An Agri-Fintech Company, Tingo Mobile has entered into a Memorandum of Agreement (MoA) with the All Farmers Association of Nigeria (AFAN) to provide farm 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 these facilities and pay for a period of 36 months, using their farm.
Tingo will provide inputs such as fertiliser, sprayers, tractors, chemicals among others for 20 million farmers.
The Chief Commercial Officer of Tingo Mobile, Ayoola Olaide said they will be aggregating farmers and providing telecommunications and Fintech solutions that will allow them to access global markets.
In addition to that, the project also provided farmers with gadgets that they could use to put their farms to use, and also sell and receive their wages.
“We are bringing together farmers throughout the country, providing them with telecommunication and Fintech solutions, giving farmers access to global markets and many incentives to be able to provide facilities and materials that will help farmers to ensure that their products meet the international standard and have access to the global market.
“Our business allows us to give mobile gadgets to farmers and these gadgets can be paid back over a period of 36 months with smaller appointments.
With this gadget, farmers can make voice and data calls so that they can enter their farm and also sell and receive their parent in a row.
“As technology advances, we come up with even more frequent solutions and we have partners all over the world.
“We have seen all year that rural communities have been neglected and we know that food is really the most essential food 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 project, we believe that our cooperation with AFAN will provide farmers with everything they need to do well in their businesses,” he noted.
Chris Lepide – President, Tingo Inc and Tingo International Holdings Inc said Tingo helps technology and other things that help farmers in getting a good harvest.
“AFAN’s collaboration with Tingo is very important at this time, 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 understand ourselves working at a much higher level.
“At Tingo, we offer Fintech, we offer telecommunications support that help the farmer become the hero of our story, because when we make the farmer a firm, we are all stronger.
“Tingo has over $2 billion in market capital. That’s what we’ve focused on liquidating farmers. So we’re going to provide farm inputs so that farmers can plant, and they need access to capital.
“Therefore, Tingo is a smart phone that allows the application to allow the farmer to communicate with the rest of the world and the business, we provide an open market for our business.
“Tingo Mobile will pay back loans that will pay for inputs such as seed, tractors, fertilizers, chemicals, cash loan and machinery service, then when the farmers harvest, they will pay back their loan with their produce,” explained CEO of Tingo Mobile PLC, Auwal Matildis.
The President of AFAN, Dr Farouk Mudi said that he believes that with this kind of policy, the economy of the nation will be preserved.
He said the initiative was to deal directly with the farmers and eliminate the middle man altogether.