- Tingo is looking into expanding market footprint across 19 African countries in a bid to scale its impact across continent
- Company has grand plans for the future, including listing on New York Stock Exchange to become a pan-African company with global outlook
- With unrelenting commitment to combine value creation for shareholders with inclusive growth, Tingo remains focused on reshaping the face of agribusiness across Africa
Widely regarded as Nigeria’s most valued agri-fintech, Tingo (OTC: TMNA) is eyeing a potential expansion beyond its domestic market to elevate opportunities for rural communities across the entire continent. Uncompromised in its commitment to uniting commercial success with shared prosperity, Tingo doubles down on its efforts to become a truly global company, one built from the ground up within Africa. A significant part of its strategy includes its plans to get listed on the New York Stock Exchange, coupled with the intention to scale the business model tried and tested in its domicile Nigeria to deliver the same benefits to rural communities across the whole continent (https://ibn.fm/VabRt).
In its 21-year long business journey, Tingo has always been focused on delivering value beyond commercial success. What started as an entrepreneurial endeavor of Dozy Mmobuosi, a Lagos-born founder with keen business sense, has grown into the continent’s leading Agri-Fintech company. Recognizing an untapped opportunity that digital technology can offer Africa’s agribusiness, Tingo continuously grew and evolved, transitioning from the first indigenous mobile phone assembly plant in Nigeria into a company that transforms the way agribusiness is done in the continent’s rural farming communities. Ever since its early days, Tingo has been committed to leveraging technology to bring shared benefits and enrich people’s lives across the continent that grapples with challenging realities — including food insecurity and poverty — that loom large for millions.
Still, Tingo is more than another nimble fintech that found success on the back of digital technology. Instead, the company also seeks to better the lives of often neglected communities by creating digitally inclusive ecosystems in Africa’s Agritech and FinTech sectors. Since its beginnings, Tingo has made every effort to provide Africa’s farming communities with sustainable solutions designed to empower them to effectively manage their core agricultural activities. For example, by providing farmers with mobile phones that give them access to its proprietary digital marketplace Nwassa, Tingo equipped small producers with tools to help them grow and sell their fresh produce. With this approach, Tingo aims to support self-sustenance by increasing revenue-generating opportunities for millions of farmers and their families.
Tingo is poised to grow into a truly pan-African company by scaling beyond Nigeria as its primary beachhead market. The company seeks to increase its market footprint across 19 countries in Africa, looking at the possibility of raising $500 million in a combination of debt and equity financing.
In alignment with the value of shared prosperity deeply woven into the fabric of the company’s identity and business model, a considerable part of the expected financing – $100million – Tingo intends to commit to a fund dedicated to increasing credit mostly to female farmers within the next three years (https://ibn.fm/JqWD4).
With the leverage that comes with Nwassa’s over 9 million subscribers, and 8 million transactions conducted every day, Tingo has grown into an agri-financial powerhouse that aims to combine value creation for shareholders with benefits for rural communities. Where around 60% of the population has livelihood tied to agriculture (https://ibn.fm/CvEmc), the industry becomes the lifeline for millions.
Still, Africa’s agricultural potential remains largely untapped. In an environment like this, efforts such as Tingo’s commitment to better the lives of rural communities take on a much broader role in fostering the continent’s economic prosperity.
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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