Afreximbank, Ecobank to Simplify Trade, Compliance for African businesses
African Export-Import Bank (afreximbank) and Ecobank Group have embarked on a collaboration aimed at simplifying trade and compliance for businesses in Africa by integrating Ecobank’s Single Market Trade Hub and Afreximbank’s MANSA Digital Repository Platform.
With the collaboration, African businesses will benefit from seamless shared services across the two platforms, with users of the Single Market Trade Hub able to easily leverage MANSA’s comprehensive database for efficient know-thy-customer (KYC) and customer due diligence (CDD) checks while MANSA platform users would, in turn, be able to directly connect to the Single Market Trade Hub to explore trade opportunities to expand their businesses across Africa.
The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA).
It serves as a one-stop repository for the AfCFTA by providing small and medium-scale enterprises (SMEs) and corporates with insights about the agreement while its online match-making feature enables importers and exporters to upload their profiles and showcase goods and services they offer, or wish to source, with the aim of finding partners within Africa. Once a match is found, connections are made via the platform and the transaction can be concluded leveraging on Ecobank’s trade and payment solutions in 35 African markets.
The MANSA Digital Repository Platform, or MANSA, is a one-stop-shop for due diligence matters on all African entities. As a centralised digital repository, MANSA seeks to eliminate information asymmetry and to increase intra-African trade and trade with the rest of the world.
It drives and promotes good governance culture among African SMEs and creates visibility for their businesses while also supporting African entities to expand, diversify and add value to their export products at both the local and international levels. Entities onboarded unto MANSA are allotted an Africa Entity Identifier (AEI) code which enables them to leverage other Afreximbank products and initiatives.
MANSA is also a key digital solution at the Africa Trade Gateway (ATG) marketplace which houses a suite of digital platforms designed as a single window to enable Afreximbank better deliver on its mandate, providing critical services to support and promote intra-African trade and the implementation of the AfCFTA. The platform enables African entities to accelerate their business activities at the ATG marketplace by working with verified information on trusted counterparties.
The new collaboration is, therefore, enabling Ecobank and Afreximbank to provide a central solution to the key challenge of KYC compliance and access to business across 35 countries in Africa. The improved interoperability is expected to further streamline cross-border trade and compliance in Africa, fostering greater financial and economic integration on the continent. #Afreximbank, Ecobank to Simplify Trade, Compliance for African businesses#
