Tingo Group (NASDAQ: TIO), a profitable and fast growing fintech, agrifintech, food and commodity trading company, has opened a new Africa headquarters in Lagos, Nigeria. According to the announcement, the new office site is in the main business and financial center of Victoria Island, Lagos, and will be the company’s second office in the city; Tingo’s former headquarters is now the company’s commodity trading and operational support office. The three-story, 60,000-square-foot building can accommodate up to 500 employees and features the latest communications and information-technology infrastructure.
“I am extremely proud to increase our investment into my home country of Nigeria, and significantly enhance our infrastructure and human resource capacity,” said Tingo Group interim co-CEO Dozy Mmobuosi in the press release. “This major upgrade and expansion of our facilities is expected to enable us to accelerate the growth of our business, not only in Nigeria, but also throughout the continent of Africa and ultimately globally. As we scale-up our operations, facilitated by the further considerable expansion of our workforce, our Tingo ecosystem continues to grow stronger. This is particularly gratifying as it allows us to increase our impact on Nigeria’s and Africa’s agricultural sector and in turn make a meaningful difference towards tackling the world’s ongoing food security crisis, while at the same time further enhancing shareholder value.”
To view the full press release, visit https://ibn.fm/kTyRy
About Tingo Group Inc.
Tingo Group is a global fintech, agrifintech food processing and commodity trading group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading agrifintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device as a service” smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing these farmers with access to services that include, among others, the Nwassa “seed-to-sale” marketplace platform, insurance, microfinance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include TingoPay, a SuperApp in partnership with Visa, offering a wide range of business-to-consumer (“B2C”) and business-to-business (“B2B”) services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food-processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Centre. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China along with Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore, which, as relatively small businesses within the company, are currently in the process of being reviewed and repositioned. For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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