Online Reporter
Nelson Gahadza
Senior Business Reporter
The Zimbabwe Mercantile Exchange says more banks are lining up to support its warehouse receipt system, a development expected to unlock liquidity for farmers and accelerate growth in the country’s structured agricultural markets.
ZMX chief executive Mr Collins Tapfumaneyi said three banks have already signed up to the platform, while at least three more are set to join in the coming months, reflecting growing confidence from the financial sector.
“We have already signed up three banks, CBZ, Nedbank and Ecobank, and we expect that in the next few months, the majority of the banks will be on board,” he said in an interview.
He added, “We have had quite a good run so far, although it is still developing. It has been very limited in the sense that we did not have sufficient liquidity, but we are now starting to see very strong support from the banks.”
Mr Tapfumaneyi said bank participation was critical to the effectiveness of the warehouse receipt system, particularly during periods of high agricultural output when farmers require flexible financing options.
The system allows farmers to deposit commodities in certified warehouses and receive a tradable warehouse receipt, which can be used as collateral for loans or sold on the market.
Mr Tapfumaneyi said this model becomes more impactful when there is excess supply, as farmers can avoid selling immediately at unfavourable prices.
“If we have a good supply, that supply cannot be taken up all at the same time. That excess, when converted into warehouse receipts, gives farmers a chance to have liquidity against that,” he said.
Last year, the Reserve Bank of Zimbabwe (RBZ) conferred liquid asset status on warehouse receipt instruments, significantly boosting their appeal within the financial system.
The instruments are now recognised as assets that can be readily converted into cash, increasing their acceptability among lenders and improving access to credit for farmers.
According to Mr Tapfumaneyi, the liquid asset status delivers wide-ranging benefits, including improved financial flexibility and better price management.
ZMX has made significant progress, fully operationalising its digital platform for spot market trading and warehouse receipts to enhance agricultural marketing.
As of early 2026, it supports trading for various commodities (maize, soy, wheat, sugar beans) and is heavily involved in the 2026 tobacco season, strengthening price discovery for farmers.
ZMX’ 2026 summer marketing season officially started on Wednesday, with the exchange conducting a maize and soya bean auction to mark a new chapter in agriculture marketing.
The auction launch in Harare was a hybrid of online and physical participation and ran under the theme: “Building Transparent Markets for a Prosperous Agricultural Future.”
This comes as farmers have started harvesting the early-planted maize and traditional grains. In some areas, harvesting has been delayed by the current rains.
Representing Lands, Agriculture, Fisheries, Water and Rural Development permanent secretary, Professor Obert Jiri, at the launch, business development, markets and trade chief director in the ministry, Mr Clement Bwenje, said the landmark event signalled the beginning of the 2025/26 summer crop marketing season.
“For free agriculture commodities produced by non-contracted farmers, individual institutions and contractors (millers, processors and merchants), the event signals a new chapter in the evolution of Zimbabwe’s agricultural markets,” he said.
Mr Bwenje said the agriculture market space had, over the years, experienced bottlenecks such as limited access to structured and reliable markets, price uncertainty and inefficiencies in price discovery, fragmented trading systems and constrained access to affordable and timely financing.
