CMA extends coffee brokers’ permit by a month
The capital markets watchdog has extended provisional licenses granted to four coffee brokers earlier in June by a further 30 days.
The move is expected to allow Capital Markets Authority time to finalize the brokerages full compliance with requisite regulations.
The four coffee brokers include Kipkelion Brokerage Company Limited, Murang’a County Coffee Dealers Company, Mt Elgon Coffee Marketing Agency Limited and United Eastern Kenya Coffee Marketing Company Limited.
The extension comes even as the CMA battles Agriculture CS Peter Munya for the heart of the coffee trade with the Minister disputing the regulator’s role in coffee auctions.
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In June, five companies got the market regulators greenlight to start offering brokerage services at the Nairobi Coffee Exchange (NCE) starting July 1.
However, only Meru County Coffee Marketing Agency Ltd was at the time granted a full coffee broker license as the others were expected to transition into full compliance by the end of September.
According to the coffee exchange regulations together with the crops coffee general regulations 2019, the NCE and coffee brokers are to be licensed and supervised by the CMA beginning July 1, last year.
