Our mission is to increase liquidity in commodities markets and provide local and global market participants with an efficient method for price discovery as well as the ability to carry out trades, without taking on counterparty risks.
We issue farmer-subscribers an electronic warehouse receipt for the produce they have stashed in AFEX warehouses. The electronic warehouse receipt is used as collateral by the farmers to access financing from financial institutions and is tradable on the Exchange. This also helps to stabilize prices of industrial raw materials all year round for processors and reduces food basket inflation in the country.
With a strategic partnership with the Nigeria Inter-bank Settlement System, AFEX seeks to provide a platform for millions of small holder farmers to be included in the financial sector. With access to offline BVN devices, we are able to register farmers and profile them on the NIBSS platform. This access provides an avenue to layer a host of other financial services which provide access to loans, reduced transaction cost and a other benefits to the farmers.
Through our work, farmers and commodity merchants can trade seamlessly and access financial markets. Our inclusive approach not only develops a commodity exchange, it also supports ancillary infrastructure critical to the development of agriculture at large.
Our warehouses and silos serve as strategically located storage and aggregation points for farmers, hence securing year-round supply to livestock farms, processors and even neighbouring countries and the broader export market.