Addis Ababa: The African Export-Import Bank’s (Afreximbank) Compliance Director Idrissa Diop emphasized the bank’s commitment to enhancing compliance frameworks across African financial institutions. In an exclusive interview with ENA, Diop pointed out that robust compliance systems are essential to foster credible and sustainable trade within Africa and beyond.

According to Ethiopian News Agency, Diop stated that Afreximbank collaborates extensively with banks, assisting them in strengthening their compliance structures. This includes supporting the acquisition of systems and aiding in the development of sound policies. As a correspondent bank, Afreximbank requires its partner institutions to maintain strong compliance frameworks, as inadequate compliance can damage banks’ credibility on the global stage.

Diop warned that introducing problems to Afreximbank’s platform is akin to introducing ‘pollution’ that reaches the international market, ultimately questioning credibility. He noted the positive impact s
tronger compliance has on trade capacity, as it improves the ability of African banks to engage in global trade, thereby strengthening relationships with correspondent banks.

Recalling a recent visit to Ethiopia, Diop mentioned a workshop focused on compliance requirements. He emphasized that successful trade must be built on a foundation of sound compliance practices, warning that failing to prioritize compliance could undermine even the most well-intentioned initiatives. Without proper safeguards, there is a risk of money laundering, corruption, and other issues.

Diop stressed that when platforms are secure and sound, businesses are ready to trade confidently. For Afreximbank, compliance is not just a regulatory obligation but a strategic priority for economic development. He urged that with recent global developments, including changing tariffs and trade policies, a solid foundation for intra-African business is essential. A strong compliance framework enables robust economies, with Afreximbank believing
that better compliance leads to better trade.