Tingo International Holdings Inc occupies an important position in Nigeria’s agricultural and financial space. It is determined to capture the Nigerian market further as it gradually expands beyond the country’s shores.
To this end, Tingo International — the parent company of Tingo Mobile, an over-the-counter (OTC) listed public company — is partnering with MELD to advance its financial service delivery cause in Africa.
MELD is a company setting its goals as a highly efficient decentralised finance (DeFi) lending and borrowing protocol.
With this partnership, Tingo can offer its more than nine million Nwassa platform subscribers safe, easy, and transparent financial services with more economic flexibility while simultaneously attacking new users.
Nwassa is Tingo Mobile’s platform that bridges the gap between African farmers and other players in the agricultural value chain.
Currently, in partnership with World Mobile and Cardano, MELD considers Africa a key market and sees Tingo International as a worthy partner for expanding its footprint in Africa.
Commenting on the partnership, Ken Olling, MELD Chairman, said DeFi is the ultimate equaliser.
“The blockchain is governed by math, and math knows no border or continent or race or age. It brings powerful financial tools to anyone willing to engage with it. Working with Tingo, together we provide the stage that a bright financial future can play out on using DeFi. With these new financial instruments we are able to offer sustainable returns while keeping risk in check,” he affirmed.
Both parties believe that a high-efficiency DeFi protocol like MELD can provide a great deal of value even if the transaction sizes are sub $100. They will work together to integrate the MELD protocol as a stand-alone application into Tingo-branded mobile devices.
Interestingly, Tingo International recently acquired a cryptocurrency exchange platform, Coinfield, while working on purchasing another leading financial technology trading provider on the continent as part of its move to solidify its stand in the African economic space.
Tingo also plans to launch TINGO, a gold stable token, to reduce interest rates, volatility, and cross-border costs. Tingo International is already in talks with the appropriate partners to bring this to fruition.
For Tingo, a flexible and low-cost DeFi lending and borrowing will unlock a great deal of value to current and potential users, including earning yield on latent capital, getting access to fiat while maintaining a crypto position, and sending and receiving funds with very low charges.
Chris Cleverly, Tingo International President, pointed out that innovation happens where necessity is greatest.
Cleverly also affirmed that mobile banking was commonplace in Africa a decade before the USA gave up legacy “chip-and-pin” technology.
“It is no surprise that Nigeria is a global leader in digital currency, with eNaira looking to disintermediate punitive international finance. The gold stable token proposed in this DeFi initiative will give international investors confidence with inward investment, which will lead to a revolution in the way agriculture on our continent will be funded.”
For Tingo, it’s all about economic freedom and flexibility in day-to-day financial transactions.
