Tingo Group (NASDAQ: TIO), a profitable and fast growing fintech, agri-fintech, food and commodity trading company, today announced that it has executed a memorandum of understanding (“MOU”) with the Khyber Pakhtunkhwa Information Technology Board (“KPITB”) to launch the company’s business and service offerings into Pakistan. KPITB is a governmental body established in the province of the Khyber Pakhtunkhwa, Pakistan, for the promotion of information technology for the public and private sector. “As we look to introduce and replicate our successful business model in new geographical markets and accelerate growth, we are delighted to have this opportunity to establish a dominant position in the fifth most populous country in the world and one of the largest agricultural markets.
Moreover, we are honored to have the KPITB and government of Pakistan as a strategic partner in this remarkable opportunity,” said Dozy Mmobuosi, interim co-chief executive officer of Tingo Group. “The MOU allows us to roll out all of the main areas of our existing ecosystem in Pakistan including our fintech, agri-fintech and marketplace platforms such as Nwassa and TingoPay, as well as our food processing business and commodity trading and export business. Similar to Nigeria when we launched Nwassa there in 2020, Pakistan’s productivity levels in agriculture are relatively low and post-harvest losses are high despite the large percentage of its sizeable population being employed in the sector. These conditions, combined with the superior communications and logistics infrastructures compared to Nigeria, provide us with considerable scope to further deliver upon our mission goals and objectives of increasing food production levels and tackling the world’s food security crisis.”
To view the full press release, visit https://ibn.fm/Tz5lx
About Tingo Group Inc.
Tingo is a global fintech, agri-fintech, food processing and commodity trading group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device-as-a-service” smartphone and a value-added service platform, the cornerstone of which is the Nwassa “seed-to-sale” marketplace platform, as well as insurance, micro-finance and mobile phone and data top-up. Tingo Group’s other business verticals include: TingoPay, a super app in partnership with Visa, offering a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore, which, as relatively small businesses within the company, are currently in the process of being reviewed and re-positioned. For more information about the company, visit www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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