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shiet
hii ndio ngani banae?
iko watu walitafutiwa kazi banae
Warehouse Receipt System Council (WRSC) is a State Corporation in the Ministry of Agriculture, Livestock, Fisheries and cooperatives established by the Warehouse Receipt System Act No. 8 0f 2019.
Warehouse Receipt System (WRS) is a process where owners of commodities (Farmers or Aggregators) deposit their commodities in a certified warehouse and are issued with a document of title called a Warehouse Receipt as proof of ownership. The Warehouse Receipt is transferable and negotiable.
I had to check their website. Here’s the chairman’s Mandate.
Chairperson
A person intending to operate the business of warehouse storage of agricultural commodities and issuance of warehouse receipts shall apply for a warehouse operator’s license to the County Executive Committee member of a county government. The County Executive Committee member shall, upon being satisfied that the applicant meets the requirements for the issuance of a license, require the applicant to provide a performance bond equivalent to ten per-cent of the value of the commodity that the applicant predominantly stores or intends to store in the warehouse.
Mrs. Jane Mumbi Ngige, Chair
I didn’t know we had a warehouse receipt system in Kenya. Good work!
You can use the receipt as collateral for a bank loan; you can go back and take your produce such as maize ama beans and sell when prices are high…it is an amazing system! Hii si mambo ya kutafutiwa kazi…it is a real boon to farmers, who are able to harvest their products and store them in a fully compliant warehouse while prices are low and sell later prices zikipanda
It would be nice if the NSE facilitated futures trading on these commodities. Farmers would have more say over food prices.
I know of farmers who use this system… It’s just that information doesn’t get to everyone