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Tingo Inc. (OTC: TMNA) is a digital service agri-fintech technology company focused on foundation-level agriculture and related financial services in Africa. The
company aims to be Africa’s leading agri-fintech player, transforming rural farming communities to connect through its proprietary platform to meet their complete needs – from inputs and agronomy to off take and marketplace – and deliver sustainable income in an impactful way. The company’s vision is to build complete digitally inclusive ecosystems that promote financial inclusion and deliver disruptive micro-finance solutions, empower societies, produce social upliftment
in rural communities and open international opportunities.
Tingo believes that a truly connected world will help contribute to a better global society. The company’s core focus areas are telecoms, financial services/fintech and agritech. Tingo’s goal is to provide a best-in-class customer experience, support the domestic economies of its host countries and support technological and financial inclusion to end the poverty
premium. Through this, Tingo hopes to deliver attractive returns to shareholders while investing in the long-term future of the company and its subsidiaries.
Global climate change is challenging sustainable production and food security. Tingo’s strategy and market execution provide an opportunity for Africa to be a core focal point to solve a number of key areas of concern, including food security, gender equality, financial inclusion and poverty alleviation, to name a few. Disruption of micro finance through the use of
DeFi-based stable coins and smart contracts will give agri-communities access to capital markets-driven digital finance solutions that make them more competitive and sustainable economically, striking a good balance of returns between digital asset providers and Tingo as the service partner. This innovation will deliver significant access to much needed finance at ‘Grassroot’ levels, delivering tangible social upliftment and GDP growth in the African markets served by Tingo.
Tingo Mobile, with more than nine million subscribers, is Nigeria’s leading technology and device-as-a-service platform aimed at accelerating digital commerce, especially in the country’s agritech and fintech verticals. The company helps farmers acquire mobile phones through a unique leasing plan, connecting them to mobile and data networks through its own virtual
mobile network. Tingo also connects farmers to markets, services and resources via Nwassa, its digital agritech marketplace platform that commenced operations in 2020. The company has also launched a beta version of TingoPay – a B2B and B2C fintech app aimed at providing financial services to users inside and outside of the agriculture value chain. Among the services offered are mobile wallets, payment processing and access to specialist lenders, insurers and pension products.
Tingo will soon announce its innovative blockchain-based solution for use of digital stable coins to empower frictionless trade across borders in Africa. The company’s market-proven model in Nigeria is its core foundation, enabling Tingo to deliver the same service model across Africa to become the continent’s leading agri-fintech business powered through smartphone
technology.
The African Continental Free Trade (ACFT) plan will be a key framework to prepare the company to be the leading intra-Africa trading hub for trade flows across Africa in the medium term, when it is likely the agreement will be executed into tangible activity. Tingo is well positioned to easily transform the goals of the ACFT into reality when finally implemented by the African
Union and the various African countries that have not signed up.
Businesses
Tingo has four core business lines:
- 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. Tingo Mobile provides the latest mobile phone handsets at an affordable price point and allows customers to spread payments over 36 months.
- Mobile Voice and Data Service – Through a mobile virtual network, Tingo provides its customers with voice and data services, allowing customers to communicate effectively, both inside and outside the agricultural ecosystem.
- Nwassa Marketplace Platform – Nwassa is Tingo’s proprietary agritech platform which provides Africa’s farmers with access to global markets to secure more competitive pricing for their crops. The platform processes 500,000 daily transactions with a value of over $8 million. A select group of trusted partners can assist smallholder farmers
and agricultural cooperatives with packaging, warehousing, and dry and wet cargo logistics, as well as up-to-date information from the global agricultural sector. 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. The company also provides access to other services, such as utility bill payment, virtual airtime top-up, insurance services and alternative lending solutions.
- TingoPay – Since the launch of the Nwassa platform, Tingo has been a dominant player in the B2B fintech vertical. After many successful months of operating Nwassa, Tingo entered the fintech B2C vertical to extend its B2B offering to a broader market beyond agriculture.
Investment Considerations
- Investor appetite in Africa continues to be robust, attracting $407 billion of Foreign Direct Investments (FDI) between 2014 and 2018.
- Agriculture makes up 23 percent of sub-Saharan Africa’s GDP and 60 percent of employment.
- Tingo directly benefits the African economy by helping farmers gain better prices for their crops.
- The company enables more efficient markets via greater distribution of agricultural products.
- Tingo directly provides an access point to technology for tens of millions of Africans.
- The company is expanding into fintech banking services for the mass market, providing access to financial services through Tingo Pay, its proprietary mobile wallet application.
Additional Resources
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RECENT COVERAGE
InvestorNewsBreaks - Tingo Inc. (TMNA) Enters Trade Agreement with Nigeria Ag/Commodities Umbrella Organization
October 20, 2022 10:00 AM
Tingo (OTC: TMNA), a leading agri-fintech business in Africa, has signed a trade agreement with the All Farmers Association of Nigeria (“AFAN”). Tingo has signed a merger agreement to be acquired by MICT Inc. (NASDAQ: MICT); AFAN is the umbrella body of the 56 recognized commodities and agricultural associations in Nigeria. According to the agreement, AFAN will add a minimum of 20 million additional subscribers, which would more than triple
Tingo Mobile’s current 9.3 million customer base. For its part, Tingo will provide an array of value-added products and services, including Tingo-branded smartphones, access to the Nwassa agri-fintech marketplace platform and the TingoPay Fintech super-app, and VISA-Tingo debit and credit cards. In addition, Tingo offers a wide range of agricultural products and tools, such as farming equipment, seeds, fertilizer and pesticides, as well as warehousing, transport and storage services. Tingo
will also provide customers with the chance to wholesale produce locally and nationally, and export surplus produce. The announcement noted that most of the new subscribers will be owners of small- and medium-sized agricultural enterprises. “Over the past two decades, we have steadily built Tingo Mobile to support our loyal customer base of 9.3 million farmers, including more recently through the introduction of our Nwassa agri-fintech platform and our TingoPay fintech platform,”
said Tingo founder and CEO Dozy Mmobuosi in the press release. “We are incredibly excited to expand our customer base to include the members of AFAN, not least as we aim to empower such members through our technology, for example, by helping them to increase crop-yields and better commercialize their agricultural products in both the national and global markets. Having today significantly further strengthened our position in Nigeria, our goal is to roll-out the Tingo Mobile model to other
countries where we will continue to focus our efforts on these underserved agricultural producers and small business owners around the world.” |
