Tingo Mobile PLC, a global Fintech and Agri-Fintech group of companies, has announced a substantial three billion Naira loan facility extended to the All Farmers Association (AFAN) of Nigeria. This move is expected to bolster the country’s food production and export businesses, reinforcing its agricultural development and land utilization efforts.
The loan facility provides AFAN with the financial means to cultivate 3,000 hectares of land, with a specific focus on rice and wheat production. Each hectare of rice cultivation will receive an allocation of N620,000.00, while wheat cultivation will be allocated N390,000.00 per hectare. This strategic investment demonstrates Tingo Mobile PLC’s commitment to supporting Nigeria’s agricultural sector.
To ensure responsible utilization of the funds, AFAN has committed to transparent and prudent spending, under the constant monitoring and supervision of Tingo Mobile PLC. The loan facility will be utilized in strict adherence to the agreed terms and conditions.
Farouk Rabiu Mudi, President of AFAN, expressed his appreciation for the significant investment from Tingo Mobile PLC, emphasizing the positive impact it will have on Nigerian farmers. Mudi stated that the loan facility will greatly enhance their ability to cultivate extensive hectares of land, leading to transformative improvements in rice and wheat production. He acknowledged Tingo’s dedication to Nigeria’s agricultural development and reiterated AFAN’s commitment to responsible fund usage.
Darren Mercer, Chief Executive Officer of Tingo, highlighted the management team’s focus on long-term sustainable revenue generation. By investing in infrastructure to support the expanding export business, Tingo anticipates substantial growth in both revenue and earnings. This development is viewed as a crucial step towards driving shareholder value and facilitating the dollarization of the company.
Dozy Mmobuosi, Founder of Tingo Mobile and Tingo Foods, expressed his satisfaction with the collaboration between Tingo and AFAN. Mmobuosi emphasized the significance of the recent launch of their export business, providing access to global markets and positioning the company for substantial profitable revenue generation. He highlighted the positive impact on Africa’s farmers and communities, addressing food poverty, food security, and improving the continent’s balance of payments.
The loan agreement represents a significant advancement for Nigerian farmers and underscores the adaptable nature of the partnership between Tingo Mobile Limited and AFAN. It allows for potential amendments through mutual consent, enabling both parties to navigate the complexities of the evolving market environment in food production and export.
About Tingo Group
Tingo Group, Inc. (NASDAQ: TIO) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product.
As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up.
Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center.
In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore. For more information visit tingogroup.com.
Disclaimer
The information in this news release includes certain information and statements about management and the Board’s view of future events, expectations, plans and prospects that constitute forward looking statements.
Forward-looking statements in this news release include, but are not limited to, the ability of the Company to implement certain corporate actions, the ability of the Company to complete its state of the art food processing facility, the ability of the Company to recognize the anticipated benefits from its PCX and AFAN partnership, the ability of the Company to execute on its Tingo DMCC export business, including the expansion of the Company’s business and its future growth, and the Company’s ability to complete the roll-out of additional processing facilities in the future.
Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Investor Relations Contact
Chris Tyson/Larry Holub
949-491-8235
