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FinTech: Tingo Seeks $500m For Expansion Across Africa

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As an Agric Fintech company founded two decades ago, Tingo has grown to be one of the biggest fintech company in Nigeria with expectations in earnings before

company in Nigeria is considering a continent-wide expansion in Africa with a new bid to raise $500 million.

In about two decades, Tingo has succeeded in selling about 30 million mobile devices. It has about nine million subscribers through its Nwassa platform and conducts daily financial transaction of about eight million. Recall, that the company is the first indigenous mobile phone manufacturer in Nigeria although the plant was shut last year due to harsh economic condition according to the company, the Chief Executive Officer of Tingo Inc, Dozy Mmobuosi, disclosed to Bloomberg that the company would be raising a combination of debts and equity financing through a private placement.

 

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