Tingo Inc. (TMNA) Pioneers an ESG Approach Within the African Continent

• Women in Africa have often suffered from severe gender disparity; over a third of Africa’s female rural population have never accessed formal education with less than 24% having access to the Internet via a mobile device
• Tingo, Inc’s agri-marketplace platform, Nwassa, as well as its TingoPay payments system have sought to provide the company’s millions of stakeholders with the ability the means to achieve digital financial inclusion
• Tingo, Inc. has long professed social ambitions alongside their commercial agenda; the company has recently launched a ₦2.5bn fund to promote and support female farmers amongst its various other social initiatives
• ESG investing has rapidly gained adepts across developed markets with as much as 89% of new fund inflows in 2021 being directed towards ESG-driven investment mandates

Women in Africa have typically suffered from gender disparity, with the condition particularly acute in regard to access to education, ownership of resources, and engagement with information and communication technologies. Whilst a myriad of African countries has made progress in narrowing gender gaps, these persist – particularly within rural areas. A survey carried out by research agency, Afrobarometer, found that on average, over half (55%) the female population across 34 African countries resided in rural areas, with close to one-third (32%) not receiving any formal education and a mere 24 percent of rural women having access to the Internet via mobile phone (https://ccw.fm/5y9F4). Since the company’s inception, Tingo (OTC: TMNA) has maintained a steadfast commitment towards gender equality; in particular, the company has sought to both, alleviate poverty whilst simultaneously, promote digital financial inclusion among its millions of female stake holders across the African continent. 

Nigeria’s agricultural sector contributes almost 25 percent of the nation’s GDP, with farmers – many of them female, making up 66 percent of the country’s workforce. As such, Tingo has long been cognizant that innovations in farming have the biggest potential to both, rapidly increase Nigeria’s economic growth and improve the standard of living for a significant proportion of the population (https://ccw.fm/gzpEx ).

Tingo, Inc, whose service offering is built upon the device-as-a-service model, has looked to place mobile devices in the hand of rural farmers whilst giving the group the ability to pay for the handsets over a 36-month period, thereby reducing their upfront financial outlay (https://ccw.fm/QCCa6). The internet-connected mobile devices in turn have enabled the company’s stakeholders to access Nwassa, Tingo’s revolutionary and dedicated online Agri-Marketplace platform, as well as its mobile wallet and payment system, TingoPay. Tingo’s product suite has provided the company’s millions of customers the ability to bypass intermediaries when selling their products whilst simultaneously, allowing previously unbanked individuals to seamlessly send and receive payments for agricultural inputs and produce. 

The company has now sought to segue between its commercial and social ambitions, recently launching a ₦2.5 billion fund, designed to award grants to female farmers and inspiring new leaders playing a key role in Nigeria’s development. In addition, Tingo has added a robust agent network of over 20,000 with a vast proportion being female agents, with a core focus around promoting gender equality and encouraging women to engage in business and commerce. 

The company compounded its efforts during the recent Exquisite Ladies of the Year (“ELOY”) Awards held in Lagos on November 26, 2021 wherein Tingo Mobile awarded its inaugural grant of ₦600,000 to Etimbuk Imuk of Eti Farms Global; Eti Farms Global has emerged as a Nigerian edible mushroom farming pioneer, with the agribusiness training over 5,000 farmers across Nigeria over the past two years on sustainable farming techniques, in fields as varied as snails, vegetable, plantain, and mushroom farming (https://ccw.fm/MCnSe).

Tingo’s social cause was reinforced during a recent interview by Dozy Mmobuosi, Tingo, Inc.’s CEO, “As the creators of Nwassa, Africa’s largest Agri-Marketplace platform, we at Tingo have analysed the data about what Nigerians are eating, and we are excited to see a new generation of agricultural pioneers, leaders and innovators, and will be providing awards and grants so that these leaders can become role models for future generations.”

Sustainable investment has rapidly gained adepts across developed markets, with global assets under management held within ESG (Environmental, Social, Governance) focused investment schemes swelling to just under $2 trillion as of 2021. Tingo, Inc. has sought to pioneer an ESG approach within Africa, seeking to promote social upliftment and financial inclusion across large swathes of the continent’s rural population. Simultaneously and through their Nwassa platform, the company has looked to reduce food wastage (n.b. in many African countries, the post-harvest losses of food cereals has been estimated at 25% of the total harvested crop), a key global environmental initiative, by reducing the administrative and logistic barriers which have historically hindered farmers’ access to their end customers. 

Whilst ESG initiative remain in a relatively nascent stage throughout the African continent, Tingo Inc remains and has striven to be a “company driven by an unrelenting mission to uplift rural communities and support growth in developing economies”. 

For more information, visit the company’s website at www.TingoGroup.com.

NOTE TO INVESTORS: The latest news and updates relating to TMNA are available in the company’s newsroom at https://ccw.fm/TMNA

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