At the African Export-Import Bank (Afreximbank) Compliance Forum (ACF) held in Kigali on Wednesday, November 12, policymakers, central bankers, and financial experts emphasized that artificial intelligence (AI) could revolutionize how African nations manage compliance, detect financial crimes, and facilitate smooth cross-border trade under the African Continental Free Trade Area (AfCFTA).
“For decades, compliance was seen as a burden — a necessary cost of doing business,” said Carine Umutoni, Managing Director of Ecobank Rwanda. “But today, it’s viewed as a growth enabler. Despite progress in building digital payment systems and trade platforms, intra-African trade still represents only 15% of the continent’s total trade volume, while Africa’s contribution to global trade remains below 5%. Fragmented regulations and inconsistent compliance regimes remain key obstacles. We have the infrastructure to move goods, but without harmonized compliance systems and digital tools, trade flows and payments remain constrained.”
Experts at the forum noted that AI-powered tools could significantly strengthen compliance by automating Know Your Customer (KYC) checks, detecting suspicious activities in real time, and reinforcing anti-money laundering (AML) and counter-terrorism financing (CTF) efforts across jurisdictions.
“Every new digital product comes with risks, but AI can help detect and manage those risks much faster,” said Edwin Harris, Director General of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). “Regulators must invest in both technology and training to stay ahead. Automation minimizes human error, speeds up verification, and improves transparency — all of which are vital to building trust in cross-border trade.”
Afreximbank is already leading innovation with platforms such as MANSA, a repository of verified African business information, and the Pan-African Payment and Settlement System (PAPSS), which enables instant cross-border payments in local currencies.
“AI can make these systems even smarter,” said Kudakwashe Matereke, Afreximbank’s Regional Director for Regional Operations (EAAF). “With machine learning, we can enhance KYC processes, detect fraud more effectively, and reduce settlement risks across the continent. Through PAPSS, a trader in Uganda can now pay a supplier in Rwanda in Ugandan shillings, while the supplier receives Rwandan francs — removing the dependency on U.S. dollars or euros. AI adds predictive capabilities by assessing currency volatility, optimizing settlements, and flagging anomalies instantly.”
From a policy perspective, the African Union (AU) stressed that harmonizing compliance and data protection frameworks is key to ensuring trust and predictability across African markets.
“Trade relies on three pillars: predictability, transparency, and trust,” said Patrick Ndzana Olomo, Head of Economic Policy and Sustainable Development at the AUC. “AI can strengthen all three by enabling data-driven compliance, shared digital records, and harmonized risk assessments.”
The AU is collaborating with Afreximbank and member states to ensure platforms like MANSA and PAPSS are interoperable and aligned with emerging data protection laws across Africa. Such efforts could help reduce the 20% higher cost of intra-African trade compared to trade with other regions, according to the World Trade Organization (WTO).
Currently, Africa loses an estimated $140 billion annually to corruption and $90 billion through illicit financial outflows. The AU projects that if these structural barriers are addressed, the continent’s total trade volume could soar from $3.4 trillion today to $15 trillion within the next two decades.
