Africa’s leading Agri-Fintech company, Tingo, has launched its Ghanaian operations with a splash, securing a landmark deal with the Ashanti Investment Trust.
Under the terms of the deal, the Ashanti Investment Trust promised to enrol a minimum of 2 million new members on Tingo Mobile’s platform within 120 days and in addition, agreed on a target to increase such enrolments to at least 4 million members.
As a 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, Tingo Mobile is expected to support the value chain from ‘seed to sale’ with through its digital Agri-platform, Nwassa, and other services including airtime top-ups, bill pay services for utilities, access to insurance services and microfinance.
Tingo enters the Ghanaian market with a proven track record of success, having supported cica 10 million farmers in Nigeria since in inception—and at a time when demand for support and investment in the West African country is extremely required.
While Ghana presents a ripe opportunity, being one of the leading agricultural markets on the continent, it is severely underserved in regard to Agri-fintech.
Currently, Ghana is battling with a rapid inflation, affecting the prices of many food products, due largely to the country’s over reliance on the importation of various foods.
The launch of Tingo in Ghana is in line with the government’s desire to revamp Ghana’s Agricultural sector. The objective of their initiative to increase home-grown produce—as well as increase Ghana’s export of various Agric produce and broaden the basket of products beyond its reliance on coco.
Several Tingo executives met Ghana’s Minister of Agriculture, Dr Owusu Afriyie Akoto and his technical team on Thursday, November 10th, 2022, to announce the launch of its operations and seek support and open dialog for a public-private partnership going forward.
The company is committed to work with the Ministry to help the government’s aim of growing Ghana’s agriculture sector’s contribution towards Gross Domestic Product, to be in excess of 25% by 2025.
Discussions also touched on the Ministry’s 7 Crop Initiative, under which they are targeting annual revenue of $12 billion from six selected tree crops: Oil Palm, Shea, Rubber, Coconut, Mango and Cashew – to rival the annual revenue of cocoa.
Tingo provides value in meeting all these crucial targets of the state, making the company indispensable and placing it in an enviable position to meet its stated goals in Ghana.
Since the Ashanti Kingdom of Ghana is the country’s hub of agriculture, covering the present-day Ashanti Region but exerting influence over more than half of the country including mainly arable parts of the Eastern, Central, Bono and Western Regions, the leadership of Tingo also met with the Asantehene, Otumfuo Osei Tutu II to introduce the various unparalleled Agric initiatives of Tingo to him.
Crucial crops such as cocoa – of which Ghana is the second largest producer in the world – are largely grown within the territory of the Asantehene’s sphere of influence. And throughout his over two-decade reign, the Asantehene has continuously professed how he holds agriculture in high regard. He has consistently highlighted agriculture as a key component of Ghana’s development and has been a great supporter of farmers in his Kingdom.