Afreximbank pushes for AI-driven compliance to boost African trade

The African Export-Import Bank (Afreximbank) is spearheading an initiative to enhance compliance in African trade by integrating artificial intelligence (AI) into financial and regulatory processes. This AI-driven approach aims to streamline compliance operations, reduce the risk of financial crime, and foster greater intra-African trade.
At a recent high-level Afreximbank Compliance Forum in Dakar, Senegal, Idrissa Diop, the bank’s Compliance Director, highlighted the transformative potential of AI in the compliance sector. Diop emphasized AI’s ability to swiftly analyze large data volumes and detect anomalies, revolutionizing how financial institutions across Africa adhere to regulatory standards. This would lead to more efficient and accurate reporting, ensuring financial systems’ safety while creating a smoother trading environment.
Afreximbank envisions that adopting AI will help African businesses better navigate complex regulatory frameworks, increase trade volumes, and improve economic integration. This initiative also aims to combat financial crimes like money laundering, which have been long-standing barriers to trade on the continent.
Diop emphasized the importance of customizing AI solutions to fit African markets rather than relying solely on foreign technologies. He called for a “tropicalized” approach, where AI systems are adapted to local regulatory environments and business practices. This is crucial to ensuring that AI solutions remain relevant and effective within Africa’s unique financial ecosystem.
The push for AI integration comes as some African nations, including Nigeria and South Africa, struggle to remove themselves from the Financial Action Task Force (FATF) grey list, which highlights countries with deficiencies in their anti-money laundering and counter-terrorism financing regimes. Diop acknowledged the complexity of exiting this list but stressed Afreximbank’s role in raising awareness and sharing best practices to improve compliance.
Afreximbank is also laying the groundwork for creating an African Compliance Association. This association will serve as a platform for knowledge-sharing among compliance professionals across the continent, enabling them to align regulatory requirements with business needs. By fostering a unified approach to compliance, Afreximbank hopes to accelerate the adoption of best practices across diverse African markets, contributing to the smoother implementation of the African Continental Free Trade Area (AfCFTA).