AFEX to broaden into 7 new African nations to create regional markets

AFEX, Africa’s commodities market participant  which secured first place within the Monetary Occasions (FT) rating of Africa’s Quickest-Rising Corporations in 2023 has introduced plans to broaden into 7 new African nations.

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The transfer comes after the corporate  appeared on the inaugural listing final yr.AFEX has now doubled in income and expanded operations into East Africa, having financed over 450,000 farmers and traded 526,850 metric tonnes of commodities in Nigeria, Kenya and Uganda. Final yr, AFEX ranked third on the general FT Africa listing whereas rising because the fastest-growing in Nigeria and first in Africa’s Agriculture & Commodities class.

The MD AFEX Honest Commerce Restricted Kenya, Tabitha Njuguna, stated, “Being recognised because the quickest rising African firm quickly after our growth into Kenya and Uganda is a incredible increase as we proceed to solidify our staff and impression farmers within the East African market. AFEX Honest Commerce Restricted goals to impression 100,000 farmers in Kenya and 20,000 farmers in Uganda, while driving over 200,000 metric tonnes of commodities traded by 2025 to help East Africa’s meals safety and promote a good trade of worth amongst gamers within the agricultural worth chain.”

Presently working over 200 warehouses in Nigeria, Kenya, and Uganda and serving over 450,000 farmers, AFEX plans to broaden to 9 African nations inside the subsequent 10 years to create regional markets that steadiness demand and provide by way of intra-Africa commerce. Markets thought-about for growth embody Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia.

By its strategic expansions, AFEX goals to deal with the low regional commerce stage, which at present stands at 14.4% in comparison with 59%, 69% and 30.4% in Asia, Europe and North America, respectively. By facilitating cross-border commerce in Africa, AFEX seems to extend regional commerce quantity, bettering capability to satisfy the demand of Africa’s rising inhabitants. AFEX will proceed leveraging its mannequin of deploying infrastructure alongside entry to capital and markets for the commodities sector in Africa to assist speed up the continent’s meals safety.

The FT’s Africa Quickest Rising Corporations listing contains revolutionary, trendy, and fast-growing firms which can be the driving drive of the worldwide financial system within the twenty first century. The FT collaborates with Statista, a knowledge analysis firm, to provide comparable rankings for firms in Europe, Asia, and America.

The inclusion of AFEX on this prestigious listing is a testomony to its success and distinctive efficiency. Just like the rating for different markets, the Africa listing ranks African firms by their compound annual development fee (CAGR) in income between 2018 and 2021. AFEX has grown by 505.3% over the previous 3 years, making it Africa’s fastest-growing firm in 2023.

Since its launch in Kenya in 2022, AFEX Honest Commerce Restricted has dedicated to leveling-up Africa’s agro-tech sector within the East African market. It presently has 21 warehouses in Kenya and Uganda with over 22,000 MT Capability. In February, AFEX Honest Commerce Restricted was licensed as the primary Non-public Warehouse Receipt Operator in Kenya and has since financed over 10,000 farmers within the East African area.

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