Agri-Fintech company Tingo Mobile has entered into a Memorandum of Agreement (MoA) with the All Farmers Association of Nigeria (AFAN) to provide gadgets and agricultural inputs in the form of loans to about 20 million farmers across the country.
ZM AFAN is expected to advocate for farmers who could access these credit lines and pay back within 36 months using their agricultural produce.
Tingo will provide inputs such as fertilizers, sprayers, tractors, chemicals to 20 million farmers.
Chief Commercial Officer of Tingo Mobile, Ajola Olaide, said they will bring farmers together and provide them with telecommunications and Fintech solutions that will enable them to access global markets.
He further stated that the initiative will also provide gadgets to farmers to use to upload their farm produce, sell and receive payments.
“We are bringing together farmers across the country, providing them with telecommunication and Fintech solutions that enable farmers to access global markets and provide many incentive opportunities and materials that will help farmers ensure that their produce meets international standards. and they have access to the world market.
“Our business would allow us to give mobile gadgets to farmers and these gadgets can be paid back over a period of 36 months with the least arrangement.
With this gadget, farmers will be able to make voice and data calls so that they can upload their farm produce and sell and receive parents.
“As technology evolves, so do we offer more solutions and we have partners all over the world.
“We’ve seen rural communities neglected over the years, and we know that food is actually the most important thing in the world, and if we focus on the agricultural sector, we can change the world.
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“With this initiative, we believe that our partnership with AFAN will provide farmers with everything they need to be successful in their businesses,” he noted.
Chris Cleverley, president of Tingo Inc and Tingo International Holdings Inc, said Tingo makes technology support and other things that help farmers get good yields.
“The merger of AFAN with Tingo is very important right now, we have a global crisis right now, a domestic food crisis, a climate crisis. Food security is national security, national security is international security.
Therefore, when we work together, we realize that we are working at a much higher level.
“At Tingo, we make Fintech, we make telecom support, we make things that help the farmer to be the hero of our story, because by making the farmer strong, we are all stronger.
“Tingo has a market capitalization of over $2 billion. We have identified the challenges that are liquidity for farmers. So we will provide farm inputs for farmers to plant and they need access to capital.
“So Tingo has provided a smartphone that has an application that allows the farmer to communicate with the rest of the world as well as transact, we have provided a market that is open for business.
“Tingo mobile will provide loans that will be used for seed, tractors, fertilizers, chemicals, cash loans and equipment servicing, and after farmers harvest their crops, they will repay their loans with their farm produce.” Tingo Mobile PLC CEO Oval Maude explained.
AFAN President Dr Farooq Mudi said 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.