Tingo (OTC: TMNA), a leading agri-fintech business in Africa and a wholly owned subsidiary of MICT Inc. (NASDAQ: MICT), has partnered with the Dubai Multi Commodities Centre to launch a global commodity platform and export business. According to the announcement, Tingo Mobile’s strong relationships and trade deals with numerous Nigerian and Ghanian farming cooperatives and associations provides the group with access to substantial quantities of agricultural produce for export; that produce includes wheat, millet, cassava, ginger, cashew nuts, cocoa and cotton. A leading center of international trade and the world’s No. 1 Free Trade Zone, the DMCC reported more than 21,000 member companies and $475 billion of commodity derivatives traded in 2021, making it an ideal partner for the project. “After more than two decades of building our unique position in Africa, we are very excited about today’s launch of our commodity trading and export business,” said Tingo Mobile founder and CEO Dozy Mmobuosi in the press release. “I have long believed that Africa can become the food basket of the world and play a leading role in tackling the global food security crisis, and we are now in a position to make this a reality. We are tremendously proud of the fact we are able to open up the lucrative export market to our members, building on the demonstrable success of our Nwassa platform and other agri-fintech products to enrich farmers’ lives and make a meaningful difference to their financial position. The decision to partner with the DMCC on the launch of our commodity trading and export business was an obvious one, due to both its advantageous strategic location and its unrivaled incentives and infrastructure, and we wish to thank the esteemed Chairman of the DMCC and his colleagues for the support they have given us.”
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About Tingo Inc.
Tingo, through its wholly owned subsidiary, Tingo Mobile, 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. Tingo Mobile’s novel “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 9.3 million existing customers, Tingo Mobile is seeking to expand its operations across select markets in Africa. Tingo Mobile’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. Tingo Mobile offers its comprehensive platform service through use of smartphones — “device as a service” using GSM technology — to empower a marketplace to enable subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally. The ecosystem provides a one-stop shop solution to enable such subscribers to manage everything from airtime top ups, bill pay services for utilities and other service providers, access to insurance services and microfinance to support their value chain from “seed to sale.” For more information, visit the company’s website at www.TingoGroup.com.
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