Tingo Group Inc. (NASDAQ: TIO), a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East, is providing a 3 billion Naira (approximately USD$6.5 million) loan facility to the All Farmers Association of Nigeria (“AFAN”). The purpose of the loan, which is approximately US$6 million, is for the new cultivation of 3,000 hectares of farming land to be used for rice and wheat production. According to the announcement, the cultivation of the land will produce more than 6,000 metric tons of wheat and 16,000 metric tons of rice every year. The company noted that this is the first of many similar agreements it plans to make with AFAN as part of its strategy to support and increase food-production levels and significantly increase crop supply for Tingo businesses. “We are delighted to extend and strengthen our relationship with AFAN through this agreement,” said Tingo Foods CEO Darren Mercer in the press release.
“By supporting AFAN and its farmers to cultivate more land and improve crop production levels, we are not only helping Nigeria’s agricultural community, we are also generating more business for Tingo Mobile and delivering more produce to Tingo Foods and our Tingo DMCC export business. This is truly a win-win situation, and one that fits exceptionally well with our ESG commitments. Today’s agreement, together with the series of other such deals that we plan to execute on going forward, are yet another means for us to advance our goal of increasing food production levels, while also meaningfully increasing revenues and net earnings across a number of our businesses, which are enhanced by the synergistic attributes of our unique ecosystem. We are also very excited about the business impact of AFAN’s commitment to allocate part of our loan facility to accelerate their onboarding of warehouses as we expect the enlargement of the warehouse network to materially assist us to reduce crop wastage and achieve higher levels of crop utilization and again further increase the supply of produce into Tingo Foods and Tingo DMCC.”
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About Tingo Group Inc.
Tingo Group 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 preloaded 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 the farmers with access to services such as the Nwassa seed-to-sale marketplace platform, insurance, microfinance, 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 more than 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 the company’s website at www.TingoGroup.com.
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