All Farmers Association Of Nigeria Exclusively Adopts Tingo Mobile's Nwassa Marketplace Platform For Its Members
Portfolio Pulse from Benzinga Newsdesk
Tingo Group, Inc. (NASDAQ:TIO) announced its partnership with the All Farmers Association of Nigeria (AFAN), which has adopted Tingo Mobile's Nwassa as its exclusive marketplace platform. AFAN will promote Nwassa to its members for purchasing farming inputs, selling produce, and accessing value-added services. Tingo Mobile will lease 6 million new smartphones to AFAN members, a 63% increase in leasing customers. The first rice harvest through this partnership has begun, with plans to expand cultivation in 2024. Tingo Mobile, AFAN, and Prime Commodity Exchange (PCX) are utilizing a nationwide warehouse network under an exclusive tri-partite agreement.
November 13, 2023 | 1:52 pm
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POSITIVE IMPACT
Tingo Group's partnership with AFAN and the adoption of Nwassa platform could significantly increase its customer base and leasing customers by 63% with the addition of 6 million smartphones. The successful rice harvest and expansion plans may enhance Tingo's market position and shareholder value.
The exclusive adoption of Tingo's Nwassa platform by AFAN is a strong endorsement that is likely to increase Tingo's customer base and leasing operations. The successful rice harvest and the potential for increased cultivation in 2024 suggest positive momentum for Tingo's agri-fintech initiatives. This news is expected to have a positive short-term impact on TIO's stock price as it indicates growth and expansion in operations, which could be perceived positively by investors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100