Tingo Mobile, a subsidiary of the US-based Tingo Group that previously focused on providing technology services to farmers in Africa, is now targeting business owners of all types with its recently announced Tingo Visa card, TingoPay app and TingoPay business portal. Through these products, which leverage the firm’s new partnership with US-based digital payments company Visa, Tingo customers can accept payments in multiple currencies and make purchases through Visa’s network of 61 million merchants in approximately 200 countries. In addition, the TingoPay app gives small and medium-sized enterprises (SMEs) access to foreign exchange, e-wallet, storefront and payment services.
The CEO of Tingo Group Holdings, Dozy Mmobuosi, said, “…we strive to achieve our mission of delivering financial inclusion throughout Africa. SMEs in all business sectors stand to benefit from our new range of Tingo Visa merchant services and the TingoPay business portal, whereas our smallholder farmer customers will see significant additional advantages through the integration of TingoPay with our Nwassa agri-marketplace platform.” Nwassa is a digital service that connects farmers in Africa with both suppliers and buyers.
Tingo Group, formerly known as MICT, is a US-based provider of financial and agricultural services in Africa and Asia. In addition to TingoPay, its members include the Chinese insurance broker GFH Intermediate Holdings, Hong Kong-based financial services provider Magpie, Tingo Dubai Multi Commodities Centre, Africa-focused fintech TingoMobile and the agricultural processor TingoFoods. For the quarter ending September 2022, Tingo Group reported profits of USD 3.2 million on revenue of USD 13.8 million. Shares in the group are traded on the NASDAQ exchange.
Established in 1958, Visa partners with financial institutions to provide consumers with credit, debit and prepaid cards that can be used at merchants in 200 countries. The firm also offers business clients various payment and consulting services. In 2022, Visa reported USD 16.0 billion in net income and USD 11.6 trillion in payments volume.
By Ben Barba, Research Associate
Sources and Additional Resources
Tingo Group press release on Visa partnership
https://www.tingogroup.com/news-events/press-releases/detail/5/visa-and-tingo-mobile-an-mict-subsidiary-launch
Tingo Group press release on MICT name change
https://www.tingogroup.com/news-events/press-releases/detail/119/mict-announces-rebranding-and-name-change-to-tingo-group
TingoPay homepage
https://tingopay.com
TingoPay app at Google Play
https://play.google.com/store/apps/details?id=com.tingogroup.TingoPay
Visa homepage
https://visa.com
Tingo Group homepage
https://www.tingogroup.com
Previous MicroCapital story on MICT and Tingo Mobile
https://www.microcapital.org/microcapital-brief-mict-buys-tingo-expands-agritech-to-ghana-malawi-connecting-more-farmers-with-international-markets/
Previous MicroCapital story on Visa
https://www.microcapital.org/microcapital-brief-visa-testing-offline-payment-system-in-india-to-expand-financial-inclusion-in-rural-areas-with-poor-internet-connectivity/
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