An Agri-Fintech company, Tingo Mobile has entered into a Memorandum of Agreement (MoA) with the All Farmers Association of Nigeria (AFAN) to provide equipment, agricultural inputs in the form of credit to about 20 million farmers across the country.
In MM, AFAN is expected to be in favor of farmers who will have access to these credit facilities and repayment in a period of 36 months, using their agricultural products.
Tingo will provide inputs such as fertilizer, sprayers, tractors, chemicals among others to 20 million farmers.
Tingo Mobile Chief Commercial Officer, Ayoola Olaide said they will bring farmers together and provide them with telecommunications and Fintech solutions that allow them to access global markets.
He further stated that the initiative would also have equipment for farmers which they will use to load their agricultural produce and also be able to sell and get their payment immediately.
“We bring together farmers across the country, providing them with telecommunications and Fintech solutions that enable farmers to access global markets and be able to provide many incentives and materials that will help farmers be able to ensure that their products meet international standards. and they have access to the global market.
“Our business would allow us to provide mobile equipment to farmers and these equipment can be amortized over a period of 36 months with the lowest deals.
With this gadget, farmers will have voice and data calls so that they can upload their farm produce and also be able to sell and pick up their parent instantly.
“With the advancement of technology, we are coming up with more solutions and we have partners all over the world.
“We have seen that throughout the years, rural communities have been neglected and we know that food is actually the most essential thing around the world, and if we focus on the agricultural sector, we will be able to change the world.
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“With this initiative, we believe that our cooperation with AFAN will provide farmers with everything that is necessary for them to be able to do well in their businesses”, he emphasized.
Chris Cleverly – President, Tingo Inc and Tingo International Holdings Inc said Tingo produces the technological support and other things that help farmers get a good harvest.
“AFAN’s union with Tingo is of great importance at this time, now we have a global crisis, an internal crisis with food, climate. Food security is national security, national security is international security.
So when we work together, we realize that we work at a much higher level.
“At Tingo we produce Fintech, we produce telecommunications support, we produce the things that help the farmer to be the hero of our story, because when we make the farmer strong, we are all stronger.
“Tingo has over $2 billion in market cap. We have identified the issues that are liquidity for farmers. So we will provide farm inputs so that farmers can plant, and they need access to capital.
“So Tingo has provided a smart phone which has an application that allows the farmer to communicate with the rest of the world as well as transact, we have provided the market which is open for business.
“Tingo mobile will offer loans that will come as farm inputs such as seeds, tractors, fertilizers, chemicals, cash loans and equipment services, then when farmers harvest, they will repay their loans with their agricultural produce. ” CEO Tingo Mobile PLC. explained Auwal Maude.
The chairman of AFAN, Dr. Farouk Mudi said that he believes that this type of project will protect the country’s economy.
He said that this initiative will deal with farmers directly and middlemen will be completely eliminated.