Agri-Fintech company, Tingo Mobile has signed a Memorandum of Agreement (MoA) with the All Farmers Association of Nigeria (AFAN) to provide gadgets, agricultural inputs in the form of loan to about 20 million farmers across the country.
In the MoA, AFAN is expected to play the role of farmers accessing these credit facilities and repayment within a period of 36 months, using their agricultural produce.
Tingo will provide inputs such as fertilizer, sprayers, tractors, chemicals among others for the 20 million farmers.
The Chief Commercial Officer of Tingo Mobile, Ayoola Olaide said they will mobilize farmers and provide them with telecommunication and fintech solutions that will enable them to access global markets.
He further stated that the initiative will also include gadgets for farmers which they will use to upload their agricultural produce and also be able to sell and get their payment instantly.
“We gather farmers all over the country, and provide them with telecommunications and fintech solutions that allow farmers to access global markets and provide many incentives, facilities and materials that will help farmers be able to make sure that their produce meets international standards. And they have access to the world market.
“Our business will enable us to give farmers mobile gadgets and these gadgets can be returned over a period of 36 months with minimal arrangements.
With this gadget farmers will have voice and data calls so that they can upload their farm produce and also be able to sell and receive their parents every time.
“As technology advances, we also come up with more solutions and we have partners all over the world.
“We have seen that throughout the years the rural communities have been neglected and we know that food is actually the most essential thing in the world, and if we concentrate on the agricultural sector we can 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 successful in their businesses,” he noted.
Chris Cleverly – President, Tingo Inc and Tingo International Holdings Inc said Tingo makes the technology support and other things that help farmers get a good crop.
“AFAN’s meeting with Tingo is of great importance at this time, right now we have a global crisis, a local crisis with food, climate. Food security is national security, national security is international security.
So when we work together, we realize that we are working at a much higher level.
“At Tingo, we make fintech, we make telecommunications support, we make the things that help the farmer be the hero of our story, because when we make the farmer strong, we’re all stronger.
“Tingo has a market capitalization of more than $2 billion. We identified the issues that are liquidity for farmers. So we are going to provide the inputs to the farm so that the farmers can plant, and they need access to capital.
“Therefore, Tingo provided a smart phone that has an application that allows the farmer to communicate with the rest of the world as well as make transactions, we provided the open market for business.
“Tingo Mobile will provide the loans that will come in the form of agricultural inputs such as seeds, tractors, fertilizer, chemicals, cash loans and equipment servicing, and then when the farmers harvest, they will repay their loans with their agricultural produce,” Tingo Mobile PLC CEO, Awal Maud explained.
AFAN President, Dr. Farooq Modi, said that he believes that with this type of project, the country’s economy will be protected.
According to him, this initiative will deal directly with the farmers and the middlemen will be completely eliminated.