AFEX Upgrades ComX App with New Features

By Dipo Olowookere

The leading commodities exchange in Nigeria, AFEX Nigeria, has announced an upgrade of its mobile application designed for trading agriculture commodities, ComX.

Business Post gathered that the mobile platform was redesigned to make transactions easier for traders and investors. It was also packed with improved user-specific features that will bring a more convenient experience for trading.

Recall that earlier this year, the organisation released the ComX app, a first of its kind digital trading platform for commodities.

With ComX, retail and institutional investors alike access a hub for trading and investing in agriculture commodities; a relatable and historic asset class.

In order to make the app better, it was upgraded with an improvement in three key areas: interactivity, information display, and asset classes all bundled up in a customer-friendly UX.

The ComX 2.0 has features like “an archetype that focuses on you, a community to belong, resources to dive deeper into, trading choices, and seamless user experience.”

The improved mobile app is already available on the Google Play Store and the Apple App Store.

AFEX Commodities Exchange was established in 2014 as Nigeria’s first licensed private commodities exchange.

The limited liability company was set up to transform Nigerian agriculture by creating more bargaining power to smallholder farmers, access to information, and secure storage.

Last year, the firm introduced Nigeria’s first-ever commodities index, the AFEX Commodities Index (ACI), tracking the changes in price for three key agricultural commodities; maize, paddy rice and soybeans.

The company, which was given an operating licence in 2015 by the Securities and Exchange Commission (SEC), has continued its capital market integration in earnest, introducing the first-ever market education platform for commodities known as EdEX.

AFEX Nigeria boasts of the Grain Bank and Commodity Exchange project with West Africa Food Market (WAFM), targeting 100,000 farmers. It has also launched the first structured Grain for Fertiliser programme in Nigeria, issuing a GBP350,000 repo bond that is fully subscribed by DFID. Its trading platform is powered by Nasdaq.