These tactics are significantly easier to deploy in the weak regulatory and compliance environment in parts of sub-Saharan Africa. Afriland had U.S. dollar and euro clearing access through its correspondent relationship with the Paris branch of London-headquartered BMCE Bank International. Local and regional banks often rely on such global financial institutions to access western currencies. These correspondent banking relationships allow regional banks to conduct business internationally and provide global banks with a product line that expands their reach. The result could be a more sound international financial system overall.

Source: The North Africa Journal September 01, 2020 12:56 UTC