NEW YORK, Jan. 25, 2022 (GLOBE NEWSWIRE) — via InvestorWire — IBN (InvestorBrandNetwork), a multifaceted financial news and publishing company for private and public entities, today announces that Dozy Mmobuosi, Founder and CEO of Tingo Inc. (OTCQB: IWBB), a leading agri-fintech company, recently appeared on The Daily Helping Podcast, a series focused on providing food for the brain, knowledge from the experts and tools to win at life.
The broadcast, hosted by Entrepreneur and Philanthropist Dr. Richard Shuster, is available for on-demand listening on The Daily Helping.
During the interview, Mmobuosi discussed his background in business leading up to the founding of Tingo as a way to provide agribusiness owners access to information, financial services and market.
“I started in business at the age of 16, selling used clothes in Lagos. When I got into university at 16, I became a show promoter. That experience connected me with several brands, some of them multinationals where I gained some experience meeting with corporations for sponsorships,” Mmobuosi said. “When I graduated with my first degree in 2001, I went to my father and told him, ‘Entrepreneurship is what I want to do, I do not expect to start looking for any job anywhere.’ We started by doing e-publishing. We also built a social network platform called Naijafans.”
“When the telcos came to Nigeria, I jumped on an opportunity I saw. One of the things that fascinated me was the cost of mobile phones in Nigeria at that time – they were just ridiculously expensive. That was a gap I could feel, so I started sending out cheap mobile devices to Nigeria,” he continued. “What changed my life was when I went to Shenzhen, China. I got there, and I saw how mobile devices were being produced. I went back home to Nigeria and met with my partners at that time, one of them my father, and told them there was a possibility to bring what I saw in Shenzhen into Nigeria. Not full production, but we could at least assemble smartphones.”
“We needed to create a niche market, because we didn’t have the resources to compete with Samsung and Nokia and the big brands at that time. I looked at various sectors and realized that the sector that needed all the help via technology was agribusiness,” Mmobuosi added. “Millions of undocumented agribusiness owners did not have a single bank branch in their village. It was clear that we must bring financial services to the rural communities of Nigeria. The fastest way to deploy services is through technology. We knew that the first thing to do was to make smartphones available to these farmers. We set up assembly lines in Abuja and Lagos. We made sure that each of these devices was preloaded with our mobile wallet, which these farmers would use to do their transactions.”
Throughout the interview, Mmobuosi continued to detail his efforts to improve access to financial services throughout rural Nigeria, as well as Tingo’s growth into an international, publicly listed company.
Learn more by listening to the full interview on The Daily Helping.
About Tingo Inc.
Tingo is a unique agri-fintech using smartphones to deliver a marketplace that enables nearly 10 million subscribers to manage their commercial activities of growing and selling their products to market participants. The ecosystem provides a one-stop-shop solution to enable subscribers to manage everything from airtime top-ups and bill pay services for utilities and other service providers to access to insurance services and microfinance to support their value chain, from seed to sale. The company has two innovative platforms – Nwassa, Africa’s first digital agriculture ecosystem, and Tingo Pay, a mobile payment gateway. Tingo International Holdings is a majority shareholder in Tingo Inc., which owns 100% of Tingo Mobile PLC in Nigeria. For more information, visit the company’s website at www.TingoInc.com.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.
Rory Bowen – Chief of Staff