CLIENT
The African Export Import Bank (Afreximbank)
INDUSTRY
Banking & Financial
Leading African Trade into the New Millennium with CDD Platform
How Sumerge Helped Afreximbank Streamline and Enhance African Trade
With the goal of becoming the trade finance bank for Africa, Afreximbank aimed to build MANSA, Africa Customer Due Diligence platform that expedited the compliance process while providing a resource of information for foreign investors. Sumerge partnered with Afreximbank to make it happen.
CAPABILITIES
Customer Due Diligence;
Enterprise Content Management;
Business Process Automation;
Business Analytics
Challenges of Customer Due Diligence
The existing customer due diligence process was a painful one for several reasons.
- High compliance cost due to extensive manual research
- Long, unstructured, ungoverned and tedious compliance procedures
- Absence of compliant know-your-customer (KYC) profiles that resulted in lost opportunities for small African businesses
- Lack of trade information about African countries in which investors would want to do business
About MANSA
Sumerge built MANSA, Africa Customer Due Diligence Platform, which totally transformed the customer due diligence process while significantly enhancing African trade procedures.
- Benefits of the platform include:
- Reduction of compliance costs.
- Stronger fraud prevention from verified KYC profiles.
- Encouragement of investments in Africa from European, American and Asian institutions.
- Ability to fight money laundering and terrorism financing by monitoring trade transactions.
- Further development of inter-trade among African entities.
Solution Benefits
- Reduction of compliance costs.
- Stronger fraud prevention from verified KYC profiles.
- Encouragement of investments in Africa from European, American and Asian institutions.
- Ability to fight money laundering and terrorism financing by monitoring trade transactions.
- Further development of inter-trade among African entities.
Key Results of Customer Due Diligence Platform
Our Customer’s Feedback
The platform is also part of the bank’s initiatives to promote trade and cooperation among African countries by exchanging information and data on companies and institutions, their financial capacity, credit status and other information, in cooperation with central banks across African countries.”
Benedict Oramah, Afreximbank President (Source: Ahram Online)
