Women-owned mining businesses across Africa have been urged to strengthen their digital records, transparency and compliance systems to improve their access to finance, investment and international markets.
Executive Director, Women in Mining Africa, Comfort Asokoro-Ogaji, gave the advice during a webinar organised under the Mansa Awareness Initiative, a joint programme of Women in Mining Africa and the African Export-Import Bank (Afreximbank).
Asokoro-Ogaji said the growing volume of cross-border trade had made reliable and verifiable business information increasingly important for companies seeking to expand beyond their domestic markets.
According to her, possessing quality products and an established customer base was no longer enough to attract investors, financial institutions, suppliers and international buyers.
She explained that prospective business partners now required evidence of ownership, operational capacity, legitimacy, compliance and the ability to successfully execute transactions.
“Having a product is important. Having customers is important. But when the business person needs to come to an institution, an investor, a supplier or new buyers of your products, there are questions that are asked,” she said.
The Women in Mining Africa executive identified poor visibility, weak credibility and inadequate compliance documentation as some of the major obstacles confronting women-led businesses in the mining sector.
She stressed that businesses without verifiable information could struggle to gain the confidence of prospective partners and financiers.
“When potential partners cannot find information about you from a verifiable sector player, it is a problem,” she said.
Asokoro-Ogaji also highlighted mineral traceability as an increasingly important requirement for companies seeking to access international markets, particularly those involved in gold and other minerals.
She said international buyers were becoming more concerned about the origin of minerals and whether suppliers complied with environmental, social and governance standards.
She noted that women were active across several segments of the mining value chain, including extraction, processing, trading, supply, services and cooperatives.
However, she maintained that participation alone would not guarantee access to larger markets without proper documentation, transparent operations and verifiable business records.
Asokoro-Ogaji said the Mansa platform could help African businesses meet customer due diligence requirements by providing credible information about companies operating on the continent.
“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, Administration, AfCFTA Young Entrepreneurs Federation, Prof. Frederick Ndalamani Nonde, urged women and young entrepreneurs to prepare for increased competition and opportunities beyond their domestic markets.
Nonde said the African Continental Free Trade Area (AfCFTA) had opened opportunities for businesses to expand across borders, but credible corporate information remained essential for building relationships with buyers, investors and financial institutions.
He said businesses seeking to participate effectively in cross-border trade needed greater visibility, credibility and transparency.
“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 added that inadequate access to reliable information could make 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 the platform provides due diligence information on African entities, including financial institutions, corporations and small and medium-sized enterprises.
She said the platform captures critical information such as business registration details, ownership structures, board and management profiles, as well as corporate and financial data.
Nwankwo explained that access to reliable business information could enable African companies to identify credible suppliers, customers and potential partners while facilitating safer and more efficient cross-border transactions.
The webinar forms part of an initiative targeted at women in mining, young entrepreneurs and other businesses operating across the upstream, midstream and downstream segments of Africa’s mining value chain.