Cereals and Pulses (Maize, Beans, Rice, Green grams), Coffee
Other commodities will be included with time.
The farmer can access finance from 16 financial institutions already onboarded into the system, e.g, banks and saccos, the farmer can access input, and the farmer can trade the receipt to interested buyers.
The WRS platform is an electronic system and has adequate security systems to detect fraud and malpractices.
It’s anchored in law by the WRS Act No. 8 of 2019, Warehouse Receipt System Regulations of 2021, Insurance, and performance bond. All receipts are registered in the Central Registry, which is accessible to authorised stakeholders alone. protected by security features.
A receipt provided to the depositor upon depositing the agricultural commodities in the warehouse will cost Ksh 100 to register. However, the warehouse operator charges for drying, weighing, grading, and storage charges, which are agreed upon between the depositor and the warehouse operator.
Warehouse operators are responsible for the safety and quality of commodities deposited in their warehouses. Once commodities are deposited at the warehouse, it is the responsibility of the warehouse operator to ensure quality and quantity of commodities. This is done under the supervision of the council. The commodities remain the property of the depositor until sold.
Marketing of farmers’ produce will be the collective responsibility of the farmer, warehouse operator, and the Council. The Council will ensure depositors get access to information to enable informed decision-making. The warehouse receipts (WRS), which are negotiable and transferable, will be mainly traded at the Kenya National Multi-commodity Exchange (KOMEX), thereby providing a national and international platform for efficient and transparent price discovery and marketing system.
The Council will negotiate with participating financial institutions to develop affordable financial credit and products that are farmer-friendly. Terms, conditions, and costs of the loans will be disclosed to the depositors, who will then make a voluntary decision to take or reject the offer.