EAST AFRICA EXCHANGE

What EAST AFRICA EXCHANGE does

East Africa Exchange (EAX) is a privately held regional commodity exchange incorporated in 2013 under parent Africa Exchange Holdings Ltd (AFEX), headquartered in Kigali, Rwanda. EAX operates a NASDAQ X-stream-powered trading platform that supports spot, forward, futures, and auction contract trading in agricultural commodities — white maize, mixed beans, soya, wheat, sorghum, and paddy rice — and is expanding into minerals and metals. The exchange is integrated end-to-end: an in-house Electronic Warehouse Receipt System (e-WRS) manages the digital lifecycle of stored goods, five certified warehouses across Rwanda provide 9,500 MT of storage capacity with grading, drying, and fumigation, and 12 partner financial institutions extend loans against EAX receipts as collateral. EAX is described as Africa's third largest exchange and holds exclusive operating rights in Rwanda with stated political backing across EAC partner states.

EAX operates a membership-based platform with six membership categories (broking, non-broking, international trader, individual trader, financial institution, and government institution), each subject to Capital Market Authority approval. The revenue model combines transaction-based take rates (1.25% on trades, 2.5% on stored commodity value), membership application and renewal fees, and warehouse service charges. EAX serves a long tail of over 200,000 smallholder farmers organized in 187 cooperatives, anchor off-takers such as MINIMEX and Africa Improved Foods, six partner banks for warehouse receipt financing, and government institutions including MINAGRI for strategic grain reserves. The platform has facilitated US$4.7 million in cumulative financing to farmers since 2014, and maize farmers reportedly receive a 31% price premium versus open-market rates. The company has reduced warehouse service charges from 30% to 2.5% of stored value to drive adoption, and is pursuing multi-country EAC expansion.

Name

EAST AFRICA EXCHANGE

Legal name

East Africa Exchange Ltd.

Website

https://ea-africaexchange.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

101–250 employees

Short description

East Africa Exchange (EAX) is a Rwanda-headquartered, AFEX-owned regional commodity exchange running a NASDAQ-powered trading platform, in-house electronic warehouse receipt system, and five certified warehouses to serve smallholder farmers, traders, financial institutions, and governments across the East African Community.

Ownership category

akta.pro rank

Headquarters

HQ city

Kigali

HQ country

Rwanda

HQ region

Africa

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Warehouse Service Charges: Fees charged for storage services at EAX certified warehouses. Currently at 2.5% of total value of commodity stored, reduced from previous rate of up to 30% of value.
2. Trading Facilitation Fees: Commission charged on commodity trades executed through the exchange platform. Fee is 1.25% of the value of commodity traded.
3. Membership Fees: Application processing fee of $100USD plus admission fees for membership to the exchange. Annual renewal required.

Pricing tiers

Distribution channels4 records

Marketing channels4 records

Core offering

East Africa Exchange (EAX) operates a regional commodity exchange platform that facilitates spot, forward, futures, and auction contract trading in agricultural commodities. The platform is supported by an in-house Electronic Warehouse Receipt System (e-WRS), a network of certified warehouses offering storage, grading, drying, and collateral management, and trade settlement services (T+2 cash, T+7 commodity). Members subscribe to one of six membership categories to access the exchange, financing via warehouse receipt-backed loans, and market data services.

Product overview

East Africa Exchange (EAX) is a regional commodity exchange operating a platform-plus-services model. The core offering is the NASDAQ X-stream powered trading platform enabling spot, forward, futures, and auction contract trading across agricultural commodities (White Maize, Mixed Beans, Soya, Wheat, Sorghum, Paddy Rice) and expanding into minerals and metals. The platform is supported by an in-house Electronic Warehouse Receipt System (e-WRS) for managing commodity deposits and financing, warehouse services with collateral management at certified facilities, trade settlement (T+2), market data services, and risk management advisory. EAX also offers a membership program with six categories covering trading members, financial institutions, and government institutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Commodity Exchange Trading Platform Fully automated trading platform facilitating spot, forward, futures, and auction contract trading in agricultural commodities, minerals, and metals for approved EAX members.
• Electronic Warehouse Receipt System (e-WRS) In-house developed web-based system managing goods received notes and electronic warehouse receipts, enabling commodity transfer for trade, financing requests, or physical delivery for EAX members.
• Warehouse Services and Facilities Storage facilities at five certified warehouses in Rwanda offering weighing, grading, cleaning, drying, fumigation, sorting, and re-bagging services for commodities deposited by members.
• Collateral Management Services Provides quality and quantity guarantees for commodities stored at EAX certified warehouses, enabling depositors to use electronic warehouse receipts as collateral for bank loans.
• Trade Settlement Services Ensures cash settlement to sellers within two days after trade (T+2) and commodity delivery to buyers within seven days after trade (T+7) for trades executed on the exchange.
• Risk Management Advisory Services Advisory services covering quantity and quality deterioration, price volatility, profit and loss analysis, post-harvest losses, and trading disputes for exchange participants.
• Market Data Services Daily commodity prices published on the EAX website and TV, weekly market updates, and member access to weekly, monthly, and yearly reports via the electronic warehouse receipt system.
• Membership Program Six membership categories (Exchange Certified Trading Member Broking, Non-Broking, International Trader, Individual Trader, Financial Institution, and Government Institution) requiring Capital Market Authority approval and a USD 100 application processing fee plus annual renewal.

Quantifiable outcome

• Farmers can borrow up to 70% of their produce value using warehouse receipts as collateral
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Nasdaq OMXcoreTechnology or IntegrationX-stream Trading platform by Nasdaq OMX provides high-performance, fault-tolerant exchange trading platform with rich functionality. Used for trading equities, debt, futures, options, swaps and derivatives globally.
• MINIMEX LtdcoreStrategic or Co-development PartnerLargest producer of fine maize products in Rwanda. Partners with EAX for forward contract supplies on white maize and participates in spot trading.
• MINAGRI (Rwanda Ministry of Agriculture and Animal Resources)coreStrategic or Co-development PartnerGovernment ministry facilitating economic transformation through competitive private sector. Strong partner supporting farmers' access to market and trade finances. Partner in strategic grain reserve program.
• MINICOM (Rwanda Ministry of Trade and Industry)coreStrategic or Co-development PartnerMinistry facilitating Rwanda's economic transformation through enabling competitive private sector integrated into regional and global markets. Strong partner supporting farmers' access to market and trade finances.
• Africa Improved Foods Rwanda Limited (AIF)coreStrategic or Co-development PartnerManufactures high quality, nutritious complementary foods using white maize and soya. Partners with EAX for forward contract supplies on white maize and participates in spot trading.
• RMB (Rwanda Mines, Petroleum and Gas Board)minorStrategic or Co-development PartnerGovernment body responsible for implementing national policies related to mines, petroleum and gas. Partnership supports EAX's expansion into minerals and metals trading.
• ProDev Group Holding Ltd.coreStrategic or Co-development PartnerOperates businesses in agriculture commodities space especially maize supply chain through Minimex Ltd and ProDev Rwanda. Partners with EAX for warehouse storage, forward contract supplies on white maize, and spot trading.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Agricultural Holdings Commodity Exchange (AHCX, Malawi): Malawi-based agricultural commodity exchange with warehouse receipt financing and trading infrastructure aimed at smallholder farmers. Operates in adjacent East/Southern African agricultural markets with a similar model.
• Ethiopia Commodity Exchange (ECX): Africa's flagship agricultural commodity exchange trading coffee, sesame, and grains with a warehouse receipt system. Closest large-scale analogue to EAX in terms of integrated storage, grading, and trading platform serving smallholder producers.
• AFEX Commodities Exchange (Nigeria): Sister exchange under the same Africa Exchange Holdings (AFEX) parent, operating a similar warehouse receipt and commodity trading model in Nigeria. Directly comparable in product, business model, and technology stack.
• Zambia Agricultural Commodity Exchange (ZAMACE): Regional African commodity exchange trading grains in Zambia with similar warehouse receipt and electronic trading features. Comparable in geography, customer base (smallholder farmers), and product mix.

Regional players

• Nairobi Securities Exchange: East Africa's principal securities exchange based in Kenya. Regional peer in the same EAC geography with overlapping trading and clearing infrastructure, though primarily equities and bonds rather than physical commodities.

Broad incumbents

• Dalian Commodity Exchange (DCE): Leading Chinese commodity exchange trading soybeans, corn, palm oil and other agricultural commodities with deep liquidity. Comparable product category and warehouse receipt integration, though at much larger scale and in a different geography.
• CME Group: World's largest derivatives marketplace offering agricultural commodity futures (corn, soybeans, wheat) with clearing and trade execution infrastructure. Sets global benchmarks and uses algorithmic execution technology analogous to the NASDAQ X-stream platform EAX has adopted.
• JSE Commodity Derivatives (SAFEX): South African Futures Exchange, Africa's largest commodity derivatives venue, offering agricultural futures including white maize. Much larger incumbent that sets regional benchmark prices EAX spot markets reference.
• Multi Commodity Exchange of India (MCX): One of the world's largest commodity derivatives exchanges, offering spot and futures across agricultural and metals commodities. Comparable platform model and asset class breadth, but at vastly greater scale and in a different regulatory regime.

Emerging players

• Lagos Commodities and Futures Exchange (LCFE): Newer Nigerian commodity and futures exchange seeking to build African agricultural derivatives liquidity. Emerging African peer with overlapping ambition to formalize commodity trading and warehouse receipt finance for African producers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/EAX_Exchange
• Facebookfacebook.com/EastAfricaExchange
• LinkedInlinkedin.com/company/east-africa-exchange-eax

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about EAST AFRICA EXCHANGE