Nigeria’s commodities market player and first private sector commodities exchange, (AFEX) has expanded its operations to Kenya, following a successful pilot phase in the most diversified economy in East Africa.
As part of the expansion, AFEX Fair Trade Limited (AFTL) also launched a $1million loan programme that will allow farmers to gain access to seed and fertiliser for their crops, to mitigate the ever rising commodities prices.
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Under the loan programme, 5,000 Kenyan farmers will be able to take out input loans to access timely inputs and gradually scale their businesses.
The expansion will allow AFEX to replicate its success in Nigeria in securing better livelihoods for smallholder farmers and enable seamless access to pan-African commodities trading across the continent while bolstering the continent’s food security.
Chief Executive Officer at AFEX, Ayodeji Balogun said the Kenya expansion signals AFEX’s infrastructure commitment across the continent as it exports its business model to key strategic locations.
He disclosed that in addition to Kenya, AFEX plans to expand to Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, Uganda, and Zambia within the next 10 years.
The Managing Director, AFEX Fair Trade Limited (AFTL) Kenya, Tabitha Njuguna, said: “We want to dismantle one of the biggest barriers for farmers growing their business – access to finance. So far, we’re delighted to have enabled 70per cent of the 5,000 Kenyan farmers who approached AFEX for input loans and we are committed to empowering many more farmers over the next few months.”