Tingo (OTC: TMNA), a leading agri-fintech business in Africa, is reporting its audited financial results for the year ended Dec. 31, 2021; the report included proforma financial results for Tingo Mobile because of the acquisition of the company, which is Tingo’s principal operating subsidiary. According to the announcement, TMNA reported 2021 revenues and operating income on a proforma basis for Tingo Mobile of $865.9 million and $327.1 million respectively. The report also showed upward growth of 48% in year-on-year revenues and 63% growth in year-on-year operating income. The report also indicated that Tingo’s NWASSA, its ESG-empowering agri-fintech marketplace platform, also saw substantial growth of an estimated 101%, from $98.6 million in 2020 to $198.6 million in 2021. The company observed that NWASSA is a group of several fintech solutions, including Tingo’s exclusive agri-fintech platform along with airtime top-ups, mobile insurance, utility payments and brokerage on loans. “We are pleased to report strong operating performance for the year 2021 and the continued growth of our agri-fintech business,” said Tingo CEO Dozy Mmobuosi in the press release. “With our recently announced financial technology partnership with Visa, we expect to expand our Agri-Fintech services to generate more commercial opportunities for our existing customers, as well as incentivize more rural farmers and communities to become subscribers and utilize our financial technology platform. We also look forward to working with Lazard to advise the Company on its future strategy.”
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About Tingo Inc.
Tingo is the leading agri-fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Tingo’s unique device-as-a-service model allows the company to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With approximately 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. The company’s strategic plan is to become the eminent Pan-African agri-fintech business, delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses. For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TMNA are available in the company’s newsroom at https://ccw.fm/TMNA
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