Kenya Agricultural Commodity Exchange
Encyclopedia
Kenya Agricultural Commodity Exchange is a private sector firm in Kenya
. It was established in 1997.
The main objective of Kenya
Agricultural Commodity Exchange is to facilitate linkage between buyers and sellers, exporters and importers of agricultural commodities in trade. It provide farmers and market intermediaries such as traders, and consumers, with information about market, and other services that enhance their bargaining power and competitiveness in the market place. It also provide a transparent and competitive price discovery mechanism through the operations of the exchange trading floors and apply information and communication technologies for rural value addition and empowerment.
KACE signed an agreement with West Media Limited (WML), owners of the West FM Radio Station located in Bungoma
Town in Western Province of Kenya, where they have established an interactive radio program called Soko Hewani which means The Supermarket On Air in Swahili
.
This is how the it works. Offers and bids are announced on the Soko Hewani program. Listeners, then bid on the offers through phone, SMS, IVR or e-mail messages. The radio program staff then match the offers and bids as the program is on air, then using mobile phone calls and SMS, or reference back to the specific MRC which submitted the offer or bid for further negotiation and conclusion of deals.
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
. It was established in 1997.
The main objective of Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
Agricultural Commodity Exchange is to facilitate linkage between buyers and sellers, exporters and importers of agricultural commodities in trade. It provide farmers and market intermediaries such as traders, and consumers, with information about market, and other services that enhance their bargaining power and competitiveness in the market place. It also provide a transparent and competitive price discovery mechanism through the operations of the exchange trading floors and apply information and communication technologies for rural value addition and empowerment.
KACE signed an agreement with West Media Limited (WML), owners of the West FM Radio Station located in Bungoma
Bungoma
Bungoma is a town in Western Province of Kenya, bordered by Uganda in the west. Bungoma town was established as a trading centre in the early 20th century. The town is the headquarters of Kenya's Bungoma District and it hosts a municipal council...
Town in Western Province of Kenya, where they have established an interactive radio program called Soko Hewani which means The Supermarket On Air in Swahili
Swahili language
Swahili or Kiswahili is a Bantu language spoken by various ethnic groups that inhabit several large stretches of the Mozambique Channel coastline from northern Kenya to northern Mozambique, including the Comoro Islands. It is also spoken by ethnic minority groups in Somalia...
.
This is how the it works. Offers and bids are announced on the Soko Hewani program. Listeners, then bid on the offers through phone, SMS, IVR or e-mail messages. The radio program staff then match the offers and bids as the program is on air, then using mobile phone calls and SMS, or reference back to the specific MRC which submitted the offer or bid for further negotiation and conclusion of deals.