CMA issues full licenses to two coffee brokers – Capital FM Kenya
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NAIROBI, Kenya, Feb 9 -The Capital Markets Authority (CMA) has granted full licenses to Mt. Elgon Coffee Marketing Agency Limited and United Eastern Kenya Coffee Marketing Company Limited, in line with the Capital Markets (Coffee Exchange) Regulations, 2020.
The CMA Chief Executive Officer, Wyckliffe Shamiah noted, “the Authority continues to engage relevant stakeholders in the coffee sub-sector to ensure that the momentum of the reform agenda is sustained and gains traction towards full implementation of the Coffee Exchange Regulations.”
“This is expected to ensure the marketing and trading mechanism at the Coffee Exchange promotes fair trade, is transparent, and enhances price discovery, ultimately benefitting the coffee farmers, who will receive coffee sale proceeds efficiently once the Direct Settlement System is in place.’’
Shamiah also noted that the current bank guarantees by the different players shall continue in operation pending competitive selection of a commercial bank by the Nairobi Coffee Exchange to offer the Direct Settlement System in line with provisions of the Coffee Exchange Regulations.
The Authority is mandated to regulate the structured spot commodity markets in Kenya. The Coffee Exchange Regulations were gazetted by the Cabinet Secretary, National Treasury, and Planning on 3 April 2020. The Coffee Exchange Regulations together with the Crops Coffee General Regulations, 2019 envisage that the NCE and coffee brokers are to be licensed and supervised by the CMA.
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