Tingo Mobile, an Agri-Fintech company, has signed a Memorandum of Agreement (MoA) with the All Farmers Association of Nigeria (AFAN) to provide gadgets, farm inputs in the form of loans to about 20 million farmers across the country.
According to the MoA, AFAN is expected to stand in for farmers who would access credit facilities and payback in a period of 36 months, while Tingo will provide Fintech solutions in the form of smartphones and inputs such as fertilizer, sprayers, tractors, chemicals, among others, for the 20 million farmers.
The President, Tingo Inc. and Tingo International Holdings Inc., Chris Cleverly, noted that AFAN coming together with Tingo is of great importance at this time because there is a global and domestic crisis with food and climate, saying food security is national security, and that national security is international security.
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The Tingo boss said that his organization produces Fintech and other things that assist farmers in getting a good harvest in order to help farmers become the heroes of the food security story, adding that when the farmer is strong, we are all stronger.
“Tingo has over $2 billion in market capital. We have identified the issue, which is liquidity for the farmers. So we are going to provide the farm inputs so that the farmers can plant, and they need access to capital.
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“Tingo mobile will provide the loans which will come as farm inputs like seed, tractors, fertiliser, chemicals, cash loans and device service, then when the farmers harvest, they will will repay their loans with their farm produce” Tingo boss explained.
The President of AFAN, Dr Farouk Mudi, remarked that the initiative was planned to deal with the farmers directly by completely eliminating middlemen, so as to safeguard the farmers’ income and boost the nation’s economy.
