LOS ANGELES, Sept. 27, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Tingo Inc. (OTCQB: IWBB) is a unique agri-fintech company offering, through Tingo Mobile in Nigeria, personal communications services (“PCS”) using GSM technology for subscribers within and outside of the agricultural sector. Tingo Mobile has developed a comprehensive agri-fintech and agri-marketplace ecosystem to support the agricultural sector, becoming Africa’s leading provider of such services over the long term. Services include smartphone leasing, agri-marketplace, airtime top-ups, utilities payments, bill pay, and access to insurance and lending services. This is collectively known as NWASSA, a service to support financial inclusion and deliver significant social impact in the agriculture sector. It supports rural communities in line with UN SDGs and ESG principles.
Tingo currently has over 9 million customers who rely of Tingo and NWASSA services for the successful running of their farms. Tingo’s work with farming cooperatives across Nigeria has led to higher yield, significantly reduced post-harvest losses and increased profitability throughout the country.
Tingo’s commitment to being a force for positive change has been recognized in its nomination for the Environmental, Social & Governance Award at the upcoming Crypto AM Awards.
“Tingo is thrilled to be recognized for our continued efforts to bring about social upliftment, financial inclusion, food security and female empowerment in our core market in Nigeria and across the African continent,” Chris Cleverly, President of Tingo, stated following the nomination. “One of our key goals has always been to empower SME female entrepreneurs engaged in the agri-ecosystem to deliver true gender equality and diversity.”
The Crypto AM Awards, scheduled to take place Thursday, September 30, at the prestigious Leonardo Royal Hotel London, will mark the climax of the two-day Crypto AM Summit. In total, there are 14 awards up for grabs, all judged by an independent panel of industry experts.
Tingo aims to deliver, in a tangible and measurable way, alignment and compliance with the key UN Sustainable Development Goals, including gender equality through upliftment of female entrepreneurship, financial inclusion, poverty alleviation and food security. This goal is highlighted by the company’s growing agent network, which currently consists of roughly 15,000 members — the overwhelming majority of whom are women.
Tingo intends to become a truly Pan-African company with global reach. It aims to modernize the continent by providing a complete digital ecosystem to facilitate financial interaction and deliver disruptive micro-finance solutions. Through its Tingo Mobile subsidiary, the company has distributed almost 30 million mobile handsets since 2014, offering an affordable price point while allowing customers to spread payments over 36 months.
Africa is the second-largest continent by population. It is also the youngest by far, with a median age of 18 for its 1.3 billion people. Agriculture makes up 23 percent of sub-Saharan Africa’s GDP and 60 percent of employment. Tingo believes the building blocks for growth in Africa’s agriculture industry are in place and that the company is well positioned to participate in the upside.
About Tingo Inc.
Tingo Inc. is a leading Africa-focused agri-fintech company offering a comprehensive platform service through use of smartphones (using GSM technology). It aims to empower a marketplace of almost 10 million subscribers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a ‘one-stop-shop’ solution to enable such subscribers to manage everything from airtime top-ups, bill pay services for utilities and other service providers, access to insurance services and microfinance to support their value chain from ‘seed to sale’.
Tingo aims to be Africa’s leading agri-fintech player that transforms rural farming communities to connect through our proprietary platform to meet their complete needs from inputs, agronomy, offtake and marketplace, which delivers sustainable income in an impactful way.
Global climate change is challenging global productivity for sustainable production and food security. Social upliftment is a key area of global interest under the United Nations Sustainable Development Goals (SDGs) and ESG impact investing. The Company’s strategy and market execution provides an opportunity for Africa to be a core focal point to solve several key areas including food security. Tingo does this through its unique NWASSA service model. Tingo aims to deliver, in a tangible and measurable way, alignment and compliance with the key UN SDGs — gender equality through upliftment of female entrepreneurship, financial inclusion, poverty alleviation and zero hunger. Over 60% of rural farming employs women in many countries in Africa.
Tingo has identified several key strategic partners and acquisitions in Africa to accelerate its rapid expansion to become the leading agri-fintech operator in Africa. A select number of investments into this segment of agri-tech, banking services and fintech will provide a strong pathway to enhance its proven activities in Nigeria across the African continent. For more information, visit the company’s website at www.TingoGroup.com.
Forward-Looking Statements
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 carefully review 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.
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