Agri-Fintech company, Tingo Mobile has signed a Memorandum of Agreement (MoA) with the All Farmers Association of Nigeria (AFAN) to provide gadgets, agricultural inputs in the form of loans to about 20 million farmers across the country.
In the MoA, AFAN is expected to stand for farmers who will access and repay these credit facilities within a period of 36 months using their farm produce.
Tingo will provide inputs like fertilizers, sprayers, tractors, chemicals for 20 million farmers.
Tingo Mobile Chief Commercial Officer, Ayola Olade said they will mobilize farmers and provide them with telecommunications and fintech solutions that will enable them to access global markets.
He added that the initiative will also have gadgets for farmers which they will use to upload their produce and be able to sell it and receive their payment.
“We mobilize farmers across the country, provide them with telecommunications and fintech solutions that enable farmers to access global markets and are able to offer a range of incentive facilities and materials that will help farmers to ensure that their produce meets international standards. And they have access to global markets.
“Our business will allow us to provide mobile gadgets to farmers and pay back these gadgets within a period of 36 months with a minimum arrangement.
With this gadget farmers will have voice and data calls so that they can upload their produce and be able to sell and receive it to their parents.
“As technology advances, we are coming up with countless more solutions and we have partners all over the world.
“We have seen that rural communities have been neglected over the years and we know that food is the most essential thing in the world and if we focus on agriculture, we can 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 be able to do well in their business”, he noted.
Chris Chaturai – President, Tingo Inc and Tingo International Holdings Inc said Tingo creates technology support and other things that help farmers achieve better harvests.
“AFAN coming together with Tingo is very important at this time, we have a global crisis, a domestic crisis with food, climate. Food security means national security, national security means international security.
So when we work together, we realize that we are working at a very high level.
“At Tingo, we build fintech, we build telecom support, we build things that help the farmer be the hero of our story, because when we make the farmer stronger, we all get stronger.
“Tingo has a market capitalization of over $2 billion. We have identified liquidity issues for farmers. So we are going to provide agricultural inputs so that farmers can plant and have access to capital.
“So, Tingo has provided a smart phone with an application that allows the farmer to communicate with the rest of the world as well as transact, we have provided a market that is open for business.
“Tingo Mobile will provide loans that come in the form of farm inputs such as seeds, tractors, fertilizers, chemicals, cash loans and equipment services, after which farmers will repay their loans with their crops when they harvest” explained CEO Tingo Mobile Plc, Auwal Maude.
AFAN President, Dr Farooq Mudi said he believes such a project will secure the country’s economy.
He said that this initiative would lead to direct dealing with farmers and eliminate middlemen completely.