- Tingo has made it its corporate mission to transform the way rural business in Africa is conducted, thereby helping millions of people across Africa improve their economic prospects
- The company has based their business model around several key tenets, namely – the provision of technology through its unique ‘device-as-a-service’ model, access to financial services through TingoPay and access to market through Nwassa digital Agri-Marketplace
- Alongside its corporate aspirations, Tingo has also adopted a number of the United Nations Sustainable Development Goals (“SDG’s”), through which it seeks to invest in the future of its millions of stakeholders
For the past 50 years, Daisy Namusoke has grown crops on her small plot of land in the Buikwe District of Central Uganda, mostly to feed her husband, five children, and two grandchildren (https://ibn.fm/RdC8O). Like most smallholder farmers in Africa, she cultivates a mix of crops, relies on saved seeds and those purchased from local sources, and uses little by way of external inputs, such as synthetic fertilizers. When selling her crops, she is forced to sell to middlemen – a practice which subjects’ farmers to thin margins and habitually short-changes them on the fruit of their labor. Tingo (OTC: TMNA), a digital service agri-fintech technology company focused on foundation-level agriculture and related financial services in Africa, has made it its mission to change the way rural business in Africa is conducted, in the process helping millions of people across the continent improve their quality of life, income and prospects.
The agricultural sector is the largest economic sub-set within Nigeria’s economy, representing 24 percent of the country’s Gross Domestic Product (“GDP”) as of 2020 and playing a pivotal role in the growth of the country. The crucial role of the sector has driven Tingo towards addressing some of the principal challenges that farmers and other stakeholders within the Nigerian agricultural value chain are current facing.
Tingo’s business model is underpinned by four key pillars, namely – Device-as-a-Service, whereby farmers are provided access to smartphones and mobile internet; Tingo Mobile Network; which seeks to provide mobile connectivity and reception in remote and rural locations; TingoPay, a unique Africa-centric payments service; and Nwassa, their digital agricultural marketplace. Through the combination of the four pillars, Tingo has sought to bundle a complete, digitally inclusive ecosystem which promotes financial inclusion, delivers disruptive micro-finance solutions, produces social upliftment in rural communities and unveils domestic and international opportunities to Africa’s rural farmers.
Tingo’s Nwassa platform has rapidly become a key tool for the close to 10 million agri customers and stakeholders that the company supports. Third quarter results revealed that the platform has generated $120.7 million as income as of the first nine months of 2021. By year-end, the Nwassa platform is forecast to have processed up to $4 billion in transactions, the process generating upwards of $160 million earnings, which in turn will account for approximately 38 percent of Tingo Inc’s revenues, up from only 17 percent in 2020.
Tingo’s business model has, rather uniquely, sought to deliver attractive returns to shareholders whilst simultaneously, investing in the long-term future of the company and its millions of stakeholders. To do so and in addition to its commercial focus, the company has adopted five core sustainable development goals as its corporate mission, namely – ensuring food security, driving poverty alleviation, promoting digital financial inclusion, encouraging job creation, and supporting female entrepreneurship and empowerment.
Over the past 20 years, Tingo has sought to commit towards developing solutions which support the long-term aspirations of rural farming communities across the African continent. Driven by an unrelenting mission to uplift rural communities and support growth in developing economics, Tingo Inc has shown that it is indeed possible to achieve the most sought-after maxim in impact investing today – making returns whilst doing good.
For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TMNA are available in the company’s newsroom at https://ibn.fm/TMNA
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