Afreximbank & Ecobank Have Partnered to Boost African Trade
Ecobank Group and African Export-Import Bank (Afreximbank) have partnered to integrate Ecobank’s Single Market Trade Hub and Afreximbank’s MANSA Digital Repository Platform in an effort to streamline trade and compliance for African firms.
The partnership will allow African companies to take advantage of smooth shared services between the two platforms. For example, users of the Single Market Trade Hub can easily access MANSA’s extensive database for effective customer due diligence (CDD) and know-thy-customer (KYC) checks, and users of the MANSA platform can connect directly to the Single Market Trade Hub to investigate trade opportunities to grow their businesses throughout Africa.
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Ecobank Single Market Trade Hub is a platform that connects registered businesses across Africa, enabling them to benefit from opportunities in the unified market created by the African Continental Free Trade Agreement (AfCFTA). It provides insights about the agreement, enables importers and exporters to upload profiles, and facilitates online match-making for finding partners. Once a match is found, transactions can be concluded using Ecobank’s trade and payment solutions in 35 African markets.
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MANSA Digital Repository Platform, or MANSA, is a one-stop shop for all African entities’ due diligence needs. As a centralized digital archive, MANSA aims to remove information asymmetry while increasing intra-African and global trade.
It encourages and supports a culture of good governance among African SMEs and increases awareness for their firms. It also assists African entities in expanding, diversifying, and adding value to their export products on a local and worldwide scale. Entities who join MANSA are assigned an Africa Entity Identifier (AEI) code, which allows them to use various Afreximbank products and activities.
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MANSA is a digital solution at the Africa Trade Gateway (ATG) marketplace, providing a suite of platforms to support intra-African trade and the implementation of the AfCFTA. It enables African entities to accelerate their business activities by working with verified information on trusted counterparties, enhancing their performance.
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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 streamline cross-border trade and compliance in Africa further, fostering greater financial and economic integration on the continent.
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