Tingo Group

Tingo Group, Inc. (formerly Tingo Inc) is a publicly traded fintech and Agri-fintech conglomerate with operations in Africa, Southeast Asia, and the Middle East.[1][2]

Tingo Group, Inc
FormerlyTingo Inc
TypePublic company
Nasdaq: TIO
Industry
  • Finance
  • Agriculture
  • Food

History

Tingo Group, Inc formerly Tingo Inc was founded in 2002 by Dozy Mmobuosi. It is traded as a public company on NASDAQ with the ticker symbol TIO.[3][4] In 2001, Dozy Mmobuosi launched Tingo Mobile, an Agri-Fintech company which provides financial solutions for users in the Agricultural sector.[5][6] In October 2018, Tingo International announced that it had shutdown its manufacturing plant in Nigeria and relocating to China.[7] In early 2020, the company unveiled Reno Omokri as its brand ambassador.[8] In 2022, MICT a global Fintech and Agri-Fintech group acquired 100% of Tingo Mobile Limited and Tingo Foods PLC.[9] Subsequently, on February 27, 2023 the company changed its name to Tingo Group, Inc.[10][11][12]

In November 2022, the company was announced as the official sponsor of the Nigeria Professional Football League where it sponsored the Nigeria Federation Cup with a cash prize of N100million for the winner.[13][14] On 18 September 2023, Tingo Group appointed Dozy Mmobuosi and Kenneth Denos interim Co-CEOs.[15]

Subsidiaries

Tingo Mobile

Tingo Mobile is an Agri-Fintech company that provides a platform service through the use of smartphones to empower a marketplace to allow subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and internationally.[16]

Tingo Foods

Tingo Food is a wholly owned subsidiary of Tingo Group. It offers food processing and production services operating in Lagos, Nigeria and founded by Dozy Mmobuosi and with Neha Mehta as the CEO.[17]

Tingo DMCC

Tingo DMCC operates a commodities trading platform and commodity export business, connecting farmers and buyers around the world to facilitate fair trade and market access.[18]

TingoPay Super-App

In partnership with Visa, TingoPay Super-App provides payment services, e-wallet, and a range of services to its customers, as well as merchant services to businesses across various sectors.[19]

References
  1. Parkin, Darren (2023-02-27). "Tingo and EVTEC Energy sign partnership agreement that will create more than 12,000 jobs". CityAM. Retrieved 2023-05-07.
  2. "US-Based Company, Tingo Group Debunks Investigation Report On 'Billionaire' Founder, Dozy Mmobuosi's Alleged Fraud | Sahara Reporters". saharareporters.com. Retrieved 2023-09-17.
  3. "Analysts Are Optimistic We'll See A Profit From Tingo Group, Inc. (NASDAQ:TIO)". simplywall.st. 31 March 2023. Retrieved 2023-05-07.
  4. Lewis, Zayn Nabbi,Darren (2023-02-09). "Nigerian tech entrepreneur has Sheffield United in his sights". CNN. Retrieved 2023-05-07.{{cite web}}: CS1 maint: multiple names: authors list (link)
  5. Parkin, Darren (2023-04-06). "Tingo Group reveals impressive 2022 financial results". CityAM. Retrieved 2023-08-18.
  6. Writer, Verdict Staff (2023-02-15). "Visa, Tingo Mobile team up to boost digital payment access in Africa". Electronic Payments International. Retrieved 2023-08-18.
  7. "FOREX: Tingo International Shuts Nigerian Plants Relocates to China - THISDAYLIVE". www.thisdaylive.com. Retrieved 2023-08-18.
  8. "Tingo Mobile Unveils Reno Omokri as Brand Ambassador - THISDAYLIVE". www.thisdaylive.com. Retrieved 2023-08-18.
  9. Parkin, Darren (2023-04-06). "Tingo Group reveals impressive 2022 financial results". CityAM. Retrieved 2023-05-07.
  10. Editor, Manshi Mamtora, CFA, SA News (2023-02-24). "MICT will now trade as Tingo Group | Seeking Alpha". seekingalpha.com. Retrieved 2023-05-07. {{cite web}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  11. Staff Reporter (2022-11-11). "Tingo Mobile launches trade deal for major cocoa farmers in Ghana". Farmers Review Africa. Retrieved 2023-05-12.
  12. Kerr, Simeon; Quinio, Akila; Adeoye, Aanu (2023-06-06). "Shares in fintech Tingo slump after Hindenburg takes short position". Financial Times. Retrieved 2023-09-17.
  13. "Tingo Dangles Goodies for Fans at NPFL-Dozy Mmobuosi Foundation Tourney". www.thisdaylive.com. Retrieved 2023-09-18.
  14. Areo, Samuel (2022-11-24). "₦100m Prize Money for NPFL Pre-season Tournament". ACLSports. Retrieved 2023-09-18.
  15. Mendonça, Elaine (2023-09-18). "Tingo Group Announces Change in Leadership and Board Appointments". Best Stocks. Retrieved 2023-09-18.
  16. "Tingo Mobile signs trade agreement with All Farmers Association of Nigeria". www.freshplaza.com. 2022-10-21. Retrieved 2023-09-17.
  17. Takouleu, Jean Marie (2023-02-28). "NIGERIA: Evtec to install a 110 MWp solar power plant for Tingo Foods in the Delta". Afrik 21. Retrieved 2023-05-07.
  18. "Micronet Enertec Technologies Inc.: MICT Announces Rebranding and Name Change to Tingo Group, Inc - Form 8-K - MoneyController (ID 1169933)". www.moneycontroller.co.uk. Retrieved 2023-05-07.
  19. PYMNTS (2023-02-14). "Visa and Tingo Debut Super App for Africa's Farmers". www.pymnts.com. Retrieved 2023-05-07.
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