Tingo Group, Inc. announced that its trade partner, the All Farmers Association of Nigeria (?AFAN?), has formally adopted Tingo Mobile?s Nwassa as its exclusive marketplace platform for its members. AFAN is the umbrella body of the 56 recognized commodities and agricultural associations in Nigeria, with branches in all 36 states of Nigeria. In 2022, as part of its strategy to make sustainable agriculture the core foundation of Nigeria?s economy, AFAN announced a national program and commitment to register all farmers across Nigeria, with the potential to grow its membership to 60 million.

Tingo Mobile is working closely with AFAN to support it in achieving its goal, and to grow its own customer base in Nigeria to 60 million. Supported by a wide-reaching national marketing campaign across Nigeria, AFAN is promoting the Nwassa marketplace platform to all its members, and to potential new members, as its recommended method of: (i) purchasing farming inputs, such as fertilizer, seeds, pesticides, tools and equipment; (ii) selling their produce, both directly to consumers and also to wholesalers and food processors, such as Tingo Foods and Tingo DMCC; and (iii) purchasing or facilitating a range of value-added services such as mobile phone airtime and data top-up, insurance, microfinance and bill payment. To support AFAN?s commitment to register 20 million of its members as new customers of Tingo Mobile and Nwassa, Tingo Mobile is delivering 6 million new smartphones in the coming weeks.

AFAN is scheduled to lease the 6 million new smartphones for its members beginning in December 2023, representing a 63% increase in Tingo Mobile?s leasing customers. Earlier this month, the wet-season rice harvest commenced on the 3,000 hectares of land that Tingo Mobile financed the cultivation of in June 2023. This is expected to generate significant amounts of produce for Tingo Foods and Tingo DMCC, while also providing considerable support to AFAN and its farmers.

Following the successful proof of model, Tingo Mobile and AFAN plan to significantly expand the program to cultivate much larger areas of land in 2024. The wet season harvest, which covers a range of different crops, is the first to fully utilize the network of warehouses that Tingo Mobile has commenced to manage in partnership with AFAN and Prime Commodity Exchange (?PCX?) under the terms of the exclusive tri-partite agreement signed on April 26, 2023.