- Tingo Mobile Plc, subsidiary of leading African agri-fintech, joins forces with Visa to enhance financial services offering and drive greater adoption on its platforms
- Two companies share vision of bringing empowerment through access to financial services; financial inclusion is key to reducing poverty
- Visa is expected to help enhance Tingo’s presence in Nigeria and drive expansion across the African continent and beyond
The leading agri-fintech in Africa, Tingo (OTCQB: IWBB) partners with Visa Inc., in an effort to augment its offerings across Nigerian financial services and expand its market reach across Africa—the second-largest continent by population (https://ibn.fm/exiGe).
With its unique rural community’s focus, Tingo’s vision is to deliver a powerful social impact through financial inclusion while becoming Africa’s leading agri-fintech business. The company remains to transforming rural farming communities—one of the most underserved segments of the market—by connecting them through its proprietary platform, thus helping them generate sustainable income. Growing the agricultural sector in Africa is key to reducing poverty and delivering a transformational impact through greater opportunities. The agriculture sector generates around 30–40% of gross domestic product and employs 65–70% of the total labor force in Africa (https://ibn.fm/R2bMY).
Financial inclusion, one of the core Sustainable Development Goals, also helps eradicate poverty. Access to financial services simplifies day-to-day living and allows businesses and families to make long-term plans and cover unexpected emergencies. The problem of financial inclusion—or the lack of it—is especially acute in Africa, as almost half of the population does not have access to formal financial services. For example, in 2020, around 56% of Nigerian adults didn’t have access to traditional financial services (https://ibn.fm/O7VOn).
To expand its market footprint across Africa and continue developing the business in Nigeria, Tingo partnered with the world’s heavyweight in the payment space, Visa. The partnership is intended to enhance the offering of financial services on Tingo’s platforms and drive their greater adoption, especially digital payments.
With a shared vision to enable individuals, businesses, and economies to thrive through financial services, Visa is expected to be a powerful lever to drive Tingo’s expansion across the African continent and beyond. “With this agreement, Tingo Mobile will be able to issue Visa cards (both physical and virtual) to users on Nwassa and Tingo Pay.” Nwassa is Tingo’s digital marketplace platform connecting African farmers with other players in the agricultural value chain and Tingo Pay is the company’s proprietary payment platform available to the public.
But the partnership will not stop there. Committed to financial education, Tingo aims to increase financial literacy and greater economic independence across the continent, for which alliance with Visa will be crucial. Tingo and Visa will join forces to deliver knowledge and learning tools to empower communities with adequate information so that they can fully leverage the benefits of increased access to financial services.
Visa appears equally optimistic about the upcoming collaboration as this global payment’s leader views partnerships with companies such as Tingo as essential to its business model. “Whether it is changing the way people invest, manage money, receive loans or send real-time payments to friends and family, Visa is a natural partner for fintech companies, providing them with new ways to reach their customers through Visa’s vast network and global scale.”, said Otto Williams, Senior Vice President, Head of Products and Solutions for Visa Central and Eastern Europe, Middle East and Africa.
Tingo remains committed to innovation and expansion of services across the continent. What started as a vision to build an ecosystem that supports the largely unbanked agricultural sector in Nigeria 20 years ago now is a business with $600 million in annual revenues and almost 10 million users (https://ibn.fm/bK4WG). The company appears confident that the growth will continue.
For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to IWBB are available in the company’s newsroom at https://ibn.fm/IWBB
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