Addis Ababa, April 13, 2025 (FMC) — The African Export-Import Bank’s (Afreximbank) Compliance Director Idrissa Diop emphasized the bank’s commitment to enhancing compliance frameworks across African financial institutions.
Diop pointed out that robust compliance systems are essential to foster credible and sustainable trade within Africa and beyond.
“We collaborate extensively with banks, helping them strengthen their compliance structures,” he said, adding this includes supporting the acquisition of systems and assisting in the development of sound policies.
As a correspondent bank, we require our partner institutions to maintain strong compliance frameworks, Diop stated.
The director underlined that inadequate compliance can damage banks’ credibility on the global stage.
“If you bring problems to our platform, you’re essentially introducing ‘pollution’ and that pollution reaches the international market. It’s ultimately a question of credibility,” he warned.
Moreover, he added that one of the key benefits of stronger compliance is its positive impact on trade capacity.
“By encouraging African banks to build strong compliance systems, we improve their ability to engage in global trade. This helps rebuild and strengthen relationships with correspondent banks,” the director stated.
Recalling their recent visit to Ethiopia, Diop indicated we hosted a workshop focused on compliance requirements and stated everywhere we went the message was the same—successful trade must be built on a foundation of sound compliance practices.
He warned that failing to prioritize compliance could undermine even the most well-intentioned initiatives.
“If you miss that window, you’re putting your entire platform at risk. Without proper safeguards, you’re opening the door to money laundering, corruption, and other risks,” he stressed.
However, he emphasized that when platforms are secure and sound, businesses are ready to trade confidently.
Diop underscored that for Afreximbank, compliance is not just a regulatory obligation; it’s a strategic priority for economic development.
With recent global developments, including changing tariffs and trade policies, we need a solid foundation for doing business among ourselves, he urged, adding a strong compliance framework enables robust economies.
At Afreximbank, “we believe that better compliance leads to better trade,” he told POA English.