Women-owned mining businesses across Africa have been urged to improve their digital records and business transparency to enhance their chances of securing finance, attracting investors and accessing international markets.
Executive director, Women in Mining Africa, Comfort Asokoro-Ogaji, gave the advice during a webinar organised under the Mansa Awareness Initiative, a collaboration between Women in Mining Africa and the African Export-Import Bank (Afreximbank).
Asokoro-Ogaji said the expansion of cross-border trade had made it increasingly important for businesses to provide verifiable information about their ownership, operations, legitimacy and compliance.
She said having quality products and customers was no longer sufficient for enterprises seeking to expand beyond their local markets, as investors, financial institutions, suppliers and international buyers increasingly demanded evidence of a company’s credibility and capacity to fulfil transactions.
“Having a product is important. Having customers is important. But when the business person needs to come to an institution, an investor, ao supplier or new buyers of your products, there are questions that are asked,” she said.
She identified poor visibility, credibility and compliance as major challenges facing women-led businesses in the mining sector.
“When potential partners cannot find information about you from a verifiable sector player, it is a problem,” she said.
Asokoro-Ogaji also identified mineral traceability as an emerging requirement for businesses seeking to sell into international markets, particularly those dealing in gold and other minerals.
She said international buyers were increasingly interested in knowing the origin of minerals and whether suppliers met environmental, social and governance standards.
According to a report in The Cabal, she pointed out that women participate in various segments of the mining value chain, including mining, mineral processing, trading, supply, services and cooperatives.
She, however, said participation alone would not guarantee access to larger markets without proper business documentation and verifiable records.
She said the Mansa platform could provide information needed to support customer due diligence on African businesses.
“Mansa is Africa’s due diligence data platform. Mansa provides Africa-focused information that can support due diligence on any African entity, including your enterprise,” she said.
Also speaking, Vice President for Administration, AfCFTA Young Entrepreneurs Federation, Prof. Frederick Ndalamani Nonde, said women and young entrepreneurs needed to prepare for competition beyond their domestic markets.
Nonde said AfCFTA offered opportunities for African businesses to expand across borders, but credible business information remained necessary for establishing relationships with buyers, investors and financial institutions.
“For an enterprise to move beyond its local market, to be able to establish credible business relationships, participate in cross-border trade or position itself for appropriate financial opportunities, it increasingly needs visibility, credibility and transparency,” he said.
He said the lack of reliable information often made it difficult for businesses to identify and assess potential partners in other African countries.
Presenting the Mansa platform, Business Development Associate, Anglophone West Africa Region, Mansa Digital Business, Ngoma Nwankwo, said it contains due diligence information on African entities, including financial institutions, corporations and small and medium-sized enterprises.
She said the platform captures information such as business registration, ownership structure, board and management details and other corporate and financial data.
Nwankwo said access to reliable information could help African businesses identify suppliers, customers and potential partners within the continent and facilitate cross-border transactions.
