- Dozy Mmobuosi, CEO and co-founder of Tingo Mobile, aims to accelerate digital commerce in Agritech and Fintech verticals across Africa
- Mmobuosi spearheaded the design and launch of Nigeria’s first SMS banking solution and has led Tingo’s growth to more than $600 million in annual revenue
- Tingo’s innovative mobile Agritech and Fintech platforms and credit solutions bolster commerce, connect markets and provide mobile banking services
- Due to growing need and demand, Mmobuosi expects Tingo Mobile to become the continent’s leading Agri-Fintech business powered through smartphone technology
Dozy Mmobuosi founded Tingo Mobile in 2001 to bring mobile technology and Fintech solutions to the unbanked rural areas in Nigeria. Mmobousi’s first Fintech endeavor was a revolutionary SMS banking solution which represented the first mobile payment platform in Nigeria which remains in use today.
Mmobuosi’s entrepreneurial spirit was evident even in his youth when he was threatened with expulsion for selling “provision commodities” while in secondary school in Nigeria. He even cleaned and packaged used clothing for re-sale while home on holiday. From those humble beginnings he began to promote concerts and events and eventually created, Naijafans, the only Nigerian-focused social media platform at the time. Along the way he managed to earn advanced degrees, holding a Bachelor of Science and Master of Science degrees in political science and economics, respectively, from Ambrose Alli University in Ekpoma, and a Ph.D. in rural advancement from Universiti Putra Malaysia.
Fast forward a few decades, and Mmobuosi, now 43, has brought his company, Tingo (OTCQB: IWBB), public in a deal valued at $3.7 billion. Tingo, with over $600 million annual revenues and nearly 10 million subscribers, is Nigeria’s leading Agri-Fintech and device-as-a-service platform aimed at accelerating digital commerce in the agricultural sector. The company helps farmers acquire mobile phones through a unique leasing plan, connecting them to mobile and data networks through its own virtual mobile network. Mmobuosi headed a team of more than 120 Chinese and Nigerian engineers in the construction of two mobile phone assembly plants in Nigeria, to produce and distribute 20 million phones across the country. Tingo connects farmers to markets, services and resources via Nwassa, its digital Agritech marketplace platform that commenced operations in 2020.
More recently, Mmobuosi directed the launch of a beta version of TingoPay – a B2B and B2C fintech app which will provide financial services to users inside and outside of agriculture which includes mobile wallets, payment processing and access to specialist lenders, insurers and pension products. Mmobuosi also plans for Tingo to soon roll out a blockchain-based solution that will empower frictionless trade across borders in Africa. This innovation and market-proven model give Tingo the ability to deliver the same service model across all of Africa and transform the continent with Agri-Fintech solutions powered through smartphone technology.
Tingo intends to become a truly Pan-African company with global reach that modernizes the continent by providing a complete digital ecosystem to facilitate financial interaction and deliver disruptive micro-finance solutions. Digitally connecting the agricultural value chain that represents such a large share of Africa’s economy could easily be the impetus to democratizing commerce and propelling the continent into the 21st century.
Through Tingo Inc., Dozy Mmobuosi is committed to delivering Agri-Fintech, telecommunications and market access to millions of farmers, consumers and other key players across Africa. A marketplace platform that connects every stakeholder in the agricultural value chain, from farmers, to packaging and logistic partners to everyday people looking to purchase fresh produce at the best prices is certain to change the fortunes of Africa, one of the last frontiers for global growth.
For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to IWBB are available in the company’s newsroom at https://ccw.fm/IWBB
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