Fintech company Tingo, AFAN sign agreement to provide gadgets, inputs to 20 million farmers

An Agri-Fintech Company, Tingo Mobile has entered into a Memorandum of Agreement (MoA) with All Farmers Association of Nigeria (AFAN) to provide gadgets, farm inputs in form of loan to about 20 million farmers across the country.

In the MoA, AFAN is expected to stand in for farmers who would access these credit facilities and payback in a period of 36 months, using their farm produce.

Tingo will provide inputs such as fertiliser, sprayers, tractors, chemicals among others for the 20 million farmers.

The Chief Commercial Officer of Tingo Mobile, Ayoola Olaide said they would aggregate farmers and provide them with telecommunications and Fintech solutions which allows them to access the global markets.

He further stated that the initiative would also gadgets for farmers which they would use to upload their farm produce and also be able to sell and receive their payment at a go.

“We aggregate farmers all over the country, providing them with telecommunications and Fintech solutions that allows farmers to access the global markets and be able to give much incentives facilities and materials that will help farmers to be able to make sure that their produce meet international standard and they have access to the global market.

“Our business would allow us to give farmers mobile gadgets and these gadgets can be repaid over a period of 36 months with the least arrangements.

With this gadget farmers will have voice and data calls so that they can be able to upload their farm produce and also be able to sell and receive their parent at a go.

“As technology advances, we are also coming with more numerous solutions and we have partners all over the world.

“We have seen that all over the years, the rural communities have been neglected and we know that food is actually the most essential thing around the world, and if we concentrate 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 needed for them to be able to do well in their businesses”, he noted.

Chris Cleverly – President, Tingo Inc and Tingo International Holdings Inc said Tingo produces the technology support and other things that assist farmers in getting a good harvest.

“AFAN coming together with Tingo is of great importance at this time, right now we have global crisis, domestic crisis with food, climate. Food security is national security, national security is international security.

So when we work together, we get to understand that we working on a much higher level.

“In 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 market capital. We have identified the issues which is liquidity to 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 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 marketplace which is open to business.

“Tingo mobile will provide the loans which will come as farm inputs like seed, tractors, fertiliser, chemicals, cash loans and device service, then when the farmers harvest, they will will repay their loans with their farm produce” CEO Tingo Mobile PLC, Auwal Maude explained.

The President of AFAN, Dr Farouk Mudi said he believes with this kind of project, the nation’s economy will be safeguard.

He said this initiative will deal with the farmers directly and the middlemen completely eliminated.