AFEX, Africa’s leading commodities exchange and commodities market player, has announced its expansion into Uganda, seven months after it first entered the East African continent.
Similar to Kenya and Nigeria, farmers in Uganda will benefit from AFEX’s revolutionary tech-enabled services for agricultural producers.
In its first year of operations, AFEX Uganda aims to reach 10,000 farmers and aggregate 15,000 metric tonnes of commodities, while extending its aggregation, storage and financial inclusion services to Ugandan farmers and processors.
Continuing its pan-African expansion plans, AFEX will be implementing its scalable model that combines advanced technology and infrastructure with a unique understanding of Africa’s food systems and local markets to replicate its successes in Nigeria and Kenya to Uganda.
Working closely with local and international partners, the operation will focus on maize, sorghum, soybeans, barley, and coffee, with maize being the initial priority.
Abdul-Hafeez Odusanya, Managing Director, AFEX Uganda, expressed excitement about the new opportunity, saying, “I’m thrilled to be leading the next stage of growth for AFEX in East Africa and eager to see how Uganda’s success contributes to AFEX’s portfolio of innovative food system interventions.”
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.
Appointed in October 2022, Sanne Steemers is now President, Rest of Africa, overseeing the expansion across the continent; Akinyinka David Akintunde (previously Chief Operating Officer) has become President, AFEX Nigeria, responsible for all operations in the West African country and CEO, Ayodeji Balogun, appointed Group CEO, heading all entities globally.
Speaking of her new responsibilities, Sanne Steemers said: “With 20 years’ experience working at the intersection of global supply chains, finance and agricultural commodities, I’m very excited to be joining AFEX as we expand into yet another market, and look forward to driving the expansion across the rest of Africa.”
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