The Nwassa platform is envisioned by the Tingo group as a one-stop shop for farmers, offering weather forecasts as well as prices for farm inputs and produce. Farmers also have access to extension service providers, such as a micro-loan scheme that offers low-cost credit to people who come and go on the platform.
Tingo International, the parent company of Tingo Mobile, an OTC-listed public company, has partnered with MELD, a DeFi lending and borrowing protocol, to further its financial service delivery mission in Africa.
Tingo claims that as a result of the partnership, it will be able to provide more economic flexibility to its more than nine million Nwassa agriculture fintech platform subscribers while also attracting new users.
Tingo is integrating the MELD protocol into Tingo-branded mobile devices as a standalone application as part of the partnership.
Tingo International is also said to have purchased CoinField, a cryptocurrency exchange platform, and is planning to launch TINGO, a gold-backed stable token, to lower interest rates, volatility, and cross-border costs.
A flexible and low-cost DeFi lending and borrowing service, according to Tingo, will unlock a lot of value for current and potential users, including:
Latent capital earning yield
Obtaining fiat currency while maintaining a crypto position
Sending and receiving money with minimal fees
Chris Cleverly, President of Tingo International, said of the DeFi initiative:
“With eNaira aiming to disintermediate punitive international finance, it’s no surprise that Nigeria is a global leader in digital currency.” The gold stable token proposed in this DeFi initiative will provide international investors with confidence when it comes to inward investment, resulting in a revolution in how agriculture is funded on our continent.” – Tingo International President
The Nwassa platform is envisioned by the Tingo group as a one-stop shop for farmers, offering weather forecasts as well as prices for farm inputs and produce. Farmers also have access to extension service providers, such as a micro-loan scheme that offers low-cost credit to people who come and go on the platform.
Tingo’s integration of the MELD protocol is calculated to help the company expand its presence in the Nigerian market and beyond.
