Afreximbank introduces “mansa repository” customer due diligence platform

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    Harare – The African Export-Import Bank (Afreximbank) has introduced MANSA Repository, a customer due diligence platform that will serve as a primary single source of data collection centre on African corporates, including SMEs and financial institutions, and of investment information in Africa.

    In a press release on the continental Bank’s website, the soft launch of MANSA Repository took place during a workshop organised by the Bank at its Cairo headquarters on 28 May 2018, with the attendance of the MANSA Advisory Steering Committee comprising representatives of African central banks, the African Development Bank, the Central Bank for African States, the Federal Reserve Bank of New York and independent compliance and legal experts.

    According to Afreximbank, the workshop which showcased MANSA’s functions and capabilities, was also an opportunity to unveil the identifier name, “MANSA”, which calls to mind images of Africa’s strength and wealth.

    Addressing the workshop, Afreximbank President Dr. Benedict Oramah said that the name, MANSA, was chosen in honour of Mansa Moussa, a great African king of Mali, who, during his pilgrimage to Mecca in 1324, travelled with thousands of tonnes of gold.

    History has it that he gave out so much of the gold as gifts to dignitaries in Europe that he had to borrow to return home to Mali in 1325.

    “The platform will open the door for Africa to trade and will enhance trade finance as it will help reduce compliance cost,” remarked the President.

    The full launch of the MANSA platform will take place during the Afreximbank Annual Meetings in Abuja from 9 to 14 July, which will also mark the Bank’s 25th anniversary.

    Meanwhile, reports from the State owned daily the Herald revealed that Reserve Bank of Zimbabwe (RBZ) is negotiating a $500 million funding package with the continental Bank as the central Bank strengthen its efforts to end currency shortages obtaining in the country.

    Speaking to the Herald, RBZ Governor Dr John Mangudya said they are finalising loans commitment with Afreximbank who promised to give them $500 million.

    He also said RBZ is also working on other facilities and the PTA Bank is assisting.

    Cash shortages in Zimbabwe have been a problem for over a decade and have persisted even after the new administration led by President Emmerson Mnangagwa.

    Analysts are of the view that the situation has in fact worsened as the cash-back facility that used to plug the gap has disappeared. Last year, the Reserve Bank of Zimbabwe prescribed a $20 maximum cash-back payout per person.

    Government on its part says lack of trust and confidence in banks is one of the reasons the public are not banking their money, further worsening the prevailing cash shortages.

    Afreximbank has been Zimbabwe’s biggest benefactor since the turn of the century, at a time when most global lenders had stopped extending fresh lines of credit to the southern African nation, either at the behest of Western countries that were livid over the country’s land redistribution programme or over defaulting on earlier loans.

    Equity Axis Newsdesk

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