EABC – AFREXIMBANK-PSFU join forces to open African market
The launch of MANSA digital platform in Uganda
Monday, 18th October 2021: The East African Business Council (EABC) and the Private Sector Foundation Uganda (PSFU) and Afreximbank are set to launch the MANSA digital platform this Wednesday at Kampala Serena Hotel.
Speaking at the press conference during his courtesy visit to PSFU, Mr. John Bosco Kalisa, said “EABC and PSFU have partnered to enhance the level of preparedness for business in Uganda in order to ably access and expand to the regional and continental markets as a recovery strategy to build the economy back better amid the COVID-19 pandemic.”
Mr. Kalisa said capacity building and information sharing via the MANSA digital platform will enable companies and SMEs to easily access due diligence checks on their counterparts and trade confidently in the 1.2 billion continental market. He stated that Uganda’s export earnings from coffee boosted, supporting economic resilience. He elaborated that access to new markets for Uganda’s surplus production is vital for recovery and growth.
On his part, Mr. Francis Kisirinya, Ag. Executive Director of PSFU said “Registering into the Mansa platform is free of charge, this reduces the cost of doing due diligence in Uganda currently estimated at UGX.5 million. He stated that the MANSA digital platform is set to build trust and cut the transaction costs of trading under the African Continental Free Trade Area (AfCFTA).
Mr. Kisirinya said PSFU in collaboration with EABC is committed to fast-track vaccination of 4.8 million people by December 2021, boost investments in health and trade buoyant sectors, elimination of NTBs and expansion to new markets as a recovery tactic.
Mr. Fahadi Sensuwa, Head of MANSA Digital Initiatives said the Mansa Platform will attract more trade finance to Africa and support the transformation of SMEs growth into large enterprises.
He stated that the high cost of compliance and risk perception impacts access to finance for SMEs who form the backbone of our economies.
Mr. Kalisa said, applauded the EAC Heads of States for ratifying the AfCFTA and elaborated that EAC bloc will start trading once the 90% tariff offer threshold is attained. “it is time for businesses to drive the African Continental Free Trade Area,” said Mr. Kalisa.
The MANSA digital platform provides a single primary source of Know-Your-Customer (KYC) data required to conduct customer diligence checks on counterparties in Africa with a special focus on African Corporates, SMEs and financial institutions.”
For more information visit: https://www.mansaafrica.com
