AFEX

What AFEX does

AFEX (legal name: AFEX Commodities Exchange Limited) is a Nigerian-regulated commodities exchange founded in 2014 and headquartered in Abuja, with a regional office in Victoria Island, Lagos. The company operates a digital trading platform (africaexchange.com) that facilitates trading in agricultural commodities including maize, paddy rice, soybean, sesame, cocoa, sorghum, cashew nuts, and ginger. The platform offers cash-settled spot contracts, deliverable spot contracts, Fair Trade Exchange Traded Commodities (FETC) instruments structured like ETFs, and fixed income products backed by physical commodities. AFEX is also developing an Electronic Warehouse Receipt (EWR) Repository platform aligned with Nigeria's Investments and Securities Act (ISA) 2025, designed to enable commodity traceability, digital receipt management, and collateral-backed financing.

The company's core technology is a web-based commodities exchange with an electronic warehouse receipt system supporting commodity traceability and collateral management. Membership is structured across six tiers — Broker, Dealer, Broker-Dealer, Financial Advisor, Collateral Manager, and Warehouse Operator — with eight named broker-dealer members publicly listed (Shalom Investment, Fsdh Capital, Lead Securities, Apt Securities, Tiddo Securities, Vetiva Securities, Dsubrokerage, Marble Capital). AFEX is regulated by Nigeria's Securities and Exchange Commission (SEC) and has hosted SEC officials in a formal exchange program in mid-2025. The company reports operational presence across 7 African countries.

AFEX monetizes through four revenue streams: (1) exchange trading fees on commodity transactions; (2) recurring membership fees across the six tiers; (3) fees from fixed income product origination, structuring, and listing; and (4) managed services revenue from warehouse and collateral management. Its go-to-market combines a self-serve digital platform targeting retail and institutional investors, a sales-led membership model for broker-dealers, and event-driven engagement with regulatory bodies and capital market operators (e.g., the CEO Breakfast Forum with the Chartered Institute of Stockbrokers in June 2025). The firm employs 11-50 people and has not disclosed revenue, funding rounds, or transaction volumes.

Name

AFEX

Legal name

AFEX Commodities Exchange Limited

Website

https://africaexchange.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

AFEX Commodities Exchange Limited is a SEC-regulated Nigerian commodities exchange, founded in 2014, operating across 7 African countries with a digital platform trading agricultural commodities (cocoa, maize, soybean, sorghum, cashew, sesame, ginger) via spot contracts, FETC instruments, and physical-commodity-backed fixed income products.

Ownership category

akta.pro rank

Product category

Commodities Exchange

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Physical Spot Commodity Exchanges / Marketplaces (FSAFAMAH)

akta.pro secondary industries

Commodity Electronic Trading Platforms (Energy/Metals/Agriculture) (FSAFANAF), Agricultural Commodities Exchanges (Grains, Oilseeds, Livestock) (FSAFAMAA), Structured Trade & Export Credit (ECA-backed, Structured Solutions) (FSABAHAJ)

Keywords

• Commodities exchange
• Agricultural commodities trading
• Electronic warehouse receipts
• Spot contracts trading
• Commodities investment platform

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Exchange Trading Fees: Transaction fees charged on commodity trades executed through the platform. Members including brokers, dealers, and broker-dealers pay fees for trading activities on the exchange.
2. Membership Fees: Revenue from various membership tiers including Broker, Dealer, Broker-Dealer, Financial Advisor, Collateral Manager, and Warehouse Operator memberships with different requirements and fee structures.
3. Fixed Income Product Origination: Fees from structuring, sponsoring, and originating fixed income instruments such as bonds, notes, and commercial papers for public or private placement through the exchange.
4. Warehouse and Collateral Management Services: Services related to commodity storage, inventory handling, and operational support through certified warehouse operators and collateral managers.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

AFEX operates a regulated commodities exchange platform that facilitates trading of African agricultural commodities (maize, paddy rice, soybean, sesame, cocoa, sorghum, cashew nuts, ginger) through Cash-Settled Spot Contracts, Deliverable Spot Contracts, Fair Trade Exchange Traded Commodities (FETC), and Fixed Income Products backed by physical commodities. The platform connects smallholder farmers, warehouse operators, collateral managers, broker-dealer members, and retail/institutional investors via an electronic trading interface and an Electronic Warehouse Receipt (EWR) Repository for commodity traceability, collateral management, and financing.

Product overview

AFEX operates as a commodities exchange platform providing a comprehensive trading ecosystem for Africa's commodities market. The platform offers four main product categories: Cash-Settled Spot Contracts and Deliverable Spot Contracts for trading physical commodities; Fair Trade Exchange Traded Commodities (FETC) for diversified portfolio investment without direct asset ownership; and Fixed Income Products backed by physical commodities supporting agricultural value chain financing. The core platform enables trading of commodities including Maize, Paddy Rice, Soybean, Sesame, Cocoa, Sorghum, Cashew nuts, and Ginger with real-time market data. AFEX is developing an Electronic Warehouse Receipt (EWR) Repository Platform to digitize warehouse receipts. Membership programs provide tiered access for Brokers, Dealers, Financial Advisors, Collateral Managers, and Warehouse Operators to participate in the exchange.

Differentiator

Problem solved

Functional benefit

Products and services

• Commodity Trading Platform Digital marketplace enabling traders to buy and sell commodities (Maize, Paddy Rice, Soybean, Sesame, Cocoa, Sorghum, Cashew nuts, Ginger) with real-time price data, market analytics, and trading tools.
• Cash-Settled Spot Contracts Financial instruments linked to the price movements of physical commodities, settled in cash based on commodities stored in accredited warehouses across operational locations. Provides cash settlement convenience without physical delivery.
• Deliverable Spot Contracts Contracts derived from price movements of underlying physical commodities stored in accredited warehouses, settled through immediate physical delivery of the commodity with cash exchanged for actual goods.
• Fair Trade Exchange Traded Commodities (FETC) Diversified commodities portfolio instruments similar to Exchange Traded Funds (ETFs), offering exposure to a basket of commodities structured to optimize risk-return balance without direct ownership of underlying assets.
• Fixed Income Products Fixed income instruments backed/enhanced by physical commodities, promising periodic interest payments and repayment of principal at maturity. Supports various sections of the agricultural value chain from aggregating commodities to financing inputs for farmers.
• Membership Programs Membership tiers including Broker, Dealer, Broker-Dealer, Financial Advisor, Collateral Manager, and Warehouse Operator, offering access to Africa's commodities market with different trading capabilities and compliance requirements.

Quantifiable outcome

• 62% drop in farm input usage in Nigeria during 2025
• +1 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Warehouse OperatorscoreChannel Partner/ Reseller/ Distributor · 14 August 2025Warehouse operators participated in the EWR Repository stakeholder engagement session held at AFEX's Victoria Island office. They discussed requirements and implementation of the electronic warehouse receipt system, including concerns around default risk and insurance claims on insured collateral.
• Collateral Management CompaniescoreChannel Partner/ Reseller/ Distributor · 14 August 2025Collateral Management Companies participated in EWR Repository discussions and proposed creating a sinking fund managed by the Exchange or Repository as an additional safeguard. They expressed interest in establishing a formal Association for Collateral Managers in Nigeria to enhance industry standards.
• Securities and Exchange Commission (SEC)coreStrategic or Co-development PartnerAFEX hosted the Securities and Exchange Commission (SEC) for a two-week strategic exchange program from July 14-24, 2025, designed to foster deeper engagement, knowledge-sharing, and alignment across Nigeria's commodities ecosystem. The program included interactive sessions, warehouse tours, and stakeholder engagements to align regulatory frameworks with private sector innovation.
• Chartered Institute of Stockbrokers (CIS)coreStrategic or Co-development PartnerAFEX partnered with the Chartered Institute of Stockbrokers at the CEO Breakfast Forum to highlight the role of capital markets in driving food security. The collaboration aims to unlock patient capital through innovative alternative investment instruments and improve market participation in the commodities value chain.
• Shalom Investment & Financial Services LimitedminorChannel Partner/ Reseller/ DistributorExchange member providing brokerage services on the AFEX platform.
• Fsdh Capital LimitedminorChannel Partner/ Reseller/ DistributorExchange member providing capital services on the AFEX platform.
• Lead Securities And Investment LimitedminorChannel Partner/ Reseller/ DistributorExchange member providing securities and investment services on the AFEX platform.
• Apt Securities & Funds LimitedminorChannel Partner/ Reseller/ DistributorExchange member providing securities and funds services on the AFEX platform.
• Tiddo Securities LimitedminorChannel Partner/ Reseller/ DistributorExchange member providing securities services on the AFEX platform.
• Vetiva Securities LimitedminorChannel Partner/ Reseller/ DistributorExchange member providing securities services on the AFEX platform.
• DsubrokerageminorChannel Partner/ Reseller/ DistributorExchange member providing brokerage services on the AFEX platform.
• Marble Capital LimitedminorChannel Partner/ Reseller/ DistributorExchange member providing capital services on the AFEX platform.

Scale indicators4 records

Recent moves5 records

Expansion highlights6 records

Broad incumbents

• CME Group: Global leading derivatives marketplace operating across agricultural, energy, and metals commodities. Provides the gold-standard exchange infrastructure, product design, and risk management framework that AFEX's product suite (spot, FETC, fixed income) benchmarks against.
• Nairobi Securities Exchange (NSE): Kenya's principal securities exchange that has expanded into commodity derivatives trading. Regional incumbent with established regulatory framework that competes for institutional African capital flows AFEX seeks to attract.
• Dalian Commodity Exchange (DCE): Major Chinese commodity futures exchange with deep agricultural commodity markets including soybeans, corn, and rice. Comparable scale ambition for agricultural commodities and warehouse receipt infrastructure in an emerging market context.
• Intercontinental Exchange (ICE): Global exchange operator with significant agricultural commodity derivatives franchise (e.g., cocoa, coffee, sugar). Comparable in operating regulated commodity venues with both physical delivery and cash-settled instruments serving institutional clients.
• Multi Commodity Exchange of India (MCX): One of Asia's largest commodity derivatives exchanges, offering spot and futures contracts across agricultural and other commodities. Provides a comparable operational model for an emerging-market, agriculture-led exchange scaling into broader product suites.

Direct peers

• Lagos Commodities and Futures Exchange (LCFE): Nigeria's other major commodities futures exchange, operating under SEC oversight with similar agricultural commodity focus. Directly competes with AFEX for Nigerian trading volume, broker members, and warehouse operator partnerships.
• Africa Mercantile Exchange (AMEX): A pan-African commodities exchange platform facilitating cross-border trade in agricultural commodities. Comparable in mission and product set to AFEX, with focus on African commodity market formalization and warehouse receipt financing.
• Agricultural Commodity Exchange for Africa (ACE): Malawi-based agricultural commodity exchange with warehouse receipt systems linking smallholder farmers to markets and financing. Closely comparable mission and target user base (smallholder African farmers) to AFEX's agricultural value chain focus.
• Ethiopia Commodity Exchange (ECX): Africa's flagship agricultural commodities exchange, trading coffee, sesame, and other crops with warehouse receipt and electronic trading infrastructure. Closest analogue in Africa for a regulated, multi-commodity exchange targeting African ag value chains.

Regional players

• ZIMACE (Zimbabwe Mercantile Exchange): Zimbabwe's commodities exchange operating in a different geography but with similar agricultural commodity focus and electronic trading infrastructure. Regional peer illustrating the multi-country exchange model AFEX aspires to replicate across Africa.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/AFEXNigeria
• Facebookfacebook.com/afexnigeria
• LinkedInlinkedin.com/company/afex-commodities-exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AFEX