Tingo Mobile Plc, the core subsidiary of Tingo Inc. (OTC: IWBB), signs a strategic partnership agreement with Visa to further its financial inclusion drive across Africa and beyond
October 27 2021 - 8:30AM
via InvestorWire -- To further deepen its financial services in
Nigeria and with ambitious expansions plans across Africa in the
coming years, Tingo Mobile Plc (OTC: IWBB) (the “Company”) today
announces it has entered into an agreement with Visa Inc. (NYSE:
V), the world leader in digital payments.
Tingo is a leading Agri-Fintech business in Africa and has
delivered significant impact with its unique rural
communities-based business model. The Company’s goal is to become
Africa’s leading Agri-Fintech business, delivering significant
social impact to many rural communities and providing a unique
platform to enable financial inclusion, social upliftment, wealth
creation and a sophisticated marketplace to promote its produce to
markets both domestic and international. Tingo has over 4,000
women agents that support the rollout of its services in Nigeria
alone. The Company remains very active in promoting women
entrepreneurs to support gender equality and opportunity to this
underserved segment of the market. As of Dec. 31, 2020, Tingo
had 9,344,000 subscribers. The Company is confident these figures
will grow through its planned expansion across Africa and natural
progression of business in Nigeria.
With the strategic partnership, the unique African Agri-Fintech
company will be able to drive greater adoption and an increase in
financial services offered, especially digital payments, on its
platforms. Tingo operates two proprietary platforms: Nwassa, Tingo
Mobile’s digital agri-marketplace platform that is better
connecting African farmers with other players in the agricultural
value chain; and Tingo Pay, its in-house payment platform that was
recently made available to the general public.
“We are delighted to partner with Visa, the leading company in
the global financial services sector. Visa has the mission of
connecting the world to secure payment networks and enabling
individuals, businesses and economies to thrive, which aligns with
Tingo’s mission,” said Dozy Mmobuosi, Founder and Group
Chief Executive Officer of Tingo Inc. (OTC: IWBB), the
parent company of Tingo Mobile Plc. “With this agreement, Tingo
Mobile will be able to issue Visa cards (both physical and virtual)
to users on Nwassa and Tingo Pay.”
Mmobuosi also highlighted that Visa will be pivotal to the
expansion plan of Tingo Mobile across other African markets and
beyond.
In addition to enabling the issuance to and usage of Visa cards
for users on Tingo Mobile’s platforms, Visa will also be providing
technical support toward enabling payments functionalities
Along with Tingo’s goal to increase financial inclusion in
Africa, a vital aspect of the partnership is centred around
financial education. Tingo and Visa will work together to provide
knowledge and learning tools to communities, which will increase
financial literacy and lead to greater financial and economic
independence across the continent.
“Partnerships are fundamental to Visa’s business model, and the
expansion of our strategic partnership with Tingo Mobile is another
example of how collaboration can help our clients deliver improved
customer experiences,” said Otto Williams, Senior Vice
President, Head of Products and Solutions for Visa Central and
Eastern Europe, Middle East and Africa. “Whether it is
changing the way people invest, manage money, receive loans or send
real-time payments to friends and family, Visa is a natural partner
for fintech companies, providing them with new ways to reach their
customers through Visa’s vast network and global scale.”
For more information about Tingo Inc., visit www.tingoinc.com.
About Tingo
Tingo Inc. (OTCQB: IWBB) is a digital service agri-fintech
technology company focused on foundation-level agriculture and
related financial services in Africa. The Company aims to be
Africa’s leading Agri-Fintech player, transforming rural farming
communities to connect through its proprietary platform to meet
their complete needs – from inputs and agronomy to off-take and
marketplace – and deliver sustainable income in an impactful way.
The Company’s vision is to build complete digitally inclusive
ecosystems that promote financial inclusion and deliver disruptive
microfinance solutions, empower societies, produce social
upliftment in rural communities and open international
opportunities.
Global climate change is challenging 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 provide 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 U.N. 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. The Company’s key goal is to
empower SME women entrepreneurs engaged in the agri-ecosystem to
deliver true gender equality and diversity. Tingo’s rural
programmes already provide services targeted at this segment of the
market. The Company has a measurable approach to deliver this key
social impact.
Tingo believes that a truly connected world will help contribute
to a better global society. The Company’s core focus areas are
telecoms, financial services/fintech and agritech. Tingo’s goal is
to provide a best-in-class customer experience, support the
domestic economies of its host countries and support technological
and financial inclusion to end the poverty premium. Through this,
Tingo hopes to deliver attractive returns to shareholders while
investing in the long-term future of the Company and its
subsidiaries.
About Visa Inc.Visa Inc. (NYSE:
V) is the world’s leader in digital payments. Our mission is to
connect the world through the most innovative, reliable and secure
payment network – enabling individuals, businesses and economies to
thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world and is
capable of handling more than 65,000 transaction messages a second.
The company’s relentless focus on innovation is a catalyst for the
rapid growth of digital commerce on any device, for everyone,
everywhere. As the world moves from analog to digital, Visa is
applying our brand, products, people, network and scale to reshape
the future of commerce. For more information, visit About
Visa, visa.com/blog and @VisaNews.
Corporate CommunicationsIBN
(InvestorBrandNetwork) Los Angeles, California
www.InvestorBrandNetwork.com 310.299.1717 Office
Editor@InvestorBrandNetwork.com
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