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AFEX, a leading African commodities player, has launched Africa Exchange, a digital platform for trading commodities. According to the statement announcing the platform last month, Africa Exchange provides a structured marketplace duly regulated by Nigeria’s Securities and Exchange Commission (SEC).

Africa Exchange will replace ComX, which has served over 80,000 investors in Nigeria and facilitated trades worth over $200 million since it was launched by AFEX in 2020. AFEX said the transition is aimed at bolstering the company’s mission of facilitating wealth creation for a new generation of Africans by providing them with alternative investment options to enrich their portfolios.

Additionally, AFEX said it aims to enhance intra-African trade by strengthening commodities trading within Africa and supporting the African Continental Free Trade Agreement's (AfCFTA) mission to improve regional trade integration to boost economic development and food security across the continent.

Akinyinka Akintunde, CEO and President of AFEX Nigeria, said Africa Exchange is another step in building the digital infrastructure to facilitate trade across Africa. “With this launch, our goal is to boost the commodities market in Africa and allow more investors to participate with all the information that they need at their fingertips,” he added.