Tech in Africa
ComX recently won the prestigious AppsAfrica Award in the Agri and Food Tech Category. AppsAfrica Awards celebrates the finest in mobile app technology across the continent.
AFEX, an agricultural value chain enabler for farmers in Nigeria, is the company behind ComX a digital commodities trading app for the African market allowing trading in assets backed by commodities. Investors get exposure to commodities as an alternative asset class with features that help in buying and selling commodity-backed instruments while analyzing and managing their portfolios. The App is open to institutional and retail investors planning to invest in the commodity market. Thus far over US$30 million dollars in investment has been transacted on the ComX platform since its launch on January 2020.
AFEX was founded in 2014 and has developed and deployed a viable commodities exchange model for the West African market. AFEX has created a strong supply chain infrastructure chain to bolster the securitization of Africas’ agricultural products. The executive team at AFEX comprises Ayodeji Balogun the CEO, Akinyinka Akintunde the Vice President of Financial Markets, and Hemense Orkar Vice President for Commercial Operations. The company is on a noble mission to support the continent’s food security situation and promote a fair exchange in value among key players in the agricultural value chain.
AFEX previously launched WorkBench, an agriculture value chain management platform that enables field officers to manage their value chain operations. WorkBench helps AFEX monitor all movement with its operations.
The company previously raised an undisclosed sum in a fully subscribed Series A led by Consonance Investment Managers. The firm hopes to use its infrastructure as a service to the market in an effort to unlock capital for the agricultural sector.
