MICT’s Tingo Mobile establishes strategic presence in Malawi, East Africa

MICT announced that its wholly owned subsidiary, Tingo Mobile Limited, has launched in Malawi, as it establishes a strategic presence in East Africa and accelerates its pan-African rollout. Having already achieved a substantial user base in West Africa, which is expected to expand considerably in the coming months, Tingo Mobile’s move into Malawi is an important development for a number of reasons. While Malawi is itself a sizeable target market for Tingo Mobile’s Agri-Fintech and FinTech platforms and products, its strategic location is also expected to facilitate accelerated expansion into other key East Africa territories, such as the neighbouring countries of Tanzania, Zambia, and Mozambique. Tingo Mobile’s expansion into Malawi and East Africa is expected to facilitate access to significant volumes of the region’s key crops, including coffee, tea, cotton, sugar cane, maize, and rice. Darren Mercer, Chief Executive Officer of MICT, commented: "We welcome Malawi into our growing portfolio of geographical markets, as part of our pan-African and global rollout strategy. I could not be more thrilled at the pace of our progress as we continue to internationalize the business and prosper from the benefits we share with Tingo Mobile’s customer base. I am particularly proud of our rapidly broadening market reach, and today’s expansion into East Africa, as we significantly increase our supply chain and expand the product range for our recently launched commodity platform and export business. When we first considered the acquisition of Tingo Mobile, a key attraction was the international scalability of the business, and the considerable difference we believed we could make to the speed of its rollout and its dollarization. Today’s launch into Malawi, within only a few days of launching in Dubai and the Middle East, and only a month since launching in Ghana, is compelling validation of our belief and optimism regarding the huge growth potential of the Group."