent.
The platform derives its name from Mansa Musa, the powerful ruler of the West African empire of the 14th century, which has given more space to Africa in the world and developed trade in Africa by making from Timbuktu the business center. It is thought that he is the only one to have controlled the flow of gold between Africa and the Mediterranean countries.
Dr. Benedict Oramah, President of Afreximbank said, “Our new Mansa platform is a natural extension of Afreximbank’s mission to develop and diversify African commerce. Mansa will boost African trade by enabling effective customer audits while reducing operational burden and compliance costs. Sometimes a new service is beneficial to all parties and Mansa is the perfect example. ”
“Afreximbank led the creation of a customer information platform. This platform will enable African financial institutions and companies to meet the expectations of customers and business partners while ensuring regulatory compliance, “he said.
The objective of the platform is to increase the volume of trade within Africa and Africa by limiting compliance risks, by strengthening the links between banks and companies outside Africa wishing to do business. African banks and businesses, and promoting good governance, transparency and accountability, he added.
Kapital Afrik intends to deliver strategic financial information to executives and managers, through a daily newsletter and a website that covers all African finance.