Nigeria has rolled out what has been described as the World’s first digital end to end blockchain based commodity and financing platform.
The platform which seeks to decentralize agric commodity trading in Nigeria and all emerging markets was developed in Partnership with Binkabi and AFEX Commodities Exchange.
Analysts believe the platform will help reduce intermediation in trade while distributing profit evenly across the value chain in the agric sector.
According to statistics, Nigeria loses about half of its agricultural products yearly to post harvest processes. The roll out of the platform analysts believe will help address this particular challenge which normally affects cereal grains such as rice, maize soya bean and other staples.
The commodity exchange is designed to help farmers mitigate risks, and ensure payments are made through reliable financial service providers.
A typical scenario at the exchange involves the use of warehouses across the country with modern facilities where farmers and traders can take their produce to minimize wastage’s.
Source: Africafeeds.com
