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Tingo Inc, a financial tech company, founded in Nigeria, revealed yesterday its plan to raise about $500 million in capital to extend its operations across other African countries. On the 21st of February, Tingo’s CEO, Dozy Mmobousi, confirmed the firm’s intention to Bloomberg, a media outlet.
Tingo, a $6.3 billion agriculture-focused company, will raise funds through sales of bonds or stocks to investors. In addition, the company intends to register on the NYSE (New York Stock Exchange) before the middle of 2022.
Tingo To Provide Credit Facilities For Female Farmers
Mmobousi also revealed that the corporation plans to provide $100 million to increase credit facilities primarily to female farmers. Via acquisitions, the company hopes to grow to over 19 African nations within the next three years.
Plans For Expansion And Global Dominance
The agro-based firm was created over 20 years ago and has steadily developed to be among Africa’s most valuable fintech. By 2025, it plans to have doubled its revenues before taxes, depreciation, and interest, or Ebitda.
“We intend to purchase firms and build infrastructure that will enable us to become a business that will attract the African people, extending the same services our company offers in Nigeria to other countries,” Mmobousi said when asked about the firm’s future aspirations.
Besides that, Tingo aspires to be a global organization. This drive is demonstrated by the company’s attempt to be part of the NYSE. “We are collaborating with the stock exchange firm, and we feel the results will be favorable,” Mmobousi added.
Linking Farmers to Funds and Opportunities
The Agrarian enterprise continues to deliver a complete platform solution using smartphones to help African farmers organize their commercial operations of cultivating and marketing their goods to market players both locally and globally.
Tingo believes that a genuinely linked world contributes to a more prosperous global civilization. The fintech startup, which has over nine million users, aims to speed up digital trade.
Tingo’s virtual phone network links farmers to mobile and broadband networks and also assists them in obtaining cell devices through leasing arrangements. These devices grant the farmers access to inputs, markets, and credit facilities for their market.
According to the firm’s executive, Tingo will partner with Visa International to increase its agents to over 50,000 and provide digital payment methods to those in rural communities.
Moreover, the firm’s digital agritech market, Nwassa, which started operating in 2020, will link farmers to resources, markets, and services.