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Kenya: Mombasa Tea Brokers Begin Real-Time Streaming of AuctionMonday, September 15, 2014 > 09:02:18
Kenya's tea farmers were partly to blame for the poor performance of tea sales last year as they did not reduce production as they had been cautioned in 2009.
This has now led tea brokers in Mombasa to begin a real-time streaming of the Mombasa tea auction to authorised stakeholders ahead of the April implementation of electronic trading in order to increase transparency and efficiency.
This was said during the launch of live streaming and data capture proceedings of the Mombasa auction attended by key stakeholders in the sector in Mombasa.
The East African Tea Trade Association (EATTA) that runs the auction at the Tea Trade Centre says the move will provide transparency in the way bids are communicated.
Speaking during the launch, Edward Mudibo managing director EATTA said that the process has entailed installing web cameras that will stream auction proceedings live to all authorised stakeholders. "There shall also be instantaneous data visualisation and analysis, automated data warehousing and historical achieving, quick and efficient post-auction reconciliation and world-class auction floor operations," he added.
The lobby says the auctions have been available online since August 25, with the net-cast capturing buyers' bids and the accepted final bids by brokers.
The live transaction is only offered through CFC Stanbic Bank. However, EATTA has announced it is finalising the integration of Equity and Citi banks platforms to effect the real-time electronic tea sales payment system introduced in 2010.
During a meeting with sector stakeholders in June, President Uhuru Kenyatta called for the fast tracking of an electronic tea auction in Mombasa through a public-private partnership, to improve transparency and efficiency.
Mr Mudibo says the electronic auction is expected to be operational by April next year.
"A steering committee comprising a cross-section of members of the East African Tea Trade Association has put in motion deliberations to actualise the Electronic Tea Auction," he said.
The EATTA-run Mombasa tea auction is the largest black tea exchange centre in the world, with 32 per cent of the tea exported to the world passing through it.