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Nigeria: Agri-fintech startup Tingo teams up with Visa

Tingo Mobile enters agreement with Visa to deepen financial inclusion across Africa

Nigeria's Agri-fintech startup Tingo has teamed up with Visa to deepen its financial service offerings as it plans to be a significant player in Africa's Agri-fintech space. With the strategic partnership, the unique African Agri-Fintech company will drive greater adoption and an increase in financial services offered, especially digital payments, on its platforms.

Creating a solution to a problem is one thing. Adoption is another thing. Africa's financial Inclusion problem goes beyond poor access to financial services alone. It is also a function of the continent's high financial illiteracy. Tingo and Visa recognize this, and they are also teaming up to boost financial literacy in the region. Both entities will work together to provide knowledge and learning tools to communities, increasing financial literacy and leading to greater financial and economic independence across the continent.

Speaking on the latest development, Dozy Mmobuosi, Founder and Group Chief Executive Officer of Tingo Inc, said, "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.the parent. With this agreement, Tingo Mobile will be able to issue Visa cards (both physical and virtual) to users on Nwassa and Tingo Pay."

"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."

Tingo operates two proprietary platforms: Nwassa, Tingo Mobile's digital agri-marketplace platform, which connects African farmers with other players in the agricultural value chain; and Tingo Pay, its in-house payment platform was recently made available to the general public.

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 market segment. As of Dec. 31, 2020, Tingo had 9,344,000 subscribers.

Nigeria in focus

GDP: $432.294 billion in 2020 compared to $448.12 billion in 2019

Population: 206,139,587 in 2020 compared to 200,963,03 in 2019

GDP per capita: $2,097 in 2020 compared to $2,229 in 2019