African Consolidated Exchange (ACEX) chief executive officer Peter Mucheru (centre), exchanges views with some Dar es Salaam-based online platform entrepreneurs Joshua Fanuel (left) and Elibariki Shilla (right) during the official launch of the unified exchange platform in Nairobi.
Tanzanians can now take advantage of the newly-launched platform, the African Consolidated Exchange (ACEX), which will enable people to globally buy and sell assets such as stocks, bonds, forex, cryptocurrencies and other traditional commodities.
The digital infrastructure would also allow investors to stake in real estate, venture capital, micro-funding, mining and exploration among other projects while earning dividends on trading.
According to ACEX chief executive officer, Mr Peter Mucheru, the platform intends to rewrite African history by revolutionising the finance ecosystem through digital means.
Speaking during an exclusive interview, during the launching event in Kenyan capital Nairobi, Mr Mucheru said that ACEX will be the first exchange where native producers from Africa can list their produce, fix their competitive price and earn direct rewards from their efforts.
African products such as cobalt, cocoa, and timber will be synthetically indexed and offered as quotes for traders to take advantage of, he said.
“We also have a microfinancing model, which allows us to partner with local microfinance institutions and facilitate them with funds to provide credits to micro, small and medium enterprises,” he said.
Mr Mucheru said for Tanzania, ACEX is currently reviewing some few microfinance institutions – that when approved will start empowering MSMEs with capital access.
“We understand there is still faint knowledge when it comes to digital economy, with many people in the region fearing scams and online fraudsters. The platform offers education materials and through our local franchises, we ensure that one is well informed before they start trading,” he said.
To start tapping on the company potentials, one will need to purchase an initial investment of 100 of Temcoin ($XTEM) which is the native cryptocurrency of ACEX.
Tanzanian digital trader Mr Elibariki Shilla, who has had about three-year experience with the ACEX market said that stakeholders and investors can take advantage of the centralised platform because it offers multiple assets trading options unlike any other consolidated market in the world.
“For those who fear the digital trading initiatives, there are experts who offer knowledge and understanding on how to properly exploit the opportunity, as one can also trade by following what the verified traders do, step by step,” he said.
Another digital entrepreneur Mr Joshua Fanuel also insisted on the youth using this platform to fully exploit the digital opportunities and overcome the unemployment challenges.
However, he said in doing so, one need to make sure they gain enough information so that they can make informed and profitable trading decisions.
“Like in any business, before you put your money one needs to know everything about that business. The same applies to this, you need to be well informed and understand how it goes then start trading,” said Mr Fanuel.
In the ACEX platform, there will be a handful of verified people who will be known as merchants who will be allowed to engage in the business of converting $XTEM to fiat (nationally issued currencies) and vice versa.
According to ACEX, these merchants will be cast across all regions of Africa to facilitate smooth financial transactions because their fee will be minimal. These merchants will additionally be solving the issue associated with foreign remittances on the African continent.