Warehouse Receipt System officially launched

warehouse receipt system

The Warehouse Receipt System has officially been launched in Kenya enabling farmers to store their produce in exchange for a warehouse receipt that can be traded, sold, exchanged or used to source credit and farm inputs.

Agriculture Cabinet Secretary Peter Munya says the warehouse receipt system would help reduce post-harvest losses from the current 40 percent to 10 percent and enhance earnings.

The Food and Agriculture Authority has certified and registered 45 stores and one silo under the warehouse receipt system.

The registered facilities have started accepting farm produce in exchange for a receipt that can be used to access credit at four financial institutions.

The National Cereals and Produce Board facilities in Kitale, Eldoret, Meru, Nakuru and Nairobi have started receiving farmers produce.

Plans are under way to incorporate potato and coffee into the warehouse receipting system that initially targeted grains to cut off middlemen who were said to be fleecing farmers.

The system which was officially launched Thursday in Kitale, will see farmers storing their produce in exchange for a warehouse receipt that can be traded, sold, exchanged or used to secure farm inputs.

Through Warehouse Receipt System, sale of agriculture commodities will be done in a modern and efficient way.

The Kenya Investment Authority is expected to develop an investment manual that will guide potential investors on opportunities in the warehousing infrastructure and logistics.

 

  

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