AFEX, a leading player in Africa’s commodities market, secures the top position in the Financial Times’ (FT) Africa’s Fastest-Growing Companies for 2023 list. With remarkable revenue growth, expanded operations, and a significant impact on the agricultural sector, AFEX solidifies its position as a driving force in Africa’s economy.
Since its inception in 2014, AFEX has developed and deployed a viable commodities exchange model for the African market, and is on track to impact one million producers, providing services in productivity and value capture and access to finance and markets. The company aims to facilitate trade with Africa worth over USD 500 million in the next five years.
AFEX – Driving Africa’s agricultural commodities market
AFEX’s outstanding performance in the commodities market has propelled its rise to the top of the FT’s Africa Fastest-Growing Companies list. Over the past year, AFEX has doubled its revenue and expanded operations into East Africa, trading an impressive 526,850 metric tons of commodities in Nigeria, Kenya, and Uganda. Providing financing to over 450,000 farmers, AFEX has positioned itself as a key player in Africa’s agricultural sector.
Recognition for exceptional growth
In collaboration with data research company Statista, the FT’s Africa Fastest-Growing Companies list recognizes companies that drive innovation and growth in the global economy. AFEX’s inclusion in this prestigious list underscores its exceptional performance and success in Africa. Ranked based on their compound annual growth rate (CAGR) in revenue from 2018 to 2021, AFEX emerges as Africa’s fastest-growing company in 2023 with an impressive growth rate of 505.3%.
Expanding across Africa for regional trade growth
With a network of over 200 warehouses and a mission to impact farmers across the continent, AFEX plans to expand its presence to nine African countries in the next decade. By establishing regional markets and promoting intra-Africa trade, AFEX aims to boost regional trade volume and address the current low levels compared to other regions. Through strategic expansions, AFEX contributes to Africa’s food security efforts and supports the continent’s growing population.
Tabitha Njuguna, Managing Director of AFEX Fair Trade Limited Kenya, expressed her pride in being recognized as the fastest-growing African company. She highlighted AFEX’s commitment to empowering farmers in the East African market and fostering fair value exchange within the agricultural value chain. With ambitious goals to impact thousands of farmers and trade significant commodity volumes, AFEX Fair Trade Limited plays a vital role in East Africa’s food security objectives.
The rise of Agritech
Agritech firms across Africa and the MENA region have been enjoying growth in recent months. Mahaseel Masr is the MENA region’s first B2B digital fresh produce platform, FarmerLine aims to support small scale farmers in Ghana, South African firm FarmTrace is developing a software-based produce management system, and e-Livestock Global uses livestock data to provide a range of services.