Tingo (OTC: TMNA), a leading agri-fintech business in Africa, has signed a trade agreement with the All Farmers Association of Nigeria (“AFAN”). Tingo has signed a merger agreement to be acquired by MICT Inc. (NASDAQ: MICT); AFAN is the umbrella body of the 56 recognized commodities and agricultural associations in Nigeria. According to the agreement, AFAN will add a minimum of 20 million additional subscribers, which would more than triple Tingo Mobile’s current 9.3 million customer base. For its part, Tingo will provide an array of value-added products and services, including Tingo-branded smartphones, access to the Nwassa agri-fintech marketplace platform and the TingoPay Fintech super-app, and VISA-Tingo debit and credit cards. In addition, Tingo offers a wide range of agricultural products and tools, such as farming equipment, seeds, fertilizer and pesticides, as well as warehousing, transport and storage services. Tingo will also provide customers with the chance to wholesale produce locally and nationally, and export surplus produce. The announcement noted that most of the new subscribers will be owners of small- and medium-sized agricultural enterprises. “Over the past two decades, we have steadily built Tingo Mobile to support our loyal customer base of 9.3 million farmers, including more recently through the introduction of our Nwassa agri-fintech platform and our TingoPay fintech platform,” said Tingo founder and CEO Dozy Mmobuosi in the press release. “We are incredibly excited to expand our customer base to include the members of AFAN, not least as we aim to empower such members through our technology, for example, by helping them to increase crop-yields and better commercialize their agricultural products in both the national and global markets. Having today significantly further strengthened our position in Nigeria, our goal is to roll-out the Tingo Mobile model to other countries where we will continue to focus our efforts on these underserved agricultural producers and small business owners around the world.”
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About Tingo Inc.
Tingo is the leading agri-fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Tingo’s novel “device as a service” model allows it to add market leading applications to enable customers to trade, buy top ups, pay bills, and access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo’s strategic plan is to become the eminent Pan-African agri-fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses. Tingo, including its subsidiary Tingo Mobile, offers its comprehensive platform service through use of smartphones — “device as a service” using GSM technology — to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. For more information, visit the company’s website at www.TingoGroup.com.
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