MICT (NASDAQ: MICT) announced that, together with its wholly owned subsidiary Tingo (OTC: TMNA) (“Tingo Mobile Limited” or “Tingo Mobile”), has today launched in Malawi, as it establishes a strategic presence in East Africa and accelerates its pan-African rollout. Having already achieved a substantial user base in West Africa, Tingo Mobile’s move into Malawi is an important development due to its sizeable target market for Tingo Mobile’s agri-fintech and fintech platforms and products. In addition, its strategic location is expected to facilitate accelerated expansion into other key East Africa territories, such as the neighboring countries of Tanzania, Zambia and Mozambique. “We welcome Malawi into our growing portfolio of geographical markets, as part of our pan-African and global rollout strategy,” said MICT CEO Darren Mercer. “I could not be more thrilled at the pace of our progress as we continue to internationalize the business and prosper from the benefits we share with Tingo Mobile’s customer base.”
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About Tingo Inc./Tingo Mobile
Tingo, which is a wholly owned subsidiary of MICT, is the leading agri-fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Tingo’s novel “device-as-a-service” model allows it to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo’s strategic plan is to become the eminent pan-African agri-fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses.
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