Dozy Mmobuosi - Afrikan Heroes

Tingo Group Strengthens Nigerian Presence Amidst Fraud Allegations

October 22, 2023

In a strategic move aimed at reaffirming its commitment to the Nigerian market and bolstering its operations, Tingo Group, a prominent player in the Nigerian fintech sector, has announced the establishment of a new office in Lagos, Nigeria. This expansion comes against the backdrop of recent fraud allegations and demonstrates Tingo Group’s determination to maintain a strong foothold in the country.

The new office, strategically located in Victoria Island, Lagos, adds to the existing headquarters on Lagos Island. While the latter focuses on commodity trading and operational support, the new facility is poised to become the epicenter of the company’s broader operations. Spanning three stories and encompassing 60,000 square feet, it is equipped to accommodate a sizable workforce, further propelling Tingo Group’s growth initiatives.

Dozy Mmobuosi, Interim Co-Chief Executive Officer of Tingo Group, expressed his pride in enhancing the company’s investment in Nigeria, stating that the upgraded facilities are expected to accelerate the company’s growth not only in Nigeria but also across the African continent and globally. Moreover, this expansion will fortify Tingo Group’s position and impact on Nigeria’s agricultural sector, addressing the ongoing food security challenges while enhancing shareholder value.

Ken Denos, Interim Co-Chief Executive Officer, shared his excitement about the extended facilities and the opportunities they bring. He emphasized the company’s partnerships with organizations such as the All Farmers Association of Nigeria (AFAN) and its expansion into markets like Ghana, reinforcing its commitment to global growth.

This strategic expansion underlines Tingo Group’s unwavering dedication to the Nigerian market and its resolve to tackle the recent allegations head-on. By increasing its ground presence and investing in state-of-the-art infrastructure, the company signals its commitment to transparency, growth, and its long-term mission in the fintech sector. The recent allegations have spurred Tingo Group to take proactive steps to secure its position and maintain the trust of its stakeholders.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Tingo Pay Launches its One-Stop-Shop for Financial Services in Nigeria

April 5, 2021

The Nigerian financial sector is bound to become quite competitive and interesting with the entrant of Tingo International’s “Tingo Pay” in Nigeria. Interestingly, Tingo Pay is not a new player in the payment industry as it has been serving as the payment system for Nwassa, a platform that connects over nine million stakeholders in the agricultural value chain.

On Tingo’s decision to make Tingo Pay available to the public, the Chief Commercial Officer of the Nigerian subsidiary of the company, Tingo Mobile Plc, Ayoola Olaide referenced the low rate of financial inclusion in the country while also pointing out the role that mobile technology is playing to close the gap.

Tingo’s decision is not surprising as the Founder and Group Chief Executive Officer of Tingo International Holdings Inc, Dozy Mmobuosi in 2020 revealed plans to make Tingo Pay available to the general public. In his comment about the launch, Mmobuosi affirms Tingo’s mission to empower societies by offering access to alternative financial services to underserved communities, with a specific focus on providing tailored digital tools. “This mission has driven us to build Tingo Pay,” he said.

Tingo Pay will be launching in Nigeria first, but Olaide revealed that there are plans to launch in other African markets as well.

“For expansion, it will be easier for Tingo Pay to expand to other markets while relying on partners,” Tingo Mobile’s Chief Commercial Officer asserted.

Commenting on the launch, Mmobuosi pointed out the importance of the partnership to achieving Tingo’s goal. He further revealed that Tingo International Holdings works with partners that share the company’s vision for a more inclusive and digitally-enabled financial services sector in Africa. “It is through this common goal, our shared values, and our commitment to financial inclusion, that we begin a long and prosperous relationship,” Mmobuosi said.

While Tingo Pay will be launching with features like bills payment and money transfer, there are plans to have other features like insurance, remittance, betting, hotel, and flight bookings, among others, in the app soon. Tingo’s agricultural platform, Nwassa will also be a feature on Tingo Pay.

“It’s going to be a one-stop-shop for financial activities,” Olaide affirms.

According to Tingo, the future for its payment platform is to provide easy access to payment for both individuals and businesses across its markets. The Tingo Pay app will come preloaded on Tingo-branded smartphones and about 4.5 million units of these devices are expected to be shipped to Nigeria soon.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry