Gabriel Edgal
The CEO of Oakwood Green Africa, Gabriel Edgal, has emphasised the impact of Afreximbank’s MANSA and Pan-Africa Payment and Settlement Systems (PAPSS) digital platforms on the country’s economic development and participation in intra-African trade.
According to the CEO, the MANSA platform, which serves as a single source of primary data for customer Due Diligence (CDD) and Know Your Customer (KYC), checks on African entities including financial institutions and SMEs.
He added that by leveraging on MANSA, businesses onboard the platform can conveniently trade with their African customers, suppliers, and partners without the need for additional due diligence.
He therefore stated that the MANSA streamlined process will provide a significant boost to businesses and greatly contribute to the economy by eliminating long-standing bottlenecks that have hindered intra-Africa trade.
The CEO also stated that PAPSS would allow businesses within the country to easily trade with their counterparts anywhere within the African continent without converting their local currencies to the dollar.
“If payments are being made in local currency, it means demand for foreign currency will reduce, and once the demand for the dollar reduces, it means exchange rates will drop and the African currencies will strengthen. It means importation of our inputs will now be cheaper, it means imported inflation will not be possible, as the local currencies will be more resilient due to increased demand as a result of local currency trading. Imagine the effect on our economies,” he stated.
Mr. Edgal spoke at the launch of the Africa Trade Gateway as part of Afreximbank’s Annual Meetings 2023 (AAM2023) held at the Accra International Conference Centre.
The event showcased the significance of the Africa trade digital platforms in driving Ghana’s economic development. Speakers at the event highlighted the opportunities the platforms bring to intra-Africa trade.
By Abigail Atinuke Seyram Adeyemi