MICT (NASDAQ: MICT) has announced its entry into a corporate transaction giving it ownership of 100% of Tingo Foods PLC. Tingo has successfully developed a business with a current capacity to process and wholesale more than $1 billion of food produce per annum. Through a joint venture, Tingo Foods has also committed to build and operate a state-of-the-art $1.6 billion food processing facility in the Delta State of Nigeria. The facility is expected to multiply the size of the company’s processing capacity and revenues, materially expand its capacity for the offtake of produce from its farmers, as well as increase its supply into MICT’s commodity trading platform and export business. “It has long been an ambition of mine to help make Africa self-sufficient, in particular its food consumption requirements,” said Dozy Mmobuosi, founder of Tingo Mobile Limited and Tingo Foods. “The addition of Tingo Foods alongside our already successful business of Tingo Mobile and our Nwassa agri-fintech platform is a further step forward to reducing post-harvest losses, improving food supply, creating increased crop demand, and supporting crop prices, thereby delivering a material increase to farmers’ income and their financial upliftment.”
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About MICT Inc.
On Nov. 30, 2022, MICT acquired 100% of Tingo Mobile Limited, which 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, access insurance and lending services. Tingo Mobile is seeking to expand its operations across select markets in Africa and certain other parts of the world. Tingo Mobile’s strategic plan is to become an eminent global fintech and agri-fintech business delivering social upliftment and financial inclusion to millions of SME farmers and businesses.
MICT is a financial technology business principally focused on the growth and development of a suite of consumer fintech services across approximately 130 cities in China, with planned expansion into additional markets. MICT has developed highly scalable proprietary platforms for insurance products (“B2B,” “B2B2C” and “B2C”) and financial services/products (“B2C”), the technology for which is highly adaptable for other applications and markets. MICT has acquired and holds the requisite license and approvals with the Hong Kong Securities and Futures Commission to deal in securities and provide securities advisory and asset management services. MICT also has memberships/registrations with the Hong Kong Stock Exchange and the requisite Hong Kong and China Direct clearing companies. MICT’s financial services business and first financial services product, the Magpie Invest app, is able to trade securities on Nasdaq, NYSE, TMX, HKSE, China Stock Connect, LSE, the Frankfurt Stock Exchange and the Paris Stock Exchange.
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. The ecosystem provides a ‘one-stop shop’ solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and micro finance to support their value chain from ‘seed to sale’.
As of Sept. 30, 2022, Tingo Mobile had approximately 9.3 million subscribers using its mobile phones and Nwassa platform, subsequent to which it has entered into a number of trade agreements with parties that are contracted to deliver an additional 22 million or more new subscribers. Nwassa is Africa’s leading digital agriculture ecosystem that empowers rural farmers and agri-businesses by using proprietary technology to enable access to markets in which they operate. Farm produce can be shipped from farms across Africa to any part of the world, in both retail and wholesale quantities. Nwassa’s payment gateway also has an escrow structure that creates trust between buyers and sellers. Tingo Mobile’s system provides real-time pricing, straight from the farms, eliminating middlemen. Tingo Mobile’s users pay for produce bought using available pricing on its platform.
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