Tingo launches global commodity platform, export business

MICT, Inc. announced that its wholly- owned subsidiary, Tingo Mobile has launched its global commodity platform and export business in partnership with the Dubai Multi Commodities Centre. Through Tingo Mobile’s strong relationships and trade deals with numerous farming co-operatives and associations in Nigeria and Ghana, including with the All Farmers’ Association of Nigeria, the Group has secured access to significant quantities of agricultural produce for export, including wheat, millet, cassava, ginger, cashew nuts, cocoa and cotton. In addition to the considerable benefits that Tingo Mobile’s members already gain from its Agri-FinTech platforms and products, enabling them to increase crop production yields and reduce post-harvest losses, the DMCC commodity platform is expected to deliver significant further value as members are given direct access to export markets and higher commodity prices. In addition to the launch, the Group has secured its first export contract of many expected over the coming weeks and months, which has a sales value of approximately $65 million. With a considerable number of commodities agreements expected through the DMCC, the total value of export sales is expected to exceed more than one billion dollars in 2023, with continued significant year-on-year growth expected.