NIGERIA – Tingo International, the parent company of Tingo Mobile, an over-the-counter (OTC) listed public company, has partnered with MELD, a DeFi lending, and borrowing protocol with the aim of advancing its financial service delivery cause in Nigeria.
The Tingo group has envisioned the Nwassa platform, as a one-stop platform for farmers providing weather forecasts as well as prices of farm input and produce.
Nwassa is Tingo Mobile’s platform that bridges the gap between African farmers and other players in the agricultural value chain.
Farmers will get access to extension service providers including a micro-loan scheme that provides cheap credit to people in and out on the platform.
The group also plans to integrate the MELD protocol as a stand-alone application into Tingo-branded mobile devices.
Through this partnership, Tingo offers more than nine million subscribers of its Nwassa agriculture fintech platform safe, easy, and transparent financial services with more economic flexibility while simultaneously attracting new users.
According to Tingo, a flexible and low-cost DeFi lending and borrowing service will unlock a great deal of value to current and potential users.
Users will enjoy additional services like earning yield on latent capital, getting access to fiat while maintaining a crypto position and sending and receiving funds with very low charges.
“The gold stable token proposed in this DeFi initiative will give international investors’ confidence with inward investment, which will lead to a revolution in the way agriculture on our continent will be funded,” said Chris Cleverly, President, Tingo International.
The group’s integration of the MELD protocol is calculated to help Tingo grow its presence in the Nigerian market and expand beyond the country.
Tingo aims to be Africa’s leading agri-fintech player that transforms rural farming communities to connect through its proprietary platform to meet their complete needs from inputs, agronomy, off-take, and marketplace, delivering a sustainable income in an impactful way.
Earlier, Tingo International had acquired a cryptocurrency exchange platform, CoinField, and has plans to launch TINGO, a gold stable token, to reduce interest rates, volatility, and cross-border costs.
The group’s main goal is all about economic freedom and flexibility in day-to-day financial transactions.
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