Tingo Group Inc. (NASDAQ: TIO), a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East, has entered into a tri-partite agreement with Prime Commodity Exchange (“PCX”) and All Farmers Association of Nigeria (“AFAN”). According to the announcement, the three companies have been given a three-decade lease over AFAN’s existing network of warehouses, which currently number 2,322, along with an agreement to increase the number of warehouses in the network to 80,000 during the next two years. These warehouses are typically used for storing crops and agricultural produce for its farmers. The agreement calls for PCX to install its leading-edge e-Warehouse Receipt System (“eWRS”) in all warehouses, which enables crops and other produce to be commoditized and traded by Tingo from the date of delivery; the agreement also gives Tingo Mobile the right of first refusal to purchase or trade all produce stored in the warehouses. The agreement positions TIO to monetize Nigeria’s crop ecosystem across the country as well as in the global export market. “Today’s agreement further strengthens our already strong relationship with AFAN and solidifies our position as Africa’s leading agri-fintech business,” said Tingo Mobile and Tingo Foods founder Dozy Mmobuosi in the press release. “In addition, we are thrilled to embark on a relationship with PCX, which we consider to be a valuable technology partner, in particular, through the supply of their eWRS system and their Prime Commodity Exchange trading platform. The components of today’s agreement further augment our seed-to-sale model and enhance the financial upliftment and empowerment of our farmers. Furthermore, we believe our improved ability to handle and store inventory will further assist us to achieve our objective of reducing post-harvest losses and crop wastage, while also increasing food production levels and meaningfully improving food security.”
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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 including, among others, 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 130-plus offices located in China’s cities and major town, 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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