UGANDA- AFEX has announced the signing of a Memorandum of Understanding (MoU) with the Ugandan Commodities Exchange (UCE), marking the beginning of a robust collaboration in the country’s commodities space.

AFEX’s infrastructure and platform investments work to power a trust economy in Africa’s commodities markets and aim at facilitating trade with Africa worth over US$500 million in the next five years.

AFEX started its operations in Uganda in January this year, seven months after it first entered the East African region. 

Often referred to as Africa’s ‘bread basket,’ Uganda has one of the most dynamic commodities markets in Africa with a significant potential for growth, and a positive government interest in commercialising agriculture through collaboration with private sector players.

Similar to Kenya and Nigeria, AFEX  intended for farmers in Uganda to benefit from AFEX’s revolutionary tech-enabled services for agricultural producers. 

In its first year of operations, AFEX Uganda aimed to reach 10,000 farmers and aggregate 15,000 metric tons of commodities, while extending its aggregation, storage, and financial inclusion services to Ugandan farmers and processors.

According to the International Trade Administration, Uganda lacked the necessary infrastructure in storage, credit, and access to markets to sustain food production. 

To begin tackling these issues, AFEX Uganda established warehouses in Bulambuli and Kapchorwa districts in Eastern Uganda, and in the Lira district of Northern Uganda upon begining its operations in the country. 

Excited about the prospects from this MOU, this partnership signifies a commitment to advancing and strengthening the commodities market.

Together, we look forward to driving positive change and fostering growth in the sector!” AFEX exclaimed on a LinkedIn post. 

Since expanding into Kenya and Uganda in 2021 and 2022, AFEX has been bullish in the pursuit of their strategic Pan-African expansion goal to penetrate 8 African countries before 2023, promoting the efficient trade of commodities in Africa while supporting the AFCFTA’s (African Continental Free Trade Area) objectives to boost regional trade integration on the continent. 

In August this year, AFEX made a similar move, signing a Memorandum of Understanding with Ghana Commodities Exchange (GCX), to strengthen the commodity trading ecosystem between the two countries.

We at AFEX are elated to announce this momentous MoU signing, which reflects our resolute commitment to revolutionize the agricultural landscape. Through this strategic partnership, we will set new benchmarks in quality standards, and fortify market infrastructure,” Akinyinka Akintunde, emphasized, expressing optimism about the partnership.

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