Tingo (OTCQB: IWBB) is Nigeria’s leading agri-fintech and device-as-a-service platform aimed at accelerating digital commerce in the agricultural sector. With over $600 million annual revenues and nearly 10 million subscribers, the company helps farmers acquire mobile phones through a unique leasing plan, connecting them to mobile and data networks through its own virtual network. Tingo connects farmers to markets, services and resources via Nwassa, its digital AgriTech marketplace platform that commenced operations in 2020. Founded in 2001 by Dozy Mmobuosi to bring mobile technology and fintech solutions to the unbanked rural areas in Nigeria, the company recently went public in a deal valued at $3.7 billion. “More recently, Mmobuosi directed the launch of a beta version of TingoPay — a B2B and B2C fintech app which will provide financial services to users inside and outside agriculture, which includes mobile wallets, payment processing and access to specialist lenders, insurers and pension products,” reads a recent article. “Tingo intends to become a truly Pan-African company with global reach that modernizes the continent by providing a complete digital ecosystem to facilitate financial interaction and deliver disruptive micro-finance solutions. Through Tingo Inc., Dozy Mmobuosi is committed to delivering Agri-Fintech, telecommunications and market access to millions of farmers, consumers and other key players across Africa.”
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About Tingo Inc.
Tingo has four core business drivers: 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. Mobile Voice and Data Service: Through a Mobile Virtual Network, Tingo provides its customers with voice and data services. Nwassa Platform: Tingo’s proprietary AgriTech platform, Nwassa, supports Nigeria’s agricultural value chain with market access. Tingo processes 500k daily transactions with a value of over $8 million, which provides its installed customer base with access to agricultural markets for their crop. Farmers and cooperatives are also supported with packaging, warehousing and cargo logistics. 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. Tingo provides access to other third-party services such as utility bill payment, virtual airtime top-up, insurance services and alternative lending solutions. Tingo Pay: Since the launch of Nwassa platform, Tingo has been a dominant player in the B2B fintech vertical. Tingo has entered the B2C fintech vertical to extend its B2B play to mass market use cases beyond agriculture. For more information about the company, visit www.TingoGroup.com.
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