- Farming accounts for over 20% of Nigeria’s GDP, yet most of the nation’s farmers live well below the poverty line due to the mechanics of the regional agricultural economy
- Tingo has sought to eliminate the market’s friction, providing farmers and agricultural cooperatives with digital access to a network of agricultural services, agents, and end purchasers
- The company operates a market leading Agri-Fintech through four key business pillars – mobile phone leasing, mobile voice and data services, the Nwassa Marketplace Platform and Tingo Pay
Farming accounts for over 20% of Nigeria’s GDP, with the nation’s farmers toiling endlessly to produce a range of crops, including palm oil, cocoa beans, maize, sorghum, nuts, rice, and soybeans. Nevertheless, the state of the Nigerian agricultural industry is underperforming; over 88 percent of Nigerian farms are ‘smallholders’, toiling on less than five acres of land. In fact, a recent study found that nearly 72 percent of Nigerian smallholder farms lived on less than $1.90 per day, with most living well below the poverty line. Tingo (OTCQB: IWBB), an Agri-Fintech company focused on foundation-level agriculture and related financial services in Africa, have sought to address this problem with a vision to build a digitally inclusive ecosystems which promotes financial inclusion and delivers disruptive micro-finance solutions, empowers societies, and produces social upliftment in rural communities.
Tingo has centred their business model around four core business pillars, namely – mobile phone leasing, mobile voice and data services, the Nwassa Marketplace Platform and Tingo Pay. In effect, the vertically integrated business model enables Nigeria and the wider African continent’s farmers to procure a Tingo-manufactured handset, using Tingo’s mobile data and voice services. Farmers can then access the Nwassa platform, Tingo’s proprietary agritech marketplace which provides the continent’s farmers with access to domestic and global markets to secure more competitive pricing for their crops.
Since its formation almost two decades ago, Tingo has seen its operations expand at a break-neck pace in the past five years. The company opened two mobile handset manufacturing plants, distributing almost 30 million mobile handsets since 2014 and remains committed to upgrading the devices of its installed customer base every three years. Moreover, and through their competitive pricing policies, Tingo’s handset customers spread their purchase payments over 36 months, thereby increasing the company’s products’ affordability which leads to incredible customer retention. In addition to the near 30 million mobile handsets, it has sold to date. The Tingo Mobile Network also boasts over 9.3 million mobile subscribers as of end-2020, with the company confident that the number will swell as its operations see their geographic scope broaden in 2022.
The company has simultaneously launched the Nwassa Marketplace Platform, which aims to provide smallholder farmers and agricultural cooperatives with access to a select group of trusted partners which can help with packaging, warehousing, and dry and wet cargo logistics, as well as up-to-date information from the global agricultural sector. Now, the platform processes over 500,000 daily transactions with a value of over $8 million per day; meanwhile, the Tingo Inc posted $593 million in revenues in 2020 with EBITDA totalling $212 million.
In a world where growing socio-economic differences and global climate change have challenged sustainable agricultural production and food security, Tingo has aimed to provide an opportunity for Africa to be a core focal point to solve several key areas of concern, including food security, gender equality, financial inclusion and poverty alleviation, to name but a few.
For more information, visit the company’s website at www.TingoGroup.com.
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