Agri-Fintech Company, Tingo Mobile has entered into a Memorandum of Agreement (MoA) with All Farmers Association of Nigeria (AFAN) to provide devices, farm inputs in the form of loan to about 20 million farmers across the country.
In the MoA, AFAN is expected to replace farmers who would access these credit facilities and repayment in a period of 36 months, using their farm 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 bring farmers together and provide them with telecommunications and Fintech solutions that enable them to access the global markets.
He further stated that the initiative also gadgets for farmers that they would use to upload their farm produce and also be able to sell and get their payment immediately.
“We are bringing together farmers all over the country, providing them with telecommunication and Fintech solutions that allow farmers to access the global markets and be able to provide many incentives, facilities and materials that will help farmers to be able to ensure that their products meet an international standard. and they has access to the global market.
“Our business would allow us to give farmers mobile devices and these devices can be repaid over a period of 36 months with the smallest arrangements.
With this tool farmers will have voice and data calls so they can upload their farm produce and also be able to sell and receive their parent at the same 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 around the world, and if we focus on the agricultural sector, we will be able to 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 do well in their businesses,” he noted.
Chris Cleverly – President, Tingo Inc and Tingo International Holdings Inc said that Tingo produces the technological support and other things that help farmers get a good harvest.
“AFAN coming together with Tingo is very important at this time, right now we have a global crisis, a domestic 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 on a much higher level.
“In Tingo, we produce Fintech, we produce telecommunications support, we produce the things that help the farmer to be the hero of our story, because when we make the farmer strong, we are all stronger.
“Tingo has more than $2 billion in market capitalization. We have identified the issues that are liquidity for the farmers. So we will provide the farm inputs so that the farmers can plant, and they need access to capital.
“So, Tingo provided a smartphone that has an application that allows the farmer to communicate with the rest of the world and also negotiate, we provided the market that is open for business.
“Tingo mobile will provide the loans that will come in the form of farm inputs such as seeds, tractors, fertilizer, chemicals, cash loans and equipment service, then when the farmers harvest, they will repay their loans with their farm produce” CEO Tingo Mobile PLC, Auwal Maude explained.
The President of AFAN, Dr. Farouk Mudi said that he believes that with this kind of project, the economy of the nation will be a safeguard.
He said that this initiative will deal with the farmers directly and the middlemen will be completely eliminated.