AFEX, Nigeria’s leading commodity market player, hosted a side event during the Africa Tech 2022 Summit being held in Nairobi, Kenya to address the role and influence of technology on agricultural trade infrastructure.
The side event, themed “Code Cash Crop: The Role of Technology in Disrupting Agriculture Trade Infrastructure”, focused on the influence of technology on trade infrastructure, including how it has improved market opportunities for producers, facilitated participation in supply chain activities for different levels of actors, and increased transparency and security for investors on both sides of the market.
AFEX COO Akinyinka Akintunde during the AFEX masterclass said to disrupt agriculture in Africa there is a massive need to invest in infrastructure and platforms that lead to an organized market that benefits all stages of the agricultural value chain. He added that technology will be key to promoting platform models for agricultural trade that can focus on access to logistics and delivery, access to advisory services, access to inputs and market access, all of which are essential for the future of agriculture in Africa.
According to him, these efforts will help Africa better unlock and reap the benefits of intra-regional trade.
Akintunde also highlighted how the model that AFEX has executed over the past 7 years of operations effectively leverages the intersection of technology, finance and agriculture. Accordingly, Akintunde mentioned the return of AFEX’s Code Cash Crop industry event, which creates a focal point for conversations that integrate the technology, finance and agriculture sectors.
According to Akintunde, the first Code Cash Crop event brought together companies and entrepreneurs from the banking, technology and agricultural sectors, who contributed ideas to boost the competitiveness of the country’s agricultural sector. In its second year, the Cash Crop Code focused on providing payment alternatives for rural agrarian areas, enabling more rural residents to become financially integrated.
Now in its third year, AFEX’s Code Cash Crop seeks to continue the conversations from the Africa Tech Summit workshop by inviting ideas and solutions around optimizing business infrastructure through the participation of the technology sectors. , finance and agriculture. The industry event will include a hackathon component this year, where teams of practitioners and enthusiasts from technology, finance and agriculture will develop solutions to optimize trade infrastructure in Africa. A timeline from March to May 2022 has been given for the operationalization of the event.
Having created solutions that integrate these three sectors, AFEX is well positioned to deploy viable pathways to drive the convergence that will build prosperity while creating immense social value. Strengthened by an existing supply chain infrastructure of more than 100 warehouses and digital trade platforms that connect investors to producers and processors, the company’s commitment to the agricultural sector and its deep knowledge of the industry will add crucial expertise for this essential activity.
Since its launch in 2014, AFEX has been committed to upgrading Africa’s agri-tech sector; helping the continent to trade with itself and with the world, while enhancing food security and making food production more efficient.
AFEX harnesses Africa’s raw materials and talents to create shared wealth and prosperity. Its investments in infrastructure and platforms unlock capital to fuel an economy of trust in African commodity markets. Since its inception in 2014, AFEX has developed and deployed a viable commodity trading model for the West African market and is on track to impact one million producers; providing services in productivity and value capture and access to finance and markets. By deploying an effective market system, the company will facilitate trade with Africa worth more than $500 million over the next five years.
AFEX’s vision is to be the reference point for commodities in Africa. To achieve this goal, AFEX seeks to introduce products that reduce sector risk, promote financial inclusion for rural communities, develop technologies for data collection and market access, and enable the deployment of capital.