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AFEX raises $50 million to finance Agri-SME’s in Nigeria

by with No Comment finance

The $50 million Agri-SMEs fund is
expected to bridge the funding gap between lenders and borrowers in the agric sector.
AFEX Commodities Exchange Limited (AFEX), a private commodities exchange company, has announced the first Warehouse Receipt Backed Commercial Paper in Africa. The paper has tech- enabled operations and a 24-hour fast cash turnaround for borrowers.
This was disclosed by AFEX in statement issued and seen by Nairametrics on Thursday.
The $50 million Agri-SMEs fund is expected to bridge the funding gap between lenders and borrowers in the Nigerian agricultural sector with a commodity- backed instrument- for the first time.
The warehouse receipts, which can then be transferred from commodities to a financial asset and listed under the borrower’s portfolio on the AFEX trading platform, will create a sustainable funding structure and address underfunding in the Nigerian agricultural sector.

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    Finance tips – Why you need an accounting software

    by with No Comment Business

    A financial app helps you to manage and account for every expense undertaken, especially for a small business that cannot afford an accountant or a bookkeeper.

    As your business grows gradually and cash flow increases, you may now have the requisite knowledge to handle your account.

    Apps such as Mint, Quick Receipt, Spending Tracker, etc., help users to budget and track their expenses. #Enugusme#Gburugburuissme#money#business#entrepreneuership
    #financialtips