NetworkNewsBreaks – Tingo Inc. (TMNA), MICT Inc.
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Posted On: 05/10/2022 4:08:29 PM
NetworkNewsBreaks – Tingo Inc. (TMNA), MICT Inc. (NASDAQ: MICT) Enter Definitive Merger Agreement
Tingo (OTC: TMNA), the leading agri-fintech company operating in Africa, and MICT (NASDAQ: MICT), a financial technology business principally focused on the growth and development of a suite of consumer fintech services, today announced the execution of a definitive agreement to merge and consolidate their operations. Under the merger, Tingo and MICT will create an over $900 million annual revenue and highly profitable Nasdaq-listed fintech and agri-fintech company serving the African and Asian markets with a global expansion strategy. “We are truly excited to continue our journey as a Nasdaq-listed public company through this synergistic combination with MICT,” said Dozy Mmobuosi, Tingo’s CEO. “We have driven significant growth in our revenue year over year from 2020 to 2021. This trend demonstrates the increased activity resulting from the adoption of the smartphone ‘device-as-a-service’ strategy we have implemented in recent years. The strategy of steadily growing the core customer base with the three-year leasing program of smartphones to an ever-expanding user base, and then incorporating essentially what is an ‘overlay’ of agri-fintech platforms of our NWASSA solution and our TingoPay solution to this captive smartphone user base, has allowed us to become a pan-African leader with a SuperApp providing holistic financial services across the African continent. This model provides us with incredibly low customer acquisition cost for the NWASSA platform.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Tingo (OTC: TMNA), the leading agri-fintech company operating in Africa, and MICT (NASDAQ: MICT), a financial technology business principally focused on the growth and development of a suite of consumer fintech services, today announced the execution of a definitive agreement to merge and consolidate their operations. Under the merger, Tingo and MICT will create an over $900 million annual revenue and highly profitable Nasdaq-listed fintech and agri-fintech company serving the African and Asian markets with a global expansion strategy. “We are truly excited to continue our journey as a Nasdaq-listed public company through this synergistic combination with MICT,” said Dozy Mmobuosi, Tingo’s CEO. “We have driven significant growth in our revenue year over year from 2020 to 2021. This trend demonstrates the increased activity resulting from the adoption of the smartphone ‘device-as-a-service’ strategy we have implemented in recent years. The strategy of steadily growing the core customer base with the three-year leasing program of smartphones to an ever-expanding user base, and then incorporating essentially what is an ‘overlay’ of agri-fintech platforms of our NWASSA solution and our TingoPay solution to this captive smartphone user base, has allowed us to become a pan-African leader with a SuperApp providing holistic financial services across the African continent. This model provides us with incredibly low customer acquisition cost for the NWASSA platform.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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