News
Afreximbank Launches MANSA, Africa’s Digital Due Diligence Repository
African Export-Import Bank (Afreximbank) has officially launched the operations of ‘MANSA’, a pan-African customer due diligence repository for financial institutions, corporate entities and SMEs, developed to address the perceived risk of doing business in Africa and with Africans.
MANSA is a single source of the primary data required for Customer Due Diligence (CDD) and Know Your Customer (KYC) checks on African entities, including financial institutions, corporates and SMEs, in accordance with best practices.
The platform will also serve to address key trade related challenges facing the continent, including, the lack of market information, the high cost of doing business in Africa and discovering African counterparties.
The launch of MANSA operations was announced at a virtual event hosted by Afreximbank that featured a panel discussion involving President of Afreximbank, Prof. Benedict Oramah; Group CEO of Ecobank, Mr. Ade Ayeyemi; Financial Sector Development Department at the African Development Bank, Stefan Nalletamby; Governor’s Advisor, African Affairs, Central Bank of Egypt, Dr. Naglaa Nozahie, and President, Manufacturers Association of Nigeria, Engr. Mansur Ahmed.
Speaking during the event, Oramah was quoted in a statement to have said: “Globally, regulators are toughening their stance as well as the severity of their sanctions for breaches of customer due diligence compliance regulations instituted to prevent various financial crimes and related activities.
“This has dramatically increased the cost and complexity of satisfying Customer Due Diligence and Know Your Customer requirements. We have created MANSA as the solution to the negative impact on Africa, such as de-risking, the withdrawal of correspondent banking relationships and cuts in trade finance and investment financial flows to Africa.
“In a fragmented continent of 55 countries that hardly traded among themselves since they became colonies, MANSA offers an opportunity to begin bringing down the borders and support the realization of the goals of the African Continental Free Trade Agreement (AfCFTA).”
The platform was named after Mansa Musa, the Emperor of the Malian Empire in the 1300s, who was responsible for opening up trade across Africa and believed to be the only person ever to control the flow of gold between Africa and the Mediterranean.
In this initial phase of implementation, MANSA is now open to African businesses to onboard their corporate profiles to the Repository. Following an onboarding and validation process in keeping with the Platform’s compliance requirements, African entities will have their profiles listed and made available to users of the Repository.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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