Agri-Fintech Company, Tingo Mobile, has entered into a Memorandum of Agreement (MoA) with the All Farmers Association of Nigeria (AFAN) to provide tools, farm inputs in the form of loans to about 20 million farmers across the country.
In the MoA, AFAN is expected to stand in for farmers who would have access to these credit facilities and repayment in a period of 36 months, using their farm produce.
Tingo will provide inputs such as fertilizer, sprayers, tractors, chemicals among others to the 20 million farmers.
Tingo Mobile’s Chief Commercial Officer, Ayoola Olaide said they would aggregate farmers and provide them with telecommunications and Fintech solutions that allow them to access global markets.
He added that the initiative would also provide farmers with tools that they would use to upload their farm produce and that they would be able to sell and receive their payment on the go.
“We aggregate farmers across the country, providing them with telecommunications and Fintech solutions that allow farmers to access global markets and be able to provide many incentives, facilities and materials that will help farmers to be there to ensure that their products meet the international standard. and they have access to the global market.
“Our business would allow us to provide mobile gadgets to farmers and these gadgets can be repaid over a period of 36 months with the smallest arrangements.
With this device farmers will have voice calls and data so that they can upload their farm products and be able to sell and get their parents on the go.
“As technology advances, we are also coming up with more numerous solutions and we have partners around the world.
“We have seen over the years that rural communities are being neglected and we know that food is the most essential thing in 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 collaboration with AFAN will provide farmers with everything they need to be able to do well in their businesses”, he said.
Chris Cleverly – President, Tingo Inc and Tingo International Holdings Inc said that Tingo provides the technological support and other things that help farmers get a good harvest.
“AFAN coming together with Tingo is very important 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 realize that we are working on a much higher level.
“In Tingo, we produce Fintech, we support telecommunications, 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 capitalization. We have identified the liquidity issues for the farmers. So we are going to provide the farm inputs so that the farmers can plant, and they need access to capital.
“So, Tingo has provided a smartphone with an application that allows the farmer to communicate with the rest of the world as well as transact, we have provided the market that is open for business.
“Tingo mobile will provide the loans as farm inputs such as seed, tractors, fertilisers, chemicals, cash loans and equipment service, then when the farmers reach, they will repay their loans with their farm produce” Tingo Mobile PLC CEO, Explained Auwal Maude.
The President of AFAN, Dr. Farouk Mudi said that he believes with this type of project, the nation’s economy will be protected.
He said that this initiative will deal with the farmers directly and eliminate the middlemen completely.