Tingo Inc. (OTC: TMNA) 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 has four core business lines:
- Mobile Phone Leasing – Tingo has distributed almost 30 million mobile handsets since 2014 and will continue to replace the devices of its installed customer base every three years. Tingo Mobile provides the latest mobile phone handsets at an affordable price point and
allows customers to spread payments over 36 months.
- Mobile Voice and Data Service – Through a mobile virtual network, Tingo provides its customers with voice and data services, allowing customers to communicate effectively, both inside and outside the agricultural ecosystem.
- Nwassa Marketplace Platform – Nwassa is Tingo’s proprietary agritech platform which provides Africa’s farmers with access to global markets to secure more competitive pricing for their crops. The platform processes 500,000 daily transactions with a value of
over $8 million. A select group of trusted partners can assist smallholder farmers and agricultural cooperatives with packaging, warehousing, and dry and wet cargo logistics, as well as up-to-date information from the global agricultural sector. Tingo provides its customers with digital wallet services, which enable them to send and receive domestic payments, monitor cash flow in real time and securely hold money. The company also provides access to other services, such as utility bill payment,
virtual airtime top-up, insurance services and alternative lending solutions.
- TingoPay – Since the launch of the Nwassa platform, Tingo has been a dominant player in the B2B fintech vertical. After many successful months of operating Nwassa, Tingo entered the fintech B2C vertical to extend its B2B offering to a broader market beyond
- Investor appetite in Africa continues to be 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. (TMNA), MICT Inc. (NASDAQ: MICT) Enter Merger Agreement for Acquisition
October 7, 2022 10:30 AM
New Merger Structure is Expected to Lead to a Number of Significant and Immediate Benefits to MICT :
- Expedited Acquisition of 100% of Tingo’s Operating Business and Assets
- MICT to Consolidate the Revenues, Income and Balance Sheet of Tingo’s Operations from Closing ( I ncome B efore T ax for 1HY
2022 : $298.4 million - as previously reported within Tingo Inc Q 2 2022 Form 10-Q)
- Allows for the Launch of Tingo’s Food Produce Export Business in Q 4 2022
- Accelerate s the Shift to US Dollar Denominated Revenues for Tingo
- Expedited Launch of Global C ommodity T rading P latform
Tingo (OTC: TMNA), a leading agri-fintech business in Africa, and MICT Inc. (NASDAQ: MICT), have signed a merger agreement outlining plans for MICT to acquire 100% of the operating business and assets of Tingo. According to the announcement, the new merger with the accompanying MICT funding should expedite the launch of Tingo’s food-produce
export business; existing high-margin and material export contracts will allow a substantial portion of Tingo’s revenues to shift directly into U.S. dollars. In an amendment, the two companies accelerated and restated the original agreement and merger plan. The transaction will also support the acceleration of the development and launch of Tingo’s commodity platform and commodity trading business. Tingo offers its customers an array of technology-backed solutions and platforms
designed to increase digital inclusion and financial empowerment, particularly within the farming sector, with the end goal of helping farmers increase crop yields, reduce crop wastage, improve margins and contribute toward solving the global problem of food security. The transaction involves MICT acquiring 100% of TMNA’s operating business and assets at the initial closing of the transaction in return for the issuance by MICT of a combination of 19.9% of MICT’s common stock and two
series of convertible preference shares, which, if fully converted by Tingo and all conversion conditions are met, would result in Tingo owning 75% of MICT. “The Board of MICT and I are extremely excited about the tremendous prospects and opportunities arising from this new transaction,” said MICT CEO Darren Mercer in the press release. “It will have an immediate material positive impact on the income, earnings and balance sheet of MICT from the date of initial closing, which
is expected to occur during November 2022, following the receipt of Tingo’s stockholder approval, in relation to which voting support agreements have been received covering approximately 70% of Tingo’s issued common stock. Tingo has clearly demonstrated its capabilities and technology, and its operating business is now extremely well positioned to expand globally, including through its upcoming new business streams and product launches.”
To view the full press releases, visit https://ibn.fm/mg7HP and https://ibn.fm/ta5El
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