Tingo Inc. (OTCQB: IWBB) is a digital service agri-fintech technology
company focused on foundation-level agriculture and related financial services in Africa. The company aims to be Africa’s leading agri-fintech player, transforming rural farming communities to connect through its proprietary platform to meet their complete needs – from inputs and agronomy to off take and marketplace – and deliver sustainable income in an impactful way. The company’s vision is to build complete digitally inclusive ecosystems that promote financial
inclusion and deliver disruptive micro-finance solutions, empower societies, produce social upliftment in rural communities and open international opportunities.
Tingo believes that a truly connected world will help contribute to a better global society. The company’s core focus areas are telecoms, financial services/fintech and agritech. Tingo’s goal is to provide a best-in-class customer experience, support the domestic economies of its host countries and support technological and ﬁnancial inclusion to end the poverty premium. Through this, Tingo hopes to deliver attractive returns to shareholders while investing in the long-term
future of the company and its subsidiaries.
Global climate change is challenging sustainable production and food security. Tingo’s strategy and market execution provide an opportunity for Africa to be a core focal point to solve a number of key areas of concern, including food security, gender equality, financial inclusion and poverty alleviation, to name a few. Disruption of micro finance through the use of DeFi-based stable coins and smart contracts will give agri-communities access to capital markets-driven digital finance
solutions that make them more competitive and sustainable economically, striking a good balance of returns between digital asset providers and Tingo as the service partner. This innovation will deliver significant access to much needed finance at ‘Grassroot’ levels, delivering tangible social upliftment and GDP growth in the African markets served by Tingo.
Tingo Mobile, with more than nine million subscribers, is Nigeria’s leading technology and device-as-a-service platform aimed at accelerating digital commerce, especially in the country’s agritech and fintech verticals. The company helps farmers acquire mobile phones through a unique leasing plan, connecting them to mobile and data networks through its own virtual mobile network. Tingo also connects farmers to markets, services and resources via Nwassa, its digital agritech
marketplace platform that commenced operations in 2020. The company has also launched a beta version of TingoPay – a B2B and B2C fintech app aimed at providing financial services to users inside and outside of the agriculture value chain. Among the services offered are mobile wallets, payment processing and access to specialist lenders, insurers and pension products.
Tingo will soon announce its innovative blockchain-based solution for use of digital stable coins to empower frictionless trade across borders in Africa. The company’s market-proven model in Nigeria is its core foundation, enabling Tingo to deliver the same service model across Africa to become the continent’s leading agri-fintech business powered through smartphone technology.
The African Continental Free Trade (ACFT) plan will be a key framework to prepare the company to be the leading intra-Africa trading hub for trade flows across Africa in the medium term, when it is likely the agreement will be executed into tangible activity. Tingo is well positioned to easily transform the goals of the ACFT into reality when finally implemented by the African Union and the various African countries that have not signed up.
Tingo posted total revenue of $594 million in 2020, with $212 million EBITDA. As of December 31, 2020, Tingo has 9,344,000 subscribers. The company is confident that these figures will grow through its expansion across Africa and natural progression of business in Nigeria.
- Investor appetite in Africa continues to b robust, attracting $407 billion of Foreign Direct Investments (FDI) between 2014 and 2018.
- Agriculture makes up 23 percent of sub-Saharan Africa’s GDP and 60 percent of employment.
- Tingo directly benefits the African economy by helping farmers gain better prices for their crops.
- The company enables more efficient markets via greater distribution of agricultural products.
- Tingo directly provides an access point to technology for tens of millions of Africans.
- The company is expanding into fintech banking services for the mass market, providing access to financial services through Tingo Pay, its proprietary mobile wallet application.
InvestorNewsBreaks - Tingo Inc. (IWBB) Announces Plans, Partnership for Building Digital Portal
January 12, 2022 10:30 AM
Tingo (OTC: IWBB), a leading agri-fintech business in Africa, is involved in a partnership to build a new online portal designed to make the advantages of the internet available to businesses of all sizes. The company is involved in creating the Integrated Micro, Small &
Medium Enterprise (iMSME) ecosystem. According to the company, iMSME is designed to be a portal open to businesses of all sizes. A focus of the portal will be to help facilitate communication among businesses and to assist in building relationships with potential partners, clients and customers. Tingo is one of several partners involved in this endeavor and will serve as the technology partner for the project. Others involved include ITScope Consulting, a technology and communications company
and the federal government of Nigeria through the Small & Medium Enterprises Development Agency of Nigeria (“SMEDAN”). SMEDAN officials have noted that, when deployed, the new portal, which is a real-time integrated ICT platform designed to provide a digital solution to problems faced by MSMEs in Nigeria, should foster economic growth and development of all micro small and medium enterprises in the country. “We are delighted to work with SMEDAN and ITScope to deliver this
important platform, which will assist in delivering increased and sustainable economic growth in Nigeria and across Africa,” said Tingo CEO Dozy Mmobuosi in the press release. “When I started my business over 20 years ago, some of the biggest challenges I faced were identifying and connecting with the best partners to deliver strategic goals and to efficiently engage with these partners and customers on a day-to-day basis. The iMSME portal allows entrepreneurs and business of all
sizes to connect, engage and do business. This increase in efficiency will lead to a more prosperous economy for Nigeria and across Africa as the platform grows. This partnership highlights our commitment to fostering a sustainable, digitally led economy that supports entrepreneurs and business across Africa.”
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