Company’s NWASSA financial technology platform more than doubles revenue year-on-year
NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) — via InvestorWire – Tingo Inc, (OTC Markets: TMNA) (“Tingo” or the “Company”) has filed its annual report on Form 10-K, wherein the Company reported its audited financial results for the year ended Dec. 31, 2021. Given that the Company’s audited results reflected a partial operating year resulting from the acquisition of its principal operating subsidiary, Tingo Mobile plc (“Tingo Mobile”), in August 2021, the Company’s annual report also included proforma financial results for the entire year for Tingo Mobile.
On a proforma basis, the Company reported 2021 revenues and operating income for Tingo Mobile of $865.9 million and $327.1 million, respectively, compared to 2020 revenues and operating income of $585.3 million and $201 million, respectively. The Company also reported, on a proforma basis, strong growth of 48% in year-on-year revenues and 63% growth in year-on-year operating income.
The Company’s ESG-empowering agri-fintech marketplace platform, NWASSA, recorded significant growth of approximately 101%, from $98.6 million in 2020 to $198.6 million in 2021. NWASSA comprises several fintech solutions, including the Company’s proprietary Agri-Fintech platform, access to airtime top-ups, mobile insurance, utility payments and brokerage on loans. The Company believes that such growth is a demonstration of the value and impact that its Agri-Fintech services offer the Company’s 9.3 million existing customers. These customers have access to the NWASSA platform on the smartphones that they lease from the Company over three years through the cooperative associations of which they are members. Based on the fees charged for its suite of Agri-Fintech services, the Company estimates that Tingo Mobile processed more than $4 billion in customer transactions on its platform during 2021.
At the operating subsidiary level, Tingo Mobile reported no external debt financing and the generation of strong cash flows that can be used to expand the Company’s business and financial technology services, including an investment in the Company’s recently announced ‘SuperApp’ that will seek to combine NWASSA with its new ‘Tingo Pay’ digital wallet powered with a Visa card, the launch of which is intended in the second quarter of 2022.
The announcement of the Company’s financial results comes as the Company is seeking to list its shares for trading on the New York Stock Exchange, evaluate potential strategic acquisitions and gain further exposure in international markets. The Company’s strategy is to become Africa’s leading Agri-Fintech business, delivering strong and measurable financial results while also empowering social upliftment, gender equality and financial inclusion as core objectives.
The Company also announced the engagement of Lazard Ltd as corporate and financial advisor. Lazard is advising the Company regarding its plans to list its shares for trading on the New York Stock Exchange, as well as other strategic growth and development initiatives.
Commenting on the financial results of the Company and Tingo Mobile for 2021, Dozy Mmobuosi, Chief Executive Officer, stated: “We are pleased to report strong operating performance for the year 2021 and the continued growth of our Agri-Fintech business. With our recently announced financial technology partnership with Visa, we expect to expand our Agri-Fintech services to generate more commercial opportunities for our existing customers, as well as incentivize more rural farmers and communities to become subscribers and utilize our financial technology platform. We also look forward to working with Lazard to advise the Company on its future strategy.”
Dakshesh Patel, the Company’s Chief Financial Officer, added: “Our financial results for 2021 demonstrate the effectiveness of the adoption of NWASSA, our Agri-Fintech platform, by our customer base. The rapid growth of this high-margin component of our business represents the future of Tingo as we continue to expand our ESG-empowering model of ‘device as a service’ through the use of smartphones by members of rural farming communities.”
Tingo is the leading Agri-Fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Our unique “device as a service” model allows us to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. The Company’s strategic plan is to become the eminent Pan African Agri-Fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses. Additional information about the Company can be found at www.tingoinc.com.
Safe Harbor and Forward-Looking Statements
This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, any risks and uncertainties with respect to the Company’s operations, as well as those contained in the Company’s quarterly, annual and periodic filings with the Securities and Exchange Commission. Actual results, events and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.
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Chief of Staff – Tingo Inc