The winners will be announced on 13 February 2025 during the seventh edition of Africa Tech Summit Nairobi.

Scheduled to take place on 12–13 February 2025, the summit will bring together over 2,000 industry leaders and more than 1,000 companies, enabling networking, collaboration, and discussions on Africa’s digital transformation.

This year, 55 companies have been shortlisted across 11 industry categories and two individual categories. The finalists were selected from over 300 applications, with an independent panel of judges evaluating each entry based on innovation, impact, scalability, and relevance to the African market.

Lauren Adair, director of Africa Tech Summit, said, “We’re delighted to announce the finalists for the inaugural Africa Tech Summit Awards. With over 300 entries, our judges had the tough task of narrowing it down to only 5 finalists in each category. All the finalists are transforming their sectors and driving growth across the continent, and we look forward to celebrating their achievements in Nairobi next month.”

Nigerian Startups and Other Finalists by Category

• Agritech: AFEX (Nigeria), ChipChip (Ethiopia), Mazao AgClimate Limited (Tanzania), Keep it Cool (Kenya), Winich Farms (Nigeria).
• Artificial Intelligence: Cassava Technologies (South Africa), Chpter (Kenya), NextAV (Tunisia), Tawi Fresh (Kenya), ToumAI Analytics (Morocco).
• Climate Tech: Afrilogic Solutions (Ghana), Innovex (Uganda), Instollar Technologies (Nigeria), Sabi (Nigeria), Takazuri (Kenya).
• Cross-Border Payments: Aza Finance (Kenya), Flutterwave (Nigeria), Grey (Nigeria), WeWire (Nigeria), Yellow Card (South Africa).
• Digital Commerce: OmniRetail (Nigeria), Sendmercury (Nigeria), SwiftVEE (South Africa), Tawi Fresh (Kenya), Tola (Ireland).
• EdTech: Cassava Technologies (South Africa), DirectEd Development (Kenya), Hermplify (Nigeria), Ikusasa Technology Solutions (South Africa), Laboussole (Cameroon).
• Enterprise: Andela (United States), Beacon Power Services (Nigeria), Froid Energy Ltd (Kenya), Incentro Africa (Kenya), Smile ID (Nigeria).
• FemTech: Babysteps (Kenya), Hermplify (Nigeria), Mara Scientific (Uganda), My Pregnancy Journey (South Africa), Sanicle Digital Health (United States).
• Fintech: Flow (Uganda), HUB2 (Mauritius), Peach Payments (South Africa), Valu (Egypt), Yellow Card (South Africa).
• Health Tech: Antara Health (Kenya), ION Kenya (Kenya), OneHealth (Nigeria), Remedial Health (Nigeria), Zuri Health (Kenya).
• Web3: ICP Hub (Kenya), Investa Farm (Kenya), MiniPay (Nigeria), Sabi (Nigeria), Yellow Card (South Africa).

Finalists will receive complimentary access to Africa Tech Summit Nairobi, getting visibility within the industry. Award winners will be presented with a physical Africa Tech Summit Award, a recognition expected to create new opportunities for partnerships, investment, and expansion.

The summit will include panel discussions, keynote speeches, masterclasses, and the Africa Tech Summit Investment Showcase, making it an important event for stakeholders impacting Africa’s tech sector.

AFEX  is contributing to building sustainable food systems and creating lasting impact for farmers, agribusinesses, and communities.

Through their operations providing capital and storage infrastructure to farmers, processors and other parts of the value chain, AFEX has remained steadfast in its mission to enhance food security, reduce post-harvest losses, and introduce liquidity into agricultural markets through efficient market structures.

Established in 2014 as the first private commodities exchange in Nigeria, AFEX has directly supported smallholder farmers by providing them with access to finance, high-value market opportunities, and crucial extension services.

This has not only improved the livelihoods of these farmers but also enhanced their productivity and overall output.

Within the same period, AFEX has also grown its presence across the continent, expanding from Nigeria into Kenya, Uganda, and Côte d’Ivoire, and establishing regional commodity markets that facilitate cross-border trade while strengthening food systems throughout these regions.

In Nigeria, AFEX has expanded its farmer network to over 500,000 and traded over 1 million metric tons of essential crops such as maize, rice, sorghum, and soybeans.

This trading volume has made a significant contribution to improving food availability and stability in its operational areas.

Furthermore, through its financing platform, AFEX has injected over $250 million into agricultural value chains, ensuring that farmers have access to the capital they need to scale their production.

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 in the next decade, promoting the efficient trade of commodities in Africa while supporting the AFCFTA’s objectives to boost regional trade integration on the continent.

Today, its East African operations have impacted over 30,000 farmers through financing and storage services, traded over 12,000 metric tonne and traded about KSH1,600,000,000.

In its newest market, Côte d’Ivoire, announced at the beginning of 2024, AFEX has onboarded over a thousand farmers, and disbursed maize inputs across 155 hectares, boosting productivity and food self-sufficiency.

Commenting on the anniversary, the UK’s Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said: 

“The UK is proud to have provided early-stage funding to AFEX 10 years ago, and to see the company grow with such success, enhancing agricultural productivity and bolstering food security in Nigeria. The agricultural sector stands as a vital pillar to Nigeria’s economy, playing a significant role in job creation and investment potential.  We look forward to continuing to support Nigeria’s agriculture sector and the opportunities this provides for its economic growth.”

Group CEO, AFEX, Ayodeji Balogun, reflected on the company’s 10-year journey, stating,

“These past 10 years have been about creating innovative solutions for African agriculture and developing sustainable ecosystems that empower farmers. As we mark this milestone on World Food Day, we are reminded that our mission is more critical than ever. Our goal is to continue building the infrastructure and platforms that will secure Africa’s food future.”

Speaking about British International Investment’s $26.5 million commitment to AFEX in 2023, Nigeria Coverage Director of the UK’s development finance institution (DFI), Mr. Benson Adenuga said: 

“We are delighted to partner with AFEX to provide the necessary support to scale into a pan-African champion, driving agribusiness and strengthening food systems in multiple countries across the continent. Our commitment will support AFEX to construct 20 warehouses in strategic locations in Nigeria, Kenya and Uganda, increasing storage capacity for up to 200,000 farmers and underlining our mandate to support ambitious businesses in Africa”.

A key element of AFEX’s impact lies in its investment in infrastructure. Over the past decade, the company has developed a robust network of more than 200 warehouses across Africa, providing secure storage for agricultural produce and reducing post-harvest losses by up to 30% in some regions.

By reducing post-harvest losses and improving productivity, AFEX is playing a critical role in enhancing food security, addressing the challenges of climate change and promoting sustainable agricultural practices across Africa.

This commitment mirrors the global call to action on World Food Day to ensure that food systems are inclusive, resilient, and capable of feeding future generations.

• Increase in African investments represent 61 per of BII’s total commitments for the year
• £449 million of new climate finance investments in Africa and Asia – taking total over last two years to over £1 billion

British International Investment, the UK’s development finance institution and impact investor, announced today that it had increased its commitment to African partners with £725 million of new sustainable development investments, from a global total for the year of £1.31 billion.

BII has a mission to help countries escape poverty by providing impact investments to support the development of thriving private sectors. It invests in the people and places most in need of capital that typically receive the least from private investors.

The scope of BII’s activity last year was published today in its Annual Review, entitled Creating Impact Together.

Of the total, £724.9 million went to support African businesses, compared with £692 million or 55 per cent of total investments in 2022.  BII’s capital now supports – directly and indirectly – 1,580 companies that directly employ nearly a million people in 65 countries.

BII’s Africa portfolio size is now $5.6 billion across 812 businesses, which directly provide 499,232 jobs and pay $1.46 bn in taxes.

Climate change continues to be one of the biggest threats to global development, with people living in some of the world’s poorest countries among the most vulnerable to its impact.

Out of BII’s total commitments in 2023, £449 million (37 per cent) was classified as climate finance – taking the total over the last two years to over £1 billion. BII’s climate finance target over the course of its current five year strategy period is 30 percent.

BII has backed a wide range of companies that are vital to economic development and improving peoples’ lives. Its investments have covered sectors such as food and agriculture, financial services, as well as green and digital infrastructure. New investments have included:

• AFEX: BII invested £21.8 million in AFEX, a leading commodities platform that currently operates over 200 warehouses in Nigeria, Kenya and Uganda and serves over 450,000 farmers. The investment will help build 20 modern warehouses to enable up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests.
• Planet Solar: BII invested £8.5 million in Planet Solar to provide clean, affordable solar power in Sierra Leone, where only 23 per cent of people have access to electricity. It will be Sierra Leone’s first large-scale solar project to be connected to the grid. It will enable more power to flow to industries and communities in the capital city Freetown, the Western region, and four other areas throughout the country.

BII’s total net assets increased to £8.5 billion (£8.1 billion in 2022) while the portfolio grew to £7.3 billion (£6.9 billion in 2022). The main reason for this portfolio growth in 2023 was a higher pace of drawdowns compared with realisations and foreign currency valuation gains.

BII’s overall financial result was a loss after tax of £44.0 million (£167.7 million profit in 2022), a loss of 0.5 per cent on net assets over the year (2.2 per cent gain in 2022).

The portfolio generated a £71.5 million return (£285.6 million return in 2022), a portfolio gain of 1.1 per cent (4.8 percent gain in 2022).

BII seeks returns of 2 percent across its portfolio, measured on a rolling seven-year basis. This measure is consistent with its mandate to invest to support the economic stability that will improve the lives of millions of people. The company remains ahead of this financial return hurdle with a seven-year weighted average annual portfolio return of 5.2 per cent.

Diana Layfield, Chair at British International Investment, said:

“In a world facing an ever-growing climate challenge, and where inequality and access to basic water, power and economic development remains a profound human challenge, our role is as important as it has ever been.

“We are pleased to have committed £1.3 billion during a challenging year when levels of foreign direct investment are falling in many of the countries and regions that need it the most. In Africa, FDI amounts to just $40 per person, compared with $651 in North America.”

Chris Chijiutomi, Managing Director and Head of Africa for BII, said:

“We continue to make a real difference to the lives of millions of people living in Africa on behalf of the British tax payer. Our 2023 investment performance underlines our dedication to supporting our partners across the continent as they play a key role in creating vital jobs and services and building economies that are more adaptable and resilient to the impacts of the climate emergency.”

Find out more about BII Annual Review 2023: Creating Impact Together here

The AFEX Annual commodities outlook is a key literature that analyzes critical socio-economic factors shaping the demand and supply dynamics of commodities, with a view to highlight challenges and opportunities inherent in the market while providing an accurate forecast that potentially steers price and volumes for the 2024.

Globally, the commodities market was marked by turbulence, owing to global shocks across energy scarcity, geopolitical tensions, financial crises and more, however, despite these challenges, the global market witnessed a 24% decline from their peaks in 2022.

The Nigerian commodities market on the other hand faced trickle down effects of inflation, and economic reforms, which pegged the growth in the first three quarters of 2023 at 0.63%, a sharp decline from 1.90% in the same period of 2022.

Agriculture commodities witnessed price surges with the greatest factor responsible being supply shortage due to low production and increased international demand.

Of all tracked commodities, Maize exhibited the highest volatility at 24%, resulting in a peak price of N550,000/mt by the end of Q3, and closing the year at N480,000/mt.

This increase is a consequence of decreased input usage, a still-felt effect of the Russia-Ukraine crisis impacting fertilizer prices.

Predictions for 2024 global commodity prices suggests a downward trend due to factors such as improved supplies and the expiration of certain trade policies, however, the direction of this trend can be significantly influenced by numerous factors, each capable of either posing a downside or upside risk to commodity prices.

Energy prices are expected to drop by 5% in 2024 and then further decrease by 0.7% in 2025, while agriculture commodities are projected to decrease by 2% in 2024 and 3% in 2025, provided that the Middle East conflict de-escalates.

On the flip side, the report forecasts that domestic commodity prices are expected to rise consistently throughout 2024.

Key export commodities like Cocoa and Sorghum are projected to rise by 50% and 20% respectively, underpinned by declined production, while key consumption commodities like Maize and Paddy Rice are projected to rise by 25% and 40% respectively, despite a 4% increase projection on production of Paddy Rice.

Speaking at the event, Oluwafunto Olasemo, vice president, Financial Markets at AFEX noted that “The outlook is an indispensable component of the commodities market, dictating trading flows and movement across the physical market and secondary market players.

This year, the commodities market will see a complex balance amidst geopolitical, economic, and environmental factors, which will on one hand demand continual monitoring and strategic adaptation, and on the other spur vigilance on the part of market stakeholders and policy makers.

In managing the complexity of these factors, there is a pressing need to enhance domestic agricultural production, streamline trade policies, and establish strategic reserves to cushion against market volatility and ensure food security.

Similarly, there perhaps isn’t a better time to look to alternative investments as a hedge against potential windfalls than now.”

A key recommendation of the report for boosting agriculture productivity is pivoting from traditional food production systems and adopting sustainable farming practices such as diversified crop rotation, which serves to optimize soil capacity and increase productivity, which in turn has been seen to boost farming income by 21%.

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The platform follows AFEX’s first foray into digital commodities trading with the launch of ComX in 2020.

This new trading platform further transforms the commodities space in Africa by enabling commodities market players to meet and interact both in the physical and financial markets.

Data and information crucial to decision-making are readily available on the platform, offering a comprehensive and informed trading experience.

Africa Exchange provides a structured marketplace duly regulated by Nigeria’s Securities and Exchange Commission (SEC), ensuring that users can participate in various trade or investment opportunities. Africa Exchange will replace ComX, which has served over 80,000 investors in Nigeria and facilitated trades worth over USD 200 million since it was launched in 2020.

The transition further bolsters AFEX’s mission of facilitating wealth creation for a new generation of Africans by providing them with alternative investment options to enrich their existing portfolios.

Additionally, AFEX aims to enhance intra-African trade by strengthening commodities trading within Africa and supporting the African Continental Free Trade Agreement’s (AFCFTA) mission to improve regional trade integration to boost economic development and food security across the continent.

Presently, only 14.4% of Africa’s exports come from trade between African countries. However, the AfCFTA could increase intra-African trade by approximately 33% and reduce the continent’s trade deficit by 51%, according to the United Nations Conference on Trade and Development (UNCTAD).

In line with the United Nations Sustainable Development Goals (SDGs) 1, 2, 5, 8, and 12, the launch of Africa Exchange is a significant milestone towards achieving the AfCFTA.

The platform promotes fair market prices that help farmers earn more and increase food production.

It also enables investors to diversify their portfolios while supporting the financing of the food ecosystem.

Commenting on the launch, Akinyinka Akintunde, CEO and President of AFEX Nigeria, said:

“As a team, we are excited and proud to launch Africa Exchange as another step in building the digital infrastructure to facilitate trade across Africa. With this launch, our goal is to boost the commodities market in Africa and allow more investors to participate with all the information that they need at their fingertips”.

He continues, “Commodities have been high-performing assets in recent years; in 2021, commodities were the third highest performing asset class, averaging about 37.1% in returns, while stocks averaged about 36.9%. The commodities market has grown in sophistication over the years with the likes of commodity brokers and other institutional players making their mark and creating opportunities for trading. With Africa Exchange, we are opening the African commodities ecosystem to more investors and players. Through the platform, users can directly trade physical commodities or invest in commodity-backed financial instruments.”

Alongside the platform launch, AFEX is also reintroducing its innovative Fair Trade ETC (FETC) product.

The FETC is a commodity bundle in one contract designed to provide investors with exposure to the market in a way that maximizes the risk-return balance of the underlying commodities.

The instrument has a maturity period of 270 days and historically significant returns, with both tranches in 2022 returning 31% and 20%, respectively.

The FETC is set to open on the Africa Exchange platform on the 1st of December at a unit price of just N1000, and for the first time in the product’s history, it will be tradeable within the tenor period, after a 120-day hold.

Funto Olasemo, Vice President, Financial Markets at AFEX, said, ‘For the last 8 months, we have been focused on improving our core infrastructure and delivering a better digital interface for commodities trading and investment on the continent. We have continued to also pursue product innovation, and the new tranche of our FETC product is a great example of that.”

“The FETC has been a hugely successful product since we introduced it in 2020, and we have structured a tradeable component into this tranche, giving investors even more freedom as they build wealth. The team is excited that we are facilitating wealth creation for a new generation of Africans by providing them with alternative investment options to enrich their portfolios.”

AFEX has demonstrated commitment towards improving intra-African trade. To achieve this goal, the company has been bullish in pursuing its strategic Pan-African expansion plan since expanding into Kenya and Uganda in 2021 and 2022.

The Africa Exchange App is on iOS and Android.

Some key findings:

• Nigerian farmers are rapidly adopting improved inputs such as high-yielding seeds and fertilizers compared to last season. 
• The report highlights food insecurity and food inflation as a major challenge for Nigeria, with a 5.7 million metric ton shortage across human consumption and agro-processing and a historic high food inflation rate of 30.64%. 
• The report forecasts an increase in prices for all commodities on the basis of a general due to increasing demand across processing and exports. 
• Demand for Paddy Rice has increased due to the ban on Indian rice.  But this has also increased its price by 34% and a baseline pricing of NGN353,000/mt, which is expected to rise to NGN400,000/mt.

The crop production report, which delivers insights on six key commodities (Maize, Paddy rice, Soybean, Sorghum, Cocoa, and Sesame) leverages farmer surveys and measurement of transaction-level data to track vital information across crop production, price performance, and market dynamics.

BII Commits $26.5m to AFEX to Address Food Security in Nigeria, Kenya and Uganda

The report will aid the understanding of the current food system while providing stakeholders in the commodities market with intel to make data-driven trading decisions in the coming season.

The report highlights a critical improvement in access to farmland for cultivation in crucial areas, we also witnessed an increase in the usage of improved inputs, such as high-yielding seeds and fertilizers, compared to last season, which contributed to Maize and Paddy rice being forecasted to have a significantly higher production this season.

However, input lending remains a major challenge today, with agriculture making up only 6.16% of bank lending in 2022.

On pricing, the report forecasts an increase in prices for all commodities on the basis of a general decline in production coupled with increasing demand across processing and exports.

Paddy Rice which faced the most notable upswing in 2022/2023, partly due to increased flooding and the India rice ban that contributed to an increase of 34% and a baseline pricing of NGN353,000/mt, which is expected to rise to NGN400,000/mt and projected to stabilize at NGN480,000 to NGN500,000/mt by Q3 2023.

The report highlights food insecurity and food inflation as a major challenge for Nigeria, with a 5.7 million metric ton shortage across human consumption and agro-processing, and a historic high food inflation rate of 30.64%. Currently, Nigeria’s Global Hunger Index score remains alarmingly high, ranking 109th out of 125 countries, indicating a severe food security crisis.

The report notes that as food prices continue to surge, as witnessed in the 2023 season, food security challenges will continue to persist, further reducing the continent’s capacity to achieve Zero hunger by 2030.

Speaking at the launch event, President/CEO of AFEX Nigeria, Akinyinka Akintunde, stated;

“This year, we nearly doubled our sample size from 20,677 to 39,091 to get an accurate reflection of the current state of Agriculture production, and we found that we must take extra care to prioritize improvement in agricultural productivity for these farmers, and this is hinged on investing in the sector, and solving for infrastructure, logistics, and technology gaps. This transformation will substantially enhance food self-sufficiency and increase our ability to meet the nutritional and food security needs of a growing population while also bolstering the economy through foreign exchange earnings.”

A recurring limitation for agriculture on the continent is a shortage of reliable data, which affects the availability of transparent pricing and limits, on the one hand, participation from the side of capital market operators and largely financial market players and on the other hand, farmers’ ability to negotiate equitable contracts for themselves. T

his report attempts to build that gap by building a reliable data bank to promote market education and facilitate accurate trading decisions.

The report is now available for download on afex.africa

British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, today announced a US$26.5 million commitment to AFEX, Africa’s leading commodities platform, which currently operates over 200 warehouses in Nigeria, Kenya, and Uganda and serves over 450,000 farmers.

The investment will support structural improvements in Africa’s agricultural industry, which will significantly benefit smallholder farmers and lead to improvements in food security.

The signing of BII and AFEX’s new partnership took place today. It was attended by British Deputy High Commissioner in Lagos Jonny Baxter, BII Chief Executive Officer Nick O’Donohoe, and AFEX Group CEO Ayodeji Balogun.

BII’s investment will be used to build 20 modern warehouses in strategic locations in Nigeria, Kenya, and Uganda. Its capital will also scale warehouse technology and next-generation software that captures post-harvest pricing. Smart storage solutions have the potential to preserve the lifespan of harvested crops, and so increasing the volume of food available.

The additional warehouses will provide 230,000 MT of storage capacity, enabling up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests, potentially helping increase farmer incomes by more than 200 per cent. Supporting smallholder farmers to achieve a fair wage is vital to ensure they remain in operation, producing more and higher quality crops for local consumption.

Agriculture in Nigeria, Kenya and Uganda accounts for a quarter of GDP and employs 70 per cent of their populations – 80 per cent of whom are smallholder and subsistence farmers.

Farm Central Intelligence Wins AFEX Code Cash Crop 4.0 Ag-hackathon

Currently, farmers face a difficult financial outlook due to macroeconomic uncertainty, limited market access, and poor reliability of sales from crop harvests.

Yields have fallen, and farmers’ incomes are increasingly affected by price hikes of agricultural inputs and extreme weather events.

BII’s capital will also be used to develop a soybean processing plant in Ibadan, the third-largest city by population in Nigeria, and a drying facility in Uganda. The construction of the storage facilities and soy processing facilities will generate over 700 temporary jobs and more than 80 permanent roles.

Commenting on the transaction, BII Chief Executive Officer, Nick O’Donohoe said,

“The World Bank estimates that Africa’s food import bill has reached c.US$30 billion in recent decades. This is why we need to back technology-driven companies like AFEX because they help reduce that import cost by supporting smallholder farmers to increase local food production, while also boosting their incomes.”

Speaking about the raise, AFEX Group CEO, Ayodeji Balogun said, 

“This investment from British International Investment is a landmark moment in our mission to revolutionise agriculture and elevate food security across Africa. By directing fresh capital towards the development of technologically advanced warehouses and critical facilities, we are significantly enhancing market access and income potential for smallholder farmers. In alignment with UN SDGs, our mission is to enable Africa to feed itself efficiently and sustainably. Today’s investment doesn’t just propel AFEX’s growth, it forges a more secure and prosperous future for an entire continent.”

British Deputy High Commissioner in Lagos, Jonny Baxter said:

“I am proud of British International Investment’s support which will enhance agricultural productivity and bolster food security in Nigeria. The agricultural sector stands as a vital pillar to Nigeria’s economy, playing a significant role in job creation and investment potential.  The UK provided early-stage funding to AFEX, and I am delighted to see the company grow with such success. We look forward to continuing to support Nigeria’s agriculture sector and the opportunities this provides for its economic growth.”

This BII investment will contribute to the United Nations sustainable development goal on Zero Hunger (SDG2), Decent Work and Economic Growth (SDG8) and Responsible Consumption and Production (SDG12).

AFEX , a leading commodities market player, announces the expansion of its annual Code Cash Crop into Kenya, and unveils “Scaling Market-Led Solutions”, as the theme for the event which is set to hold in August 2023.

The firm is also now accepting applications from talents in Kenya for the Ag-hackathon component of the event. Code Cash Crop is an exciting industry event that harnesses innovation across the Agriculture, Finance and Technology sectors, to solve problems related to Africa’s food systems. 

This announcement comes after AFEX expanded its operations and opened its Kenyan office in 2021, as part of its strategic mission to penetrate the African commodities market and replicate its success in Nigeria in creating access to pan-African commodities trading across Africa, while bolstering the continent’s food security.  

While the maiden editions focused on aggregating sector players to discuss how their industries align and opportunities for collaboration to solve African food problems, this year’s theme focuses on prioritising conversations and ideation around solutions that address a significant gap in the market while optimising sustainability and profitability. 

The Ag-hackathon was built on providing young entrepreneurs a unique opportunity to create innovative ideas and profitable business models that solve problems in the ecosystem, and thus, the 4.0 challenge invites technological inventions and innovations to cater to pressing needs within the Kenyan market, with emphasis on data and analytics, access to market and input, as well as credit facilities. Both the ag-hackathon and the Code Cash Crop main event will bring the biggest innovators together to consider efficiency and competitiveness as key signposts to a thriving food system in Africa.  

Tabitha Njuguna, the MD, AFEX Fair Trade Limited Kenya, speaking about this year’s edition of the event, stated, “We are excited to include Kenya in this year’s iteration of Code Cash Crop. Kenya is fast becoming the largest economy in East Africa with our projected growth to hit 5.4% in 2024, according to World Economic Outlook.

This expansion is therefore timely and important in this stage of Kenya’s development. The Code Cash Crop event is a unique opportunity to strengthen collaboration across finance, technology, agriculture and government, and this year, we are incredibly committed to promoting conversations and engineering profitable solutions through the Ag-hackathon.”

The grand finale will feature a live pitch session from the Kenyan and Nigerian Ag-hackathon participants, networking and panel discussions from industry experts across Agriculture, Agribusiness, Finance, Government and other stakeholders, as well as exhibitions from startups within the same industries. 

To register for the Ag-hackathon, visit the AFEX website

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 tons 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.

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

To begin tackling these issues, AFEX Uganda has established warehouses in Bulambuli and Kapchorwa districts in Eastern Uganda, and the Lira district of Northern Uganda. Under the leadership of Abdul-Hafeez Odusanya, Managing Director, AFEX Uganda, AFEX will be introducing its range of solutions including its technology platform, WorkBench, to enable farmers to participate in market opportunities and scale their operations.

Starting with a network of over 1500 farmers, AFEX Uganda will be addressing the following problems:

• Reducing post-harvest losses by providing storage facilities

• Providing access to loans for farmers to purchase quality farming inputs including agrochemicals, fertilizer, and seedlings

• Provision of advisory and extension services to tackle poor agricultural practices and post-harvest handling practices.

• Access to markets for smallholder farmers, with transparent prices

• High-quality and traceable supply of food and feed-grade commodities to processors

Abdul-Hafeez Odusanya, Managing Director, AFEX Uganda expressed excitement about the new opportunity: “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.

I’m confident AFEX Uganda will contribute massively to building an inclusive and efficient market system, giving Ugandan farmers the support and infrastructure they need to improve efficiency and access bigger markets,” he revealed.

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 commercializing agriculture through collaboration with private sector players.

In the first quarter of 2022, agriculture accounted for 24% of the country’s GDP. In addition, the government has ratified the African Continental Free Trade Area (AFCTA) and the East African Community Customs Union which provides access to the international market.

Since its inception, AFEX’s focus has been to establish a strong foothold across Africa, and AFEX Uganda is the latest in a series of planned expansions to 10 African countries over the next 5 years. In restructuring for the future and to provide efficiency and focus on the regions, AFEX has announced new appointments and internal promotions among its leadership.

Appointed in October 2022, Sanne Steemers is now President, of Rest of Africa, overseeing the expansion across the continent; Akinyinka David Akintunde (previously Chief Operating Officer) has become President, of AFEX Nigeria, responsible for all operations in the West African country; and CEO Ayodeji Balogun has been appointed Group CEO, heading all entities globally.

Speaking of her new responsibilities, Sanne Steemers said: ”With twenty years of 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.

In just a few years, AFEX has achieved exemplary success in Nigeria and Kenya, I’m looking forward to adapting these winning strategies, services, and approaches to service farmers, processors, and partners in Uganda and beyond.”

To date, AFEX has helped smallholder farmers grow their income by 400%, within 2-3 years of joining its platform.

It has worked with over 350,000 farmers and traded 600,000MT worth of commodities, which in turn has resulted in the company feeding over 4 million households.

The company is focused on helping the additional one million households avoid hunger in the coming year.

World Hunger Day is an internationally recognised day of awareness focused on tackling the global hunger crisis. Although world economies produce enough food to adequately meet humanity’s nutritional needs, the UN estimated that in 2021 alone up to 811 million people experienced hunger, with the numbers suffering hunger and malnutrition increasing following the Covid-19 pandemic and recent shocks to world supply chains from the war in Ukraine.

Africa is acutely affected by food insecurity, with 70 percent of populations in West Africa running out of food in 2020.

AFEX is committed to helping the continent feed itself by levelling-up Africa’s agro-tech sector and by boosting and making food production more efficient.

The company works closely with farmers and uses its unique tech solutions to increase yields and productivity. 

With more efficient pricing mechanisms and transparent, fair distribution fees, agricultural producers working with AFEX benefit from significant – and often life-changing – savings on taxes, charges, and transportation costs.

Ayodeji Balogun, CEO at AFEX said, “AFEX is committed to reducing food insecurity and smallholder farmers in the ecosystem play a very important role in this effort.  At the core of what we do is to ensure that those furthest behind are reached, especially with the aggravated global food crisis we’re currently facing. Our food producers do an amazing job to ensure Africa is fed and our mission is to ensure that an additional 1 million households over the course of the next year don’t go hungry.”

“Through a more equitable and fair distribution of income for the smallholder farmer, the lifeblood of our food supply chain, we are laser focused on continued employment generation, social integration and remaining one step closer to eradicating hunger for those at most risk.” 

According to AFEX’s 2021 Crop Production Survey report, a lack of access to inputs – such as seedlings, pesticides, and fertilizers – is a major factor in underproduction. AFEX’s distribution networks give smallholder farmers access to these inputs, while its extension services provide advice on their most optimal use. 

Nigeria’s storage capacities currently stand at less than 5%, resulting in excessive post-harvest losses, all of which impact food security. To solve the problem, AFEX operates a nationwide network of warehouses that are in close proximity to farmers. The company is targeting empowering more farmers to generate employment and help boost food production across the country.

AFEX is calling on all young changemakers to support them this World Hunger Day and beyond, by registering for their Code Cash Crop Hackathon.

Registration is open here.