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Afreximbank Creates a Platform to Enhance Customer Due Diligence Process in Africa

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Our member Afreximbank has taken the lead in creating a platform for Customer Due Diligence (CDD)/Know Your Customer (KYC) issues, with a special emphasis on African financial institutions and corporates. The platform referred to as Mansa will provide a single source of primary data required for performing customer due diligence checks on counterparties in Africa. 
 
The objective of the platform is to facilitate smooth onboarding of customer and business relationship formation, and to reduce operational workload and cost of compliance. Especially, they aim to enable African financial institutions and corporate entities meet customer and business expectations while ensuring regulatory compliance, consistency and effectiveness of the compliance processes. With the platform in place, they will be able to ensure availability of due diligence information that will help eliminate subjective evaluation of customers and mitigate perceived risk of trading with African counterparts.  
 
Subscription to the Mansa will be open to a wide range of entities, including limited liability companies, partnerships, trusts and foundations, regulated entities and listed entities. Afreximbank will leverage on partnerships with Central Banks, Regulatory Bodies and Financial Intelligence Units to ensure the success of the repository.  
 
Follow the link to read more about the Mansa platform>
 
 
AfreximBank is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade. It was established in October 1993 and is owned by African governments, the African Development Bank and other African multilateral financial institutions as well as African and non-African public and private investors. The Bank deploys innovative structures to deliver financing solutions that are supporting the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby sustaining economic expansion in Africa. Afreximbank is headquartered in Cairo, Egypt.