Tingo Mobile, an agri-fintech company, has entered into a Memorandum of Agreement (MoA) with the All Farmers Association of Nigeria (AFAN) to provide equipment and inputs in the form of loans to approximately 20 million farmers across the country.
In the MoA, AFAN would advocate for farmers who would be able to access these credit facilities and pay back their agricultural produce within 36 months.
Tingo will provide inputs such as fertilizers, sprayers, tractors and chemicals to the 20 million farmers.
Tingo Mobile’s chief commercial officer, Ayoola Olaide, said they would pool farmers and provide them with telecom and fintech solutions that will enable them to access global markets.
He further explained that the initiative would also include gadgets for farmers to upload their farm products and also be able to sell and receive their payments all at once.
“We bring farmers across the country together and provide them with telecom and fintech solutions that enable farmers to access global markets and provide many incentives for facilities and materials that help farmers ensure that their products meet international standards and they have access to the world market.
“Our business would allow us to give mobile devices to farmers and these devices can be repaid over a 36 month period with the least amount of precaution.
With this gadget, farmers have voice and data calls so they can upload their farm products and sell and receive their parents in no time.
“As technology advances, we too come with more and more solutions and we have partners all over the world.
“We have seen rural communities neglected all these years and we know that food is indeed the most important thing in the whole 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 our collaboration with AFAN will provide farmers with everything they need to be successful in their business,” he noted.
Chris Cleverly – President of Tingo Inc and Tingo International Holdings Inc said that Tingo makes the technological support and other things that help farmers get a good harvest.
“The coming together of AFAN with Tingo is of great importance at this time, right now we have a global crisis, a domestic crisis with food and climate. Food security is national security, national security is international security.
So when we work together, we understand that we are working on a much higher level.
“In Tingo we produce fintech, we produce telecom 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 capital. We have identified the problems that are liquidity for farmers. So we’re going to provide the inputs for the farmers to grow, and they need access to capital.
“So Tingo provided a smartphone that has an application that allows the farmer to communicate and do business with the rest of the world. We have provided the marketplace open to businesses.
“Tingo Mobile will provide the loans provided as agricultural inputs such as seeds, tractors, fertilizers, chemicals, cash loans and equipment service. Then, when the farmers harvest, they will repay their loans with their agricultural products,” CEO Tingo Mobile PLC, explained Auwal Maude.
The President of AFAN, Dr. Farouk Mudi said he believes this type of project will protect the country’s economy.
He said this initiative will deal directly with farmers and eliminate middlemen entirely.
