- Tingo is committed to becoming truly Pan-African Agri-Fintech company with a global reach
- Founded two decades ago, Tingo is Africa’s market leader focused on agriculture and related financial services with over $600 million annual revenues and nearly 10 million users
- As a profitable company focused on making a positive impact on people in rural communities, Tingo aims to unite market growth potential with opportunities to contribute to a social change across Africa
With a vision to empower societies and create social upliftment in rural African communities by building digitally inclusive ecosystems and promoting financial inclusion, Tingo (OTCQB: IWBB) is forging ahead committed to becoming a Pan-African Agri-Fintech company with a global reach. Established in 2001 by Dozy Mmobuosi, CEO and co-founder, to bring mobile technology and fintech solutions to the unbanked rural areas in Nigeria, Tingo today is the leading company focused on agriculture across Africa with over $600 million annual revenues and nearly 10 million subscribers. Mmobuosi, a Ph.D. holder with a spirit of a serial entrepreneur is confident that the company is well on its way to becoming the continent’s leading agri-fintech player (https://ibn.fm/cyD5t).
Recognizing that achieving the United Nations Sustainable Development goals—adopted as the company’s guiding principles—is closely connected with strategies that build economic growth, Tingo aims to connect players across the agricultural value chain, from farmers to packaging and logistic partners to consumers looking to buy fresh produce at the best prices.
With this goal in mind, the company has centered its operations around these core business segments—device as a service (mobile phone leasing, mobile voice and data services), the Nwassa Marketplace Platform, and Tingo Pay. Through this vertically integrated business model, Tingo provides farmers with communication tools and access to market and financial inclusion. First, Tingo supplies farmers with a Tingo-manufactured handset, using Tingo’s mobile data and voice services. Farmers can then access the Nwassa platform, Tingo’s proprietary digital platform for agriculture, which allows everyone to engage in agribusiness anytime and on the go. Finally, there is Tingo Pay, the in-house payment platform built specifically to serve actors on the Nwassa platform and power the African agricultural value chain. With financial services such as mobile wallets, payment processing and access to specialist lenders, insurers, and pension products, Tingo Pay helps African farmers with financial inclusion. The platform processes more than 500,000 transactions daily with a value of over $8 million per day (https://ibn.fm/2yHst).
Still, Tingo is not stopping there. The company is forging ahead with ambitious plans as it is positioning the platform to broaden the market reach by making Tingo Pay available to the general public. The company also intends to roll out a blockchain-based solution to enable frictionless trade across borders in Africa.
With the goal to become a truly Pan-African company with a global reach, Tingo strives to build a company that can potentially make a difference for the continent by providing a complete digital ecosystem for agribusiness, a critical component of Africa’s economy.
For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to IWBB are available in the company’s newsroom at https://ibn.fm/IWBB
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