Tingo (OTCQB: IWBB) is Nigeria’s leading agri-fintech and device-as-a-service company with over $600 million in annual revenues and nearly 10 million subscribers. Created in 2001 by Dozy Mmobuosi, company CEO and cofounder, as an ecosystem to support the largely unbanked agricultural sector in Nigeria, Tingo designed the country’s first SMS mobile banking and payment platform, which is still in use today. Tingo has since evolved into a rapidly expanding group of fintech, agritech, mobile and technology companies. It also continues to innovate and expand services across the continent. Recently, it launched a beta version of TingoPay, a B2B and B2C fintech app that will provide financial services to users inside and outside of agriculture, offering mobile wallets, payment processing and access to specialist lenders, insurers and pension products. In addition, Tingo recently went public in a deal valued at $3.7 billion. A recent article quotes Mmobuosi as saying, “Going public is the next stage in our overarching strategy to build complete digital ecosystems that promote financial inclusion, deliver disruptive financial services, and expand international economic opportunities across the entire continent of Africa. With our proven success in Nigeria, we are already well on our way to becoming the continent’s leading agri-fintech player.”
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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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