Africa (Commonwealth) _ Four ISO standards have been granted to the Pan-African due diligence platform, the Africa Export-Import Bank (Afreximbank), for the efficient execution of its Information Management Systems (IMS). Afreximbank, being one of commonwealth strategic partners, developed the pan-African customer due diligence platform known as MANSA Digital Initiative with the goal of advancing and bolstering commerce inside and outside of Africa, with a particular emphasis on value-added exports from the continent.
The ISO/IEC 27001:2022 Information Security Management Systems (ISMS), ISO 22301:2019 Business Continuity Management Systems (BCMS), ISO/IEC 20000–1:2018 Service Management System (SMS), and ISO 27701:2023 Privacy Information Management (PIMS) are the four certifications that acknowledge the effective implementation of Integrated Management Systems. Out of the four elite categories, MANSA Digital Initiative is the first to receive the PIMS accreditation.
Following complete compliance with all requirements pertaining to the International Standard for the Management of Information Security, ISO Business Continuity, Privacy Information Management System, and Service Management, the ISO body certified MANSA Digital Initiative. This acknowledgment is due to MANSA Digital’s creation of a core repository platform, which acts as a single point of contact for crucial information required for clients’ due diligence on corporations, financial institutions, SMEs, other African entities. Prof. Benedict O. Oramah, President of Afreximbank and Chairman of the Board of Directors, stated.
The majority of international financial institutions withdrew from our correspondent banking relationships because of inadequate data about African entities and the high cost of compliance. The MANSA Digital Initiative is the solution to some of the challenges impeding trade growth in Africa. By meeting these requirements, MANSA has created a solid base and positioned itself as the “go-to” resource for client due diligence among African companies operating on the continent.
The African Continental Free commercial Area (AfCFTA) and the MANSA Digital Initiative are collaborating to improve intra-African and international commercial ties, the President stated. Among other things, the alliance wants to remove information asymmetry, address the de-risking of African financial institutions, and refute false beliefs about doing business in Africa.
It is expected that MANSA would gain more notoriety throughout Africa and beyond with the launch of the Africa Trade Gateway (ATG) by Afreximbank, which acts as a marketplace for the Bank’s digital business, which includes MANSA.
With an effort to reduce the perceived risk of conducting business with and with Africans, financial institutions, corporations, and SMEs can use the pan-African consumer due diligence repository, MANSA Digital Initiative, which was established in 2020. Its main goal is to encourage, grow, and support commerce inside and outside of Africa, with an emphasis on value-added exports from the continent.
The mission of the Pan-African multilateral African Export-Import Bank (Afreximbank) is to fund and advance commerce both inside and outside of Africa. Over the course of three decades, the Bank has employed inventive frameworks to provide financial solutions that facilitate the alteration of Africa’s trade structure. These solutions have accelerated industrialization and intra-regional commerce, therefore augmenting the continent’s economic growth.
Strong advocates of the African Continental Free Trade Agreement (AfCFTA), Afreximbank introduced the Pan-African Payment and Settlement System (PAPSS), which serves as the payment and settlement framework for the AfCFTA’s implementation. The African Union (AU) approved PAPSS. In order to help nations engage in the AfCFTA efficiently, the Bank is establishing a US$10 billion Adjustment Fund in collaboration with the AU and the AfCFTA Secretariat.
By the end of September 2023, Afreximbank had about US$33.4 billion in total assets and guarantees, including US$5.8 billion in shareholder capital. From 2016 to 2023, the Bank disbursed around US$104 billion. Moody’s (Baa1), Fitch (BBB), Japan Credit Rating Agency (A-), and GCR (international scale) (A) have all granted investment grade ratings to Afreximbank.
Afreximbank has developed into a group company that consists of the Bank, AfrexInsure, its insurance management subsidiary, and the Fund for Export Development Africa (FEDA), which is its impact fund subsidiary (collectively, “the Group”). The Bank’s main office is in Egypt’s Cairo.
When an organization functioning as a single entity with a perfect framework with shared goals with all of its systems and procedures are integrated into an integrated management system (IMS) and that system is very much essential for the leading Afreximbank.
