Tingo is focused on making a social impact.
Poverty Alleviation: Tingo provides innovative financial products, Agri-trading platform and credit solutions including distribution channels to advance financial inclusion and banking fintech services to rural farming communities in our chosen markets. UNSDG Goal #1: No Poverty
Food Security: The Tingo Inclusive Agri-Fintech model creates a new impactful agri-based farming solution. This unique ecosystem has the potential to create jobs and uplift the income for millions of rural farmers in select markets in Africa. UNSDG #8: Decent Work and Economic Growth & #10: Reduced Inequities
Digital Financial Inclusion: Tingo has developed proprietary and proven digital technology platforms that will provide a low-cost and dignified mobile transaction service through use of mobile applications to deliver a relevant and sustainable payment banking service to the under-banked consumer and rural farmers across Africa. UNSDG Goal #10: Reduced Inequities & #11 Sustainable Communities
Economic Growth and Job Creation: The Tingo Inclusive Agri-Fintech model creates a new impactful agri-based farming solution. This unique ecosystem has the potential to create jobs and uplift the income for millions of rural farmers in select markets in Africa. UNSDG #8: Decent Work and Economic Growth & #10: Reduced Inequities
Women’s Empowerment: Tingo is committed to gender equality. A key element is to train women entrepreneurs to become both farming customers and collection services. UNSDG Goal #5: Gender Equality
Supporting Women Entrepreneurship: A core business activity is the design and implementation of Fintech / Agri-Tech services that empower women entrepreneurs in local communities. It is well documented that one in three successful SME programs in Africa has been achieved through support of women entrepreneurs. UNSDG Goal #5: Gender Equality & #11 Sustainable Communities
Read more on the company here.
And as I mentioned above, TMNA has several potential catalysts to know right now. Here they are:
No. 1 TMNA Potential Catalyst - Company Merger Helps To Enable Global Expansion Strategy
MICT Completes Acquisition of Operating Business and Assets of Tingo, Inc.
Completion of the Acquisition Provides MICT the Following Significant and Immediate Benefits:
- Ownership of 100% of Tingo, Inc.’s Operating Business and Assets (namely Tingo Mobile Limited)
- Consolidation of 100% of Tingo Mobile’s Revenues and Income into MICT from Today (annualized revenue run rate approaching USD $1.2 billion and net income before tax run rate approaching USD $650 million – as reported within Tingo, Inc.’s Q3 2022 Form 10-Q)
- Consolidation of 100% of Tingo Mobile’s Balance Sheet into MICT (Cash at September 30, 2022 amounted to $247 million and Total Assets amounted to $1.51 billion)
- The opportunity to globalize and dollarize an already established rapidly growing and highly scalable fintech and agri-fintech business
MONTVALE, NJ, Dec. 01, 2022 (GLOBE NEWSWIRE) -- MICT, Inc. (NASDAQ: MICT) (“MICT”) has today completed the previously announced acquisition of 100% of the operating business and assets of Tingo, Inc. (“Tingo”) (OTC:TMNA), via its purchase of Tingo Mobile Limited (“Tingo Mobile”). As the consideration for the acquisition, MICT is issuing 19.9% of its common stock to Tingo, together with Series A Preferred Stock and Series B Preferred Stock, each of which are convertible into shares of MICT’s common stock upon certain conditions being satisfied.
Darren Mercer, Chief Executive Officer of MICT, commented: “When we embarked in 2021 on our search for value accretive business acquisitions in the fintech sector, which would either provide access to new markets for our current suite of products or with new platforms to introduce into our existing markets, we never dreamt of finding an opportunity as valuable as this and with such a strong synergistic fit. Tingo Mobile not only shares our goal of promoting financial inclusion, it also uses its platforms to tackle one of humanity’s biggest challenges, namely the global food security crisis.
We firmly believe we have acquired one of the world’s most exciting agri-fintech and fintech businesses. As reported in Tingo’s Q3 results, Tingo Mobile is already highly profitable and growing strongly. Within the past few weeks, Tingo Mobile has delivered a number of major trade deals, which not only are expected to result in a more than tripling of current customer numbers, but also marks the commencement of its global expansion.
The completion of this acquisition markedly strengthens our balance sheet and makes us immediately significantly profitable. We therefore expect to report substantial earnings for Q4 2022, followed by material quarter over quarter growth in both revenues and profitability in 2023 and beyond.
With a wealth of considerable new opportunities for MICT as a result of this merger, our focus now is to deliver substantial revenue and earnings growth and maximize shareholder value, including through the dollarization and globalization of the business. The Board believes that this acquisition provides MICT with the opportunity to become a highly profitable global fintech powerhouse.”
Dozy Mmobuosi, Founder of Tingo Mobile, commented: “We are delighted to complete our merger with MICT, fulfilling our longstanding ambitions of achieving a Nasdaq listing for Tingo Mobile.
Today’s merger is enabling us to accelerate upon our ambitious global expansion strategy, which in turn is already beginning to dollarize our business, a trend that is expected to continue and grow throughout 2023 and beyond. With sizeable new opportunities in both Africa and Southeast Asia already well advanced, being part of the MICT group strengthens the infrastructure and framework to support such rapid global expansion.
The mutual benefits brought to each party by this transaction are already making material differences to the enlarged group. I remain very excited about the abundance of opportunities we have for Tingo Mobile and MICT, both in our immediate and long-term future.”
Read the full article here.
No. 2 TMNA Potential Catalyst - Game-Changing Partnership With AFAN Launches Early
MICT’s Acquisition Target, Tingo Mobile, Today Launches Key Partnerships With All Farmers Association Of Nigeria And Visa
AFAN Launch Commences Rollout of Nwassa Agri-FinTech Platform and Tingo Visa Products to AFAN’s Membership of More Than 20 Million Farmers
Launch of Partnership With Visa Sees Introduction of Tingo Visa Card and a Range of Other New Products
MONTVALE, NJ, Nov. 16, 2022 (GLOBE NEWSWIRE) -- MICT, Inc. (NASDAQ: MICT) (“MICT”) and Tingo, Inc. (OTC Markets: TMNA) (“Tingo” or the “Company”), announced that Tingo Mobile PLC (“Tingo Mobile”), which is being wholly acquired by MICT with a scheduled completion date of November 30, 2022, has today launched its partnership with the All Farmers Association of Nigeria (“AFAN”) ahead of schedule.
Through its recently announced trade deal with Tingo Mobile, AFAN has committed to deliver a minimum of 20 million additional subscribers, which would more than triple Tingo Mobile’s existing customer base of 9.3 million. From today, AFAN has commenced to enroll its members to Tingo’s platforms and products, including its Nwassa Agri-Fintech platform.
Also today, Tingo Mobile launched its pan-African partnership with leading global payments technology company, Visa, with the rollout a range of new products and services including Tingo Visa digital payment cards, a Tingo Mobile secure payment service and a Tingo Mobile Point of Sale merchant service. The suite of Tingo Visa products is expected to contribute significantly towards fulfilling MICT’s and Tingo Mobile’s goals of fostering financial inclusion and driving the social and economic upliftment of their customers.
To mark its milestone achievements, and by way of support of AFAN and Nigeria’s Federal Ministry of Agriculture and Rural Development, Tingo Mobile has sponsored today’s National Farmers’ Day event. Through its work with these organizations, Tingo Mobile has reinforced its commitment to Nigeria’s more than 60 million farmers and further underlined its support towards AFAN and the Nigerian Government, as the parties work collectively towards their mutual objectives of increasing food supply and improving food security.
Dozy Mmobuosi, Tingo Founder and CEO, commented: “We are honored to have both AFAN and Visa as our partners. It was only a small number of weeks ago that we announced our trade deal with AFAN, so to be in a position where we have launched our partnership with them today, ahead of schedule, is a huge achievement. We are particularly pleased we have been able to arrange both the AFAN and Visa partnership launches to coincide with National Farmers’ Day celebration, which has allowed us to support this important event on Nigeria’s agricultural sector’s calendar.
We are very proud of our team at Tingo Mobile as they continue to successfully execute our accelerated rollout strategy, which has all been made possible through the merger with MICT. We are also extremely proud of the valuable contribution we believe we are making towards increasing Nigeria’s and Africa’s food supply and improving food security.”
Read the full article here.
No. 3 TMNA Potential Catalyst - Tingo's Q3 Financials Are Off The Charts!
Tingo Releases Results For Third Quarter Of 2022
Growth in Nwassa Agri-Fintech Business Drives 64.8% Increase in Revenues and 53.9% Increase in Operating Profit for Q3 2022 Compared to Q3 2021
NEW YORK, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Tingo, Inc, OTC Markets (TMNA) (“Tingo” or the “Company”) filed its quarterly report on Form 10-Q, wherein the Company reported its financial results for the three and nine months ended September 30, 2022. The following are some of the highlights:
Revenues. Net revenues totalled $291.7 million for Q3 2022 as compared to $177.0 million for Q3 2021, an increase of 64.8%. For the nine months ended September 30, 2022, net revenues were $817.4 million as compared to $317.5 million for the nine months ended September 30, 2021, an increase of 157.4%.
Gross Profit. Q3 2022 gross profit amounted to $268.8 million as compared to $174.7 million for Q3 2021, an increase of 53.9%. For the nine months ended September 30, 2022, gross profit was $789.1 million as compared to $310.9 million for the nine months ended September 30, 2021, an increase of 153.8%.
Operating Income. Q3 2022 operating income amounted to $149.5 million as compared to a Q3 2021 operating loss of $29.3 million. For the nine months ended September 30, 2022, operating income was $342.7 million as compared to $59.2 million for the nine months ended September 30, 2021, an increase of 478.9%.
Agri-Fintech Revenue Growth from Q2 2022. On a quarter-on-quarter basis, Agri-Fintech revenue, generated through Tingo’s Nwassa agri-fintech marketplace platform, grew by $8.2 million from $130.9 million in Q2 2022 to $139.1% million for Q3 2022, an increase of 6.3%.
Agri-Fintech Revenue as an Increasing Component of Overall Revenue. Q3 2022 agri-fintech revenue amounted to $139.1 million, or 47.7% of total revenue, with mobile telephony, data and leasing comprising the remainder. By comparison, during Q3 2021, agri-fintech revenue amounted to $56.5 million, or 31.9% of total revenue. Year-on-year quarterly growth for agri-fintech revenues was 146.2%.
Merger Transaction with MICT. The Company’s filing of a definitive Information Statement on Schedule 14C on November 9, 2022, marked a major milestone in progressing towards the completion of the merger of Tingo Mobile PLC, the Company’s sole operating subsidiary (“Tingo Mobile”), with MICT, Inc., a Nasdaq-traded financial technology firm.
Commenting on the financial results of the Company for the third quarter of 2022, Dozy Mmobuosi, Chief Executive Officer, stated: “We are pleased to once again report a strong set of results, where we have achieved further robust growth in both revenue and earnings. With our revenues now tracking at almost $1.2 billion per annum, and operating income tracking at approximately $600 million per annum, we believe the Company is well positioned to deliver a further increase in profitability in Q4 2022, followed by an acceleration in growth in 2023."
Read the full article here.
No. 4 TMNA Potential Catalyst - Could Ghana Become The Next Nigeria For Tingo? Landmark Trade Deal Signed With The Kingdom Of Ashanti
Tingo Mobile, Launches Operations in Ghana and Signs Landmark Trade Deal with the Kingdom of Ashanti Covering Major Agricultural and Cocoa Farming Region
Ashanti Kingdom Investment Trust Commits to Enroll a Minimum of 2 Million New Members to Tingo and Agrees to a Target to Enroll at Least 4 Million New Members
NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Tingo, Inc, OTC Markets (TMNA) (“Tingo” or the “Company”) announced that Tingo Mobile PLC (“Tingo Mobile”) has today opened a head office in Accra, Ghana and has launched nationwide operations. Tingo Mobile’s business in Ghana is held through a wholly owned subsidiary, Tingo Mobile Ghana Ltd (“Tingo Ghana”).
Ghana is regarded as a hugely important market for Tingo Mobile and its Pan-African expansion strategy, not least because of its strong and well-developed agricultural sector, as well as its considerable and thriving export market in non-staple products. Tingo Mobile has committed to work closely with the Ghanaian Government and its Ministry of Food and Agriculture to achieve its goal of growing Ghana’s agriculture sector’s contribution towards Gross Domestic Product, to be in excess of 25% by 2025 (25% of 2025 forecast GDP = $20.2 billion. Source: United Nations), compared to 19.1% in 2020, including through the improvement of crop production efficiency and crop yield, as well as the reduction of post-harvest losses.
To coincide with its launch, Tingo Ghana has agreed on a landmark trade deal with the Kingdom of Ashanti, through the Ashanti Kingdom Investment Trust. The Kingdom of Ashanti presides over Ghana’s Ashanti Region, which has a population of approximately 5.4 million, and through its dominant position in Ghana and Ghana’s agricultural sector, also has a degree of influence over much of the country’s population of 32 million. Under the terms of the trade deal, the Ashanti Kingdom Investment Trust has committed to enroll a minimum of 2 million new members with Tingo within 120 days of signing and has agreed on a target to increase such enrollments to at least 4 million members.
Tingo Mobile is replicating in Ghana the same proven business model that has generated more than $526 million of revenues and $298 million of net income before tax in Nigeria in the first half of 2022. In addition to rolling out its Nwassa Agri-Fintech marketplace platform in Ghana, Tingo Mobile also plans to launch the TingoPay SuperApp in the coming weeks, to include payment services, in partnership with Visa.
Dozy Mmobuosi, Tingo Mobile Founder and Chief Executive Officer, commented: “When we announced our merger with MICT earlier this year, we explained that one of the key rationales for the transaction was MICT’s ability to help accelerate the globalization and dollarization of our business. As we move towards completion of the merger later this month, today’s launch into Ghana is tangible evidence of the strategy’s execution between MICT and Tingo and represents an important milestone in our international expansion.
Having significantly strengthened our dominant position in Nigeria through our recent partnership with AFAN, our goal is to roll out the Tingo Mobile model throughout Africa, and into other parts of the world, where we strive to foster digital and financial inclusion, increase food production efficiency, and improve food security. Through our rapid growth in Nigeria, we have already demonstrated the effectiveness of our business model, including helping farmers increase crop yields, reducing post-harvest losses, and achieving better prices for their crops, and we look forward to bringing the same benefits to the farmers of Ghana."
Read the full article here.
TMNA Recap - These Potential Catalysts Could Provide A Breakout Spark
No. 1 - Company Merger Helps To Enable Global Expansion Strategy
No. 2 - Game-Changing Partnership With AFAN Launches Early
No. 3 - Tingo's Q3 Financials Are Off The Charts!
No. 4 - Could Ghana Become The Next Nigeria For Tingo? Landmark Trade Deal Signed With The Kingdom Of Ashanti
Coverage is officially initiated on TMNA. When time permits, do this: