The Kenya National Multi Commodities Exchange Limited (KOMEX) is set to transform agricultural trading in Makueni through a new digital platform linked to the Warehouse Receipt System.
This was disclosed by a team from KOMEX who paid a courtsy call on Deputy Governor Lucy Mulili on Tuesday.
The digital trading platform is designed to streamline access to markets for both agricultural and non-agricultural commodities. It will also offer essential services such as price discovery, risk management, market information, trade financing, and other trade support systems, creating a more structured and transparent trading environment.
KOMEX, a financial state corporation under the State Department for Trade, is mandated to promote market access and address inefficiencies in commodity trading.
The platform is currently in the onboarding phase, targeting a broad range of stakeholders including farmers, aggregators, cooperatives, traders, warehouse operators, financial institutions, off-takers, service providers, and institutional consumers.
Led by Deputy Director Boniface Makau, the KOMEX delegation commended Makueni for being the leading producer of pulses, particularly green grams, cowpeas, and pigeon peas in the country, key commodities that stand to benefit greatly from the new trading system.
Through the digital platform, farmers will be able to list their produce and preferred selling prices. Buyers can then make direct payments to sellers’ bank accounts within 48 hours, ensuring faster transactions and reducing exploitation by middlemen.
Deputy Governor Mulili emphasized the need for national legislation to expand storage infrastructure in the counties. She noted that inadequate storage facilities often leave farmers vulnerable to exploitation and called for stronger collaboration between national and county governments to address the gap.
