EABC signs agreement with Afreximbank to roll out the African Customer Due Diligence Platform
The East African Business Council (EABC) has signed a Memorandum of Understanding (MOU) with Afrieximbank on rolling out the African Customer Due Diligence Platform (Mansa digital platform).
This partnership is set to boost East African companies and Small Medium Enterprises (SMEs) to take advantage of African Continental Free Trade Area (AfCFTA) through accessing a centralized source of due diligence information.
The MANSA digital platform provides a single primary source of Know-Your-Customer (KYC) data required to conduct customer due diligence checks on counterparties in Africa with a special focus on African Corporates, SMEs and financial institutions.
Speaking at the virtual launch ceremony of the Africa Customer Due Diligence Platform, Mr. John Bosco Kalisa said” the MANSA digital platform will enable African financial institutions and corporate entities to meet customer and business partners’ expectations while ensuring regulatory compliance.”
The MANSA platform also provides critical information for credit assessments geared to promote financial inclusion
Mr. Kalisa said that East Africa is the fastest economic bloc in African and accounts for approximately 16% of the continent’s GDP.
He further elaborated that the African Continental Free Trade Area will boost investment and consumer to USD 4 trillion, generate jobs, strengthen value chains, industrialization and SMEs expansion.
On her part, Ms. Maureen Mba, Head Mansa Business, Afreximbank said “Mansa digital platform is a game changer for intra-Africa trade.” She elaborated that intra-African trade is low appx. 17% in comparison with the European Union at 60%.
She emphasized that the Mansa platform enables SMEs to diversify and find new partners to scale up their industries aross the continent.
“The MANSA digital platform is set to facilitate smooth onboarding of customers and business relationships as well as ensure availability of due diligence information plus mitigate perceived risk of trading with African counterparties,” said Mr. Kalisa
Subscription to the MANSA platform is open to companies, partnerships, trusts and foundations among others.
The MANSA digital platform reduces risks to intra-African trade such as increased financial crime and high-cost acquisition of Customer Due Diligence. Through the East African Business Council companies can be subscribe to the MANSA digital platform free of charge, this is set to reposition the EAC bloc to tap into the African Continental Free Trade Area (AfCFTA) market of 1.3 billion consumers.