EAC SMES TO REAP FORTUNES FROM DIGITAL PLATFORM

September 13, 2021 Daily News 0 Comments

THE East African Business Council (EABC) has joined forces with Afrieximbank in rolling out the African Customer Due Diligence Platform. Such a partnership is set to boost East African companies and Small Medium Enterprises (SMEs) to take advantage of African Continental Free Trade Area (AfCFTA) through accessing a centralised source of due diligence information.
Also known as the Mansa digital, the platform will provide a single primary source of Know-Your-Customer (KYC) data required to conduct customer due diligence checks on counterparties in Africa with a special focus on African Corporates, SMEs and financial institutions. Speaking at the virtual launch ceremony of the Africa Customer Due Diligence Platform last week, EABC Chief Executive Officer John Bosco Kalisa was upbeat that the platform would enable African financial institutions and corporate entities to meet customer and business partners’ expectations while
ensuring regulatory compliance. “The platform will provide critical information for credit assessments geared to promote financial inclusion,” he said. According to Mr Kalisa, the EAC region was the fastest economic bloc on the continent, accounting approximately 16 per cent of Africa’s Gross Domestic Product. Mr Kalisa was further optimistic that the African Continental Free Trade Area (AfCFTA) will boost investment and consumer to 4 trillion US dollars, generate jobs, strengthen value chains, industrialisation and SMEs expansion.  Read More.

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