Agrifintech company Tingo Mobile has signed a Memorandum of Understanding (MoA) with the All Farmers Association of Nigeria (AFAN) to provide gadgets and agricultural materials in the form of loans to nearly 20 million farmers across the country.
Under MoA, AFAN is expected to represent farmers who access these lines of credit and use their produce to repay within 36 months.
Tingo provides 20 million farmers with fertilizers, sprayers, tractors, chemicals and more.
Ayoola Olaide, chief commercial officer of Tingo Mobile, said the company will provide telecommunications and fintech solutions that bring farmers together and enable them to access global markets.
He further said the initiative will also be a gadget that farmers can use to upload their produce and sell and receive payments instantly.
“We bring together farmers across the country, provide telecommunications and fintech solutions that enable farmers to access global markets, and help farmers ensure their produce meets international standards. Allows us to offer many incentive facilities and materials and they have access to the global market.
“Our business allows us to provide farmers with mobile gadgets that can be repaid over 36 months with minimal arrangements.
The gadget gives farmers voice and data calls so they can upload their produce and sell or receive parents instantly.
“As technology advances, we have more solutions on offer and partners around the world.
“Over the years we have seen rural communities neglected, but in fact we know that food is the most important thing in the world. Then you could change the world.
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“We believe that with this initiative, working with AFAN, we can provide farmers with everything they need to succeed in business,” he said.
Chris Cleverly – President of Tingo Inc and Tingo International Holdings Inc said Tingo produces technical support and other things that help farmers get a good harvest.
“It is very important for AFAN to be with Tingo at this time. Right now we are facing a global crisis, a domestic crisis on food and climate. Food security is national security. , national security is international security.
So when we work together, we come to understand that we are working at a much higher level.
“At Tingo, we create fintech, we create communications support, we create things that help farmers become the protagonists of our stories, because when we make farmers stronger, we are all stronger. .
“Tingo has a market capitalization of over $2 billion. We identified liquidity issues for farmers. Make it require access to capital.
“Thus, Tingo has provided an open market for business, providing smartphones with applications that allow farmers to not only trade but also communicate with the world.
“Tingo mobile provides loans provided as agricultural inputs such as seeds, tractors, fertilizers, chemicals, cash loans and device services, and when farmers harvest, they repay the loans with their produce.” CEO , Tingo Mobile PLC, Oval Mode explained.
AFAN President Dr. Farooq Mudi said he believes projects of this kind will protect the country’s economy.
He said the initiative would address farmers directly, eliminating middlemen entirely.