Nigeria’s Fintech Firm Tingo Seeks to Raise $500 Million to Serve More African Farmers

Tingo, a
 
 fintech 
Fintech

Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.

Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Read this Term firm based in Nigeria, announced yesterday that it is seeking to raise $500 million in funding, as part of its efforts to expand its business across more African nations.

Dozy Mmobousi, the CEO of Tingo, revealed the company’s plans to Bloomberg media outlets on Monday.

Tingo, an agriculture-focused firm, valued at $6.3 billion, will be raising the capital through a private placement. Besides that, the firm plans to be listed on the New York Stock Exchange in the first half of the year.

Additionally, Mmobousi disclosed that the company intends to commit $100 million to a fund that will increase credit to mainly female farmers. The firm has plans to expand to at least 19 African countries within the next three years through acquisitions.

Talking about how the firm plans to move forward, Mmobousi stated: “We plan to acquire companies and expand infrastructure that will help us become a pan-African business, delivering the same services we’re delivering in Nigeria in many other countries.”

Apart from that, Tingo is seeking to become a global firm. This is evident by the company’s push to be listed on the New York Stock Exchange. Mmobousi said: “We are working closely with the exchange, and we believe the outcome will be positive.”

Established in 2019, Tingo, an Agricultural-Fintech firm, continues to provide a comprehensive platform service through the use of smartphones to enable African farmers to manage their business activities of growing and selling their products to market participants both locally and internationally.

Tingo believes in a truly connected world as a way that contributes to a better global society. With more than nine million subscribers, the fintech firm is working on accelerating digital commerce.

Tingo helps farmers acquire mobile phones through leasing plans and connects them to mobile and data networks through its own virtual mobile network. Furthermore, the company connects farmers to markets, services and resources via its digital agritech marketplace platform, Nwassa, which started its operations in 2020.

Tingo, a
 
 fintech 
Fintech

Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.

Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Read this Term firm based in Nigeria, announced yesterday that it is seeking to raise $500 million in funding, as part of its efforts to expand its business across more African nations.

Dozy Mmobousi, the CEO of Tingo, revealed the company’s plans to Bloomberg media outlets on Monday.

Tingo, an agriculture-focused firm, valued at $6.3 billion, will be raising the capital through a private placement. Besides that, the firm plans to be listed on the New York Stock Exchange in the first half of the year.

Additionally, Mmobousi disclosed that the company intends to commit $100 million to a fund that will increase credit to mainly female farmers. The firm has plans to expand to at least 19 African countries within the next three years through acquisitions.

Talking about how the firm plans to move forward, Mmobousi stated: “We plan to acquire companies and expand infrastructure that will help us become a pan-African business, delivering the same services we’re delivering in Nigeria in many other countries.”

Apart from that, Tingo is seeking to become a global firm. This is evident by the company’s push to be listed on the New York Stock Exchange. Mmobousi said: “We are working closely with the exchange, and we believe the outcome will be positive.”

Established in 2019, Tingo, an Agricultural-Fintech firm, continues to provide a comprehensive platform service through the use of smartphones to enable African farmers to manage their business activities of growing and selling their products to market participants both locally and internationally.

Tingo believes in a truly connected world as a way that contributes to a better global society. With more than nine million subscribers, the fintech firm is working on accelerating digital commerce.

Tingo helps farmers acquire mobile phones through leasing plans and connects them to mobile and data networks through its own virtual mobile network. Furthermore, the company connects farmers to markets, services and resources via its digital agritech marketplace platform, Nwassa, which started its operations in 2020.