Tingo, Inc. (OTC Pink: IWBB) is engaged as a agri-fintech technology company, which is focused on expanding agriculture-based financial services to under-served regions of Africa. The company’s vision is to become the go-to agri-fintech company in Africa. This would help support and transform rural farming communities and provide more financially inclusion throughout the continent.
Tingo is active in supporting women entreprenuers across the region. In Nigeria, Tingo has over 4,000 women agents to help support its roll-out in the country. In total, Tingo maintains a comprehensive subscriber roster of over 9.34 million, as of the end of 2020.
Shares of Tingo jumped nearly 60% through late trading on Wednesday, October 27, 2021. Over the past thirty days, Tingo has seen average daily volume of only 2,449. However, volume of 17,438 shares or dollar volume of $65,915, has already exchanged hands through late trading Wednesday.
The jump in Tingo’s shares came after the company announced that its core subsidiary, Tingo Mobile Plc, has signed a strategic partnership agreement with Visa, Inc. (NYSE: V) to expand its “financial inclusion drive across Africa and beyond.” The strategic partnership will coordinate adoption drives to Tingo’s Nwassa and Tingo Pay platforms.
Nwassa is the company’s agri-fintech marketplace platform, which connects farmers with others in the agricultural value chain. Tingo Pay is the company’s internal payment platform, which was just recently released. Visa will issue approved cards to users on the Tingo platforms. The payments giant will also provide technical support related to transaction functionality.
“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.”
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