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
Tingo Mobile Plc partners with Visa as its sole card scheme
NEW YORK, Oct. 27, 2021 (GLOBE NEWSWIRE) -- 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.”