MICT, Inc. (NASDAQ: MICT) (“MICT”), through its wholly-owned
subsidiary Tingo Mobile, and Visa (NYSE: V), the global leader in
digital payments, today announced the launch of their pan-African
strategic partnership, which aims to improve access to digital
payments and financial services, and drive financial inclusion
across Africa. The launch of the Tingo Visa card, together with the
new TingoPay Super App and the TingoPay business portal, opens
significant global opportunities to Tingo’s subscribers, allowing
secure cashless payments at more than 61 million merchants in over
200 countries through Visa’s global network, as well as the ability
for business subscribers to more readily and securely accept
payments from customers and other third parties.
Customers can access their Tingo Visa card via
the TingoPay Super App and use it to make online transactions in
their domestic or foreign currencies, as well as to manage their
cards, set up repeat payments and access transaction statements.
The Tingo Visa card’s interface with the TingoPay super app and
e-wallet allows customers to use their digital money easily and
securely for both online and physical payments anywhere Visa is
accepted. Additionally, TingoPay’s users can benefit from a broad
selection of value-added services, including the ability to pay
utilities and bills, top-up airtime and data, make funds and forex
transfers, apply for loans, arrange pensions, purchase insurance
products, make travel bookings and access the Nwassa agricultural
produce marketplace.
The Tingo Visa partnership and TingoPay are also
expected to deliver significant benefits to businesses, in
particular farmers and other Small and Medium Enterprises (SMEs)
across all sectors. The integration of Visa’s range of merchant
services with TingoPay’s commerce portal and the Nwassa
marketplace, enables businesses to accept payments easily and
securely in any currency from both retail and business customers,
and use the TingoPay e-wallet to immediately fund purchases of
inputs and make other payments.
Through the partnership, TingoPay and Visa will
target Tingo Mobile’s existing user base of 9.3 million, along with
the more than 22 million new customers being enrolled to Tingo
Mobile through its recent trade deals with the All Farmer
Association of Nigeria, and the Kingdom of Ashanti, Ghana. In
addition, TingoPay and Tingo Mobile have commenced a direct market
campaign and customer acquisition, which kicked-off with their
headline sponsorship of Wonderland Lagos in December, featuring
some of Africa’s biggest music artists and attracting more than 1
million visitors.
Dozy Mmobuosi, Founder of Tingo Mobile
and Chief Executive Officer of Tingo Group Holdings LLC,
commented: “Our partnership with Visa and the launch of the Tingo
Visa card and the TingoPay super app mark significant milestones as
we strive to achieve our mission of delivering financial inclusion
throughout Africa.
“SMEs in all business sectors stand to benefit
from our new range of Tingo Visa merchant services and the TingoPay
business portal, whereas our smallholder farmer customers will see
significant additional advantages through the integration of
TingoPay with our Nwassa agri-marketplace platform. We are
immensely proud of the progress we are making towards empowering
Africa’s farmers and SMEs, and we look forward to introducing our
suite of products to other markets in the future.”
Darren Mercer, Chief Executive Officer
of MICT, Inc. commented: “I am delighted with today’s
launch of our partnership with Visa and the launch of TingoPay,
which are hugely significantly events for the Company. Visa is the
perfect partner for our pan-Africa roll-out, with their unrivalled
reach throughout the continent.
“In addition to the enhancement of the offering
to our core market of agriculture and farming, the launch of our
partnership with Visa and our TingoPay super app also expands our
B2B offering to SMEs across all business sectors and sees us
introduce our first retail consumer offering. This significant
expansion is expected to deliver a considerable increase in
revenues and make a considerable contribution to our consolidated
earnings in 2023 and beyond.”
Andrew Uaboi, Vice President and Head,
Visa West Africa, commented: “We believe in innovation-led
collaborations, and that fintechs remain core to solving the access
to financial services gap in Africa. Partnerships are fundamental
to our business model and this expansion of our strategic alliance
with Tingo Mobile is another example of how we can help our clients
through the delivery of improved customer experiences.
“Given the importance of the agricultural sector
to Africa’s present and future, this partnership will help to
digitize the entire value chain for farmers by enabling seamless
digital payments which will facilitate economic growth and support
the financial inclusion agenda across the continent. We are proud
to partner with Tingo Mobile and support their ambitions to bring
more Africans into the financial system with relevant digital
solutions.”
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in
digital payments. Visa’s mission is to connect the world through
the most innovative, reliable and secure payment network - enabling
individuals, businesses and economies to thrive. Visa’s advanced
global processing network, VisaNet, provides secure and reliable
payments around the world, and is capable of handling more than
65,000 transaction messages a second. The company’s relentless
focus on innovation is a catalyst for the rapid growth of digital
commerce on any device for everyone, everywhere. As the world moves
from analog to digital, Visa is applying the company’s brand,
products, people, network and scale to reshape the future of
commerce. For more information, visit visa.com/blog and
@VisaNews.
About MICT
MICT Inc., (NASDAQ: MICT) is a global Fintech
and Agri-Fintech group of companies with operations in Africa,
Southeast Asia and the Middle East. MICT’s wholly owned subsidiary,
Tingo Mobile, is the leading Agri-Fintech company operating in
Africa, with a comprehensive portfolio of innovative products,
including a ‘device as a service’ smartphone and pre-loaded
platform product. As part of its globalization strategy, Tingo
Mobile has recently begun to expand internationally and entered
into trade partnerships that are contracted to increase the number
of subscribed farmers from 9.3 million in 2022 to more than 32
million, providing them with access to services including, among
others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance,
micro-finance, and mobile phone and data top-up. MICT’s other Tingo
business verticals include: TingoPay, a SuperApp in partnership
with Visa that offers a wide range of B2C and B2B services
including payment services, an e-wallet, foreign exchange and
merchant services; Tingo Foods, a food processing business that
processes raw foods into finished products such as rice, pasta and
noodles; and Tingo DMCC, a commodity trading platform and
agricultural commodities export business based out of the Dubai
Multi Commodities Center. In addition to its Tingo business
verticals, MICT also holds and operates an insurance brokerage
platform business in China, with 130+ offices located in China’s
cities and major towns; and Magpie Securities, a regulated finance
services Fintech business operating out of Hong Kong and Singapore.
For more information visit www.mict-inc.com.
Disclaimer
The information in this news release includes
certain information and statements about management and the Board's
view of future events, expectations, plans and prospects that
constitute forward looking statements. These statements are based
upon assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a
result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those
anticipated and indicated by these forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, the ability of the Company to implement certain
corporate actions, such as security repurchases and the
implementation of a special dividend. Any number of factors could
cause actual results to differ materially from these
forward-looking statements as well as future results. Although the
Company believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurance that the
expectations of any forward-looking statements will prove to be
correct. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements to reflect actual results, whether as a
result of new information, future events, changes in assumptions,
changes in factors affecting such forward-looking statements or
otherwise.
Investor Relations ContactChris Tyson/Larry
Holub949-491-8235MICT@mzgroup.uswww.mzgroup.us
MICT Inc. Contact InformationEmail:
info@mict-inc.com Phone: (201) 225-0190
MICT (NASDAQ:MICT)
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