Tingo (OTC: IWBB), a leading agri-fintech business in Africa, has released its unaudited financial results for the three and nine months ended September 30, 2021. Worth noting is that, on a proforma basis, IWBB’s wholly owned subsidiary, Tingo Mobile PLC, totaled revenues of $177 million and $317.5 million and operating income of $82 million and $170.2 million for the three and nine month periods, respectively. In addition, the report noted that as a percentage of overall revenue, income generated from Tingo’s NWASSA marketplace platform reached $56.5 million and $120.7 million for the three and nine months ended September 30, 2021; both figures were up from the year before numbers. That income came from fees and commissions received from airtime top-ups, utility payments, transaction fees on agricultural marketplace and brokerage on loans, with NWASSA revenues comprising an estimated 38% of the company’s revenues. According to the report, the company saw total assets of approximately $6.6 billion and total liabilities of approximately $2.3 billion as of September 30, 2021. “We are very pleased with the results we have achieved through the continued challenges of COVID-19,” said Tingo CEO Dozy Mmobuosi in the press release. “We recently announced our strategic partnership between Tingo Mobile PLC and Visa. This partnership will allow us to expand our fintech operations with our planned expansion of Tingo Pay, our new mobile wallet and related services, that will deliver impactful financial inclusion for rural farmers and communities to enable our NWASSA platform and transaction marketplace to be interoperable with the financial banking system.”
To view the full press release, visit https://nnw.fm/Mkt2d
About Tingo Inc.
Tingo 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. The company’s unique device as a service model allows it to add market-leading applications to enable customers to trade, buy top ups, pay bills, and access insurance and lending services. With approximately 9 million customers and more than 30 million mobile devices sold, Tingo is seeking to expand its operations across select markets in Africa. The company’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. For more information, visit the company’s website at www.TingoGroup.com.
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