TruTrade, the innovative sourcing and trading initiative for Africa\u2019s smallholder farmers, doubled its trading volumes in 2019 over the previous year.<\/p>
\u201cWe\u2019ve experienced continued growth in\nboth the Kenyan and Ugandan markets,\u201d said CEO Jenny Rafanomezana. \u201cAnd we\u2019re\nconfident that we\u2019ll see further strong growth in 2020, with significant new\norders from national and international markets already secured.\u201d<\/p>
In 2019, TruTrade sourced just over 1,500MT of farm produce, purchasing from 3,760 farmers through over 5,500 transactions. On average, farmers received 14% more income from TruTrade than they would have with traditional farm-gate traders with some commodities showing a doubling of income. All payments to farmers continue to be made via mobile money, increasing transparency and reducing the risk of fraud.<\/p>
\u201cTruTrade\nnow has a robust client base, providing a sourcing service to 27 businesses on\na regular basis as well as additional spot market retailers,\u201d said Jenny. \u201cOur\nbuyers include exporters such as East African Growers, Kawacom and Olam;\nretailers such as Java and Zucchini greengrocers, and processors for flour,\njuice, brewing and animal feed including East African Basic Foods, Kirinyaga\nFlour Mills and Devenish Nutrition. We\u2019re in on-going talks with a number of\ninternational food companies and I\u2019m confident we will see this client list\nexpand significantly in 2020.\u201d <\/p>
Trading\ntook place in 14 commodities, including avocado, sesame, soy, sorghum, rice,\ncassava and mango. Further growth is expected in these key value chains over\nthe next 12 months, with additional growth in potato and tree nuts.<\/p>
TruTrade\u2019s\ninnovative digital system was recognized in 2019 with a Global Prosperity Award\nfrom the Mohammed Bin Rashid Al Maktoum Foundation, recognizing its potential\nfor impact on rural poverty and hunger.<\/p>
\u201cThese\nresults have been driven by ongoing focus on our strategic objectives of\nbuilding the supply base, market growth, increasing efficiency of trading\noperations and new service development,\u201d said Jenny. \u201cOur overall investment\ngrew in 2019, with a three-fold increase in local grant revenue generation.\nTrading revenue also increased and combined revenue is now covering 30% of\noperating cost. We are well positioned to continue this upward trend in 2020.\u201d<\/p>","protected":false},"excerpt":{"rendered":"
TruTrade, the innovative sourcing and trading initiative for Africa\u2019s smallholder farmers, doubled its trading volumes in 2019 over the previous year. \u201cWe\u2019ve experienced continued growth in both the Kenyan and Ugandan markets,\u201d said CEO Jenny Rafanomezana. \u201cAnd we\u2019re confident that we\u2019ll see further strong growth in 2020, with significant new … Read More<\/a><\/p>\n Read More<\/a>","protected":false},"author":3,"featured_media":5524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[659,688,637],"tags":[163,776,756],"class_list":["post-5892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agriculture-nutrition","category-microfinance","category-news","tag-africa","tag-trade","tag-trutrade"],"yoast_head":"\n