Tingo (OTC: TMNA), the leading agri-fintech company operating in Africa, and MICT (NASDAQ: MICT), a financial technology business principally focused on the growth and development of a suite of consumer fintech services, today announced the execution of a definitive agreement to merge and consolidate their operations. Under the merger, Tingo and MICT will create an over $900 million annual revenue and highly profitable Nasdaq-listed fintech and agri-fintech company serving the African and Asian markets with a global expansion strategy. “We are truly excited to continue our journey as a Nasdaq-listed public company through this synergistic combination with MICT,” said Dozy Mmobuosi, Tingo’s CEO. “We have driven significant growth in our revenue year over year from 2020 to 2021. This trend demonstrates the increased activity resulting from the adoption of the smartphone ‘device-as-a-service’ strategy we have implemented in recent years. The strategy of steadily growing the core customer base with the three-year leasing program of smartphones to an ever-expanding user base, and then incorporating essentially what is an ‘overlay’ of agri-fintech platforms of our NWASSA solution and our TingoPay solution to this captive smartphone user base, has allowed us to become a pan-African leader with a SuperApp providing holistic financial services across the African continent. This model provides us with incredibly low customer acquisition cost for the NWASSA platform.”
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About Tingo Inc.
Tingo 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’s novel “device-as-a-service” model allows the company to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo’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. For more information, visit the company’s website at www.TingoInc.com.
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