AFEX launches commodity-backed instrument to act as funding bridge in agricultural sector

NIGERIA – AFEX Commodities Exchange Limited (AFEX), a private commodities exchange company, has announced the first financing deal with tech-enabled operations and a 24-hour fast cash turnaround for borrowers. Warehouse Receipt Backed Commercial Paper in Africa will bridge the funding gap between lenders and borrowers in the Nigerian agricultural sector with a commodity-backed instrument – for the first time. With over US$50 million raised for Agri-SMEs, this financing deal will help eradicate the high cost of procurement incurred by processors by deploying a discounted value of a warehouse receipt distributed…

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AFEX secures new investment from Consonance Investment Managers to bolster operations

NIGERIA – AFEX Commodities Exchange Limited (AFEX), a leading commodity exchange company in Nigeria, has secured new investment from Consonance Investment Managers, a Sub-Saharan Africa focused early-stage and growth investment firm. The fund will be used to increase liquidity of the commodity markets and strengthen the firm’s operations and technology systems. In a statement, the company explained that with more participation in the sector, more innovative products will be listed over time. This according to AFEX, will translate to growth in Nigeria’s capital market and increased funds being directed towards…

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