Tingo International, the parent company of Tingo Mobile, an over-the-counter (OTC) listed public company, has partnered with MELD, a DeFi lending and borrowing protocol with the aim of advancing its financial service delivery cause in Africa.
Due to the partnership, Tingo says it can offer the more than nine million subscribers of its Nwassa agriculture fintech platform safe, easy, and transparent financial services with more economic flexibility while simultaneously attracting new users.
As part of the partnership, Tingo is integrating the MELD protocol as a stand-alone application into Tingo-branded mobile devices.
Furthermore, Tingo International is reported to have acquired a cryptocurrency exchange platform, CoinField, and has plans to launch TINGO, a gold stable token, to reduce interest rates, volatility, and cross-border costs.
According to Tingo, a flexible and low-cost DeFi lending and borrowing service 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
Sending and receiving funds with very low charges
Speaking about the DeFi initiative, Chris Cleverly, President, Tingo International, said:
“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.”
– President, Tingo International
The Tingo group has envisioned the Nwassa platform as a one-stop platform for farmers providing weather forecasts as well as prices of farm input and produce. The farmers also get access to extension service providers including a micro-loan scheme that provides cheap credit to people in and out on the platform.
The group’s integration of MELD protocol is calculated to help Tingo grow its presence in the Nigerian market and expand beyond the country.