Fast growing platform for issuing, trading and financing commodities on the blockchain, Binkabi, has signed a partnership agreement with AFEX Commodities Exchange and Sterling Bank to launch the world’s first blockchain-based commodity marketplace, dubbed ‘Uber for grains”, in Nigeria.
The Sterling Bank partnership took place on the 13 November, 2018, as Binkabi platform uses smart contracts on the blockchain to secure and automate commodity trading and financing.
Sterling Bank during the signing stated that through the platform, farmers will be able to utilize a chain of modern warehouses across the country, minimise wastage of agricultural produce and easily access financial services.
The MD, Sterling Bank, Abubakar Suleiman, stressed that, “It’s a marketplace that promotes fairness, provide funding / liquidity and eliminate friction; the possibilities are endless!”
This partnership will see the parties involved lending the sum of $30 Million to Agriculture, using Blockchain Technology to finance Smallholder farmers & players in the commodities markets.
This partnership goes a long way in creating a vibrant network of marketplaces of commodities and supply chain finance consisting of banks, commodity exchanges, warehouse providers, transporters, farmers, aggregators and processors. Ultimately, it is about helping farmers and SMEs in Africa to translate huge agriculture potential into reality through unlocking the value of ‘dead capital’ in the agriculture supply chain.