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.”
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.
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.