• Binkabi Commodity Monday #10 | (View online) in your own language

Nuts about nuts

Commodity Monday, 12 November

Tanzania threatens to deploy army in cashew nut crisis  

Tanzania is the 2nd largest producer of cashew nut in Africa, just after Cote D’Ivoire. Cashew nut exports provide 15% of the country’s foreign exchange income. 

Cashew nut export is done by organised auctions during harvest season from October. This year the auctions have been delayed due to price disagreements. Tanzanian President John Magufuli accused traders of attempting to rip off thousands of farmers and ordered them to increase their price offers to around $1.3 (£1; €1.15) per kilogram (2.2 pounds). Traders have been given a Monday deadline to buy crops from farmers at this price. If this does not happen, Mr Magufuli said he will send dozens of military trucks to collect the entire crop. 

Both of the agriculture minister, Charles Tizeba, and the trade and investment minister, Charles Mwijage were sacked.

9 ocean carriers, terminal operators join new blockchain initiative to rival TradeLens
Supply Chain Dive

In our previous post “No plain sailing”, we covered how TradeLens was struggling to sign up competitors to its blockchain based shipping platform. Looks like things are moving south for them as nine major ocean carriers and terminal operators signed a formal statement to develop a blockchain platform called the Global Shipping Business Network (GSBN), with the aim of increasing efficiency and transparency using distributed ledger technology. 

The participants include COSCO Shipping Lines, CMA CGM, Evergreen Marine, OOCL, Yang Ming, DP World, Hutchison Ports, PSA International and Shanghai International Port. The new platform will establish a digital baseline that aims to connect all stakeholders, including carriers, terminal operators, customs agencies, shippers, and logistics service providers to enable collaborative innovation and digital transformation in the supply chain.

Ownership seems to be a significant factor in getting competitors to sign up together. With five carriers, the GSBN may have a better shot at moving forward in a meaningful way. 

Interswitch, Microsoft, partner to pioneer blockchain technology in Nigeria 
PM News

Interswitch Group, a Pan-African integrated digital payments and commerce company, in partnership with Microsoft, has announced the launch of its blockchain-based supply chain financing platform. 

This initiative brings together entrepreneurs, major financial institutions and corporate organizations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations.

According to Mitchell Elegbe, CEO of Interswitch, with the launch of the Interswitch Supply Chain Finance Module, SMEs businesses could access more funding in a shorter time from participating banks, such as United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB) and Zenith Bank Plc and enjoyed increased sales cycles from participating corporations, such as the Dangote Group.

Binkabi is the "Innovation of the year" 

Binkabi Medium 

On November 8, the bi-annual Africa Fintech Summit was held at Civic Centre, Lagos, the commercial capital of Africa. The summit gathered some of the successful fintech companies, disruptors, regulators, and investors from around the globe to debate policies, compare best practices, and forge ventures.

Binkabi Co-Founder, Andrew S. Nevin spoke at the Blockchain panel. He made a strong case for tokenization protocol and smart bartering mechanisms on the blockchain and how it reimagines the commodity supply chain in Emerging markets. 

The highlight for us was Binkabi receiving the award for “Innovation of the Year” at the African Fintech Summit, this reminds us that innovation will continue to drive development and solve some of the prominent challenges of the world.

Harvest Spotlight: Maize 

Binkabi Medium 

Maize is a valuable commodity that is geographically dispersed across Nigeria and suitable for most Nigerians. It is perhaps the most common staple food in developing countries, providing food for 900 million people earning less than US $2 per day. In Sub-Saharan Africa, 50% of the population consumes maize while the entire African continent accounts for 30% of global Maize consumption.