Compliance Director of Afreximbank, Idrissa Diop, has emphasised the urgent need for African countries, including Nigeria, to strengthen their institutional frameworks through robust policies, an effective system and technological advancement.

According to him, strengthening institutional frameworks, implementing robust policies, enhancing systems and leveraging technology are essential steps for Africa to finally break free from the cycle of grey list listings.

Speaking on efforts to reshape global perceptions about governance and compliance in Africa, Diop highlighted that the continent must “prove them wrong” by building resilient structures that inspire confidence in local and international stakeholders.

According to him, Afreximbank is investing heavily in technology and capacity building across African banks and financial institutions.

“We are moving from country to country, identifying areas that need improvement. By creating strong systems and helping smaller institutions access resources, obtain registration certificates, and land secure funding, we are laying the foundation for stronger compliance across the continent,” he said.

Diop noted that Afreximbank has begun to take strategic decisions, including redirecting business from some countries that have yet to adopt proper compliance frameworks.

This, he explained, is part of a deliberate effort to demonstrate Africa’s collective ability to collaborate, reform and change the negative narratives surrounding its regulatory environment.

Afreximbank is also spearheading the creation of the African Compliance Association, a continental network designed to strengthen adherence to standards under the African Continental Free Trade Area (AfCFTA) framework. The association will provide technical advice and support to institutions to ensure compliance and transparency.

“We are coming out to support micro-initiatives through AfCFTA. This network will enable us to guide institutions to do things right and show that Africa is improving,” Diop added.

He stressed that African economies are layered with banks, corporates, casinos, and legal practitioners all operating under the regulatory ‘helmet’ of their respective national frameworks.

The key, he said, lies in ensuring that these overarching regulations effectively cover all critical sectors, particularly those prone to compliance risks.