AFEX, Africa’s commodities market participant which secured first place within the Monetary Instances (FT) rating of Africa’s Quickest-Rising Firms in 2023 has introduced plans to increase into 7 new African international locations.
The transfer comes after the corporate appeared on the inaugural record final 12 months.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 12 months, AFEX ranked third on the general FT Africa record whereas rising because the fastest-growing in Nigeria and first in Africa’s Agriculture & Commodities class.
The MD AFEX Truthful Commerce Restricted Kenya, Tabitha Njuguna, stated, “Being recognised because the quickest rising African firm quickly after our enlargement into Kenya and Uganda is a improbable increase as we proceed to solidify our crew and impression farmers within the East African market. AFEX Truthful 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 assist East Africa’s meals safety and promote a good change 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 increase to 9 African international locations throughout the subsequent 10 years to create regional markets that stability demand and provide via intra-Africa commerce. Markets thought of for enlargement embrace Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia.
By means of its strategic expansions, AFEX goals to handle the low regional commerce stage, which at the moment 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 appears to be like to extend regional commerce quantity, enhancing capability to fulfill 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 Firms record contains revolutionary, fashionable, and fast-growing corporations which are the driving drive of the worldwide financial system within the twenty first century. The FT collaborates with Statista, a knowledge analysis firm, to provide related rankings for corporations in Europe, Asia, and America.
The inclusion of AFEX on this prestigious record is a testomony to its success and distinctive efficiency. Just like the rating for different markets, the Africa record ranks African corporations by their compound annual progress 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 Truthful 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 Truthful Commerce Restricted was licensed as the primary Personal Warehouse Receipt Operator in Kenya and has since financed over 10,000 farmers within the East African area.