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Tingo Inc.’s (TMNA) Core Subsidiary Tingo Mobile Set to Launch Multi-Million Dollar Fund to Support Female Farmers; the First Grant Awarded to Female Fungus Farmer

  • Tingo build on strong focus on gender equality, encouraging women in business as core value while engaging thousands of women agents in Nigeria
  • Company set to launch fund to award grants mainly to female farmers and inspire new generation of leaders
  • Tingo to continue supporting Nigerian farmers as economic empowerment is considered key to achieving continent’s socio-economic transformation

Tingo (OTC: TMNA) has been long known for supporting farmers in Africa, especially women lead businesses, but its wholly owned subsidiary Tingo Mobile is elevating that support to the next level. The company is set to launch a ₦2.5 billion (approximately $6 million) fund to award grants mainly to female farmers and inspire a new generation of leaders committed to helping Nigeria reach its potential both in Africa and beyond. The company awarded the first grant amounting to ₦600,000 at the Exquisite Ladies of the Year (“ELOY”) Awards held in Lagos on November 26, 2021. The reward went to Etimbuk Imuk, a female farmer producing edible mushrooms that meet international standards. Before founding her own agri-business, Eti Farms Global, she served as an agricultural consultant helping people set up their farms and acquire the best farming practices (https://ccw.fm/Hv5Jk).

With a proven commitment to supporting the Nigerian farming community, Tingo continues to find new ways to support the community throughout the country. Through its device-as-a-service model, the company offers rural farmers the opportunity to use mobile devices to access Nwassa—its proprietary online agri-marketplace platform that connects players across the agricultural value chain. In addition, through TingoPay, farmers have access to mobile wallet and payment services.

Now Tingo appears poised to deliver genuine gender equality and diversity by empowering women entrepreneurs who work in the agri-ecosystem. According to UN Women, an entity for gender equality and women’s empowerment, the gender gap in the labor market caused sub-Saharan African economies to lose $95 billion per every year since 2010 (https://ccw.fm/bbPov). 

Tingo appears poised to change this worrying statistic as, according to the UN, investing in women’s economic empowerment establishes a direct route towards gender equality, poverty eradication and inclusive economic growth. Experts also believe that women’s economic empowerment is the key to achieving the African Union’s Agenda 2063, a framework for the continent’s socio-economic transformation (https://ccw.fm/iu195). With more than 4,000 women agents supporting the rollout of its services in Nigeria alone, Tingo remains committed to promoting women entrepreneurs. Its rural programs provide services targeted at this underserved market segment, and the company has a measurable approach to deliver enhanced opportunity and key social impact (https://ccw.fm/aaJem).

Grants can prove essential as innovations in farming can have significant potential to accelerate Nigeria’s economic growth and improve the standard of living for millions since farmers make up 66% of Nigeria’s workforce. Dozy Mmobuosi, Tingo, Inc. and Tingo International Holdings, Inc. CEO, said in a statement: “As the creators of Nwassa, Africa’s largest Agri-Marketplace platform, we at Tingo have analyzed the data about what Nigerians are eating, and we are excited to see a new generation of agricultural pioneers, leaders and innovators, and will be providing grants so that these leaders can become role models for future generations and make the Nigerian diet just as famous as the Mediterranean diet,” Mmobuosi affirmed.

Hoping to make the mushrooms available on supermarket shelves by the first quarter of 2022, Etimbuk, the first winner of the grant and hopefully one of many in the future, stated, “The plan is to put Nigeria on the global map with respect to mushrooms as part of a diet and have Eti Farms at the center of it all.” She shares the same vision with Tingo, the company that demonstrated commitment to helping Nigeria reach its true global potential through social upliftment in agribusiness. Confident in the high quality of Nigeria’s fresh food and its essential role in building a physically strong and resilient population, Tingo confirmed that the company would continue to support male and female Nigerian farmers by awarding grants through partnerships with other leading brands in the country.

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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