Tingo Group Launches Next Generation of TingoPay Super App
Full Version Launched on Both iOS and Android Following Successful Beta Test
New Functions Including Retailer Voucher Cards, Educational and Exam Payments, Cable Television Subscriptions and Electricity Bill Payments
Integrated Visa Debit Card, Digital Wallet and Bill Pay Through Tingo Mobile’s Pan-African Partnership with Visa
Visa Powered Merchant Services Aims to Transform Commerce and Trade Opportunities for Africa’s Farmers and SME Businesses
MONTVALE, N.J., Sept. 14, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable and fast growing fintech, agri-fintech and food company, today announced the launch of the next-generation version of its super app, TingoPay.
Following the completion of a successful beta test on Android, the TingoPay super app is now available as a full version on both iOS/Apple and Android, incorporating state-of-the-art security features such as two-factor authentication and biometric identification.
In response to feedback from the beta test program, the TingoPay User Interface (“UI”) and User Experience (“UX”) has been upgraded and improved, making it easier for users to navigate and manage their finances, make payments and access TingoPay’s full menu of value-added services.
The new full version of TingoPay incorporates an expanded range of features, building on the original offering that included an imbedded Visa card and e-wallet, to make online and physical payments in domestic and foreign currencies and set up repeat payments, and various value-added services including airtime and data top-up, and bill payments. The selection of new features includes retail voucher cards for use with online and offline retailers, the ability to arrange educational courses and exams, and register and pay for cable television.
In addition, the new TingoPay Super App can now interface with a significantly larger number of billers, including ten of Nigeria’s eleven electricity distribution companies, all of Nigeria’s major cable television companies, all of Nigeria’s major mobile telephone companies (for airtime and data top-ups and purchases) and the main educational exam boards in the country.
Tingo Mobile, the wholly owned subsidiary of Tingo and owner-operator of TingoPay, is currently developing a number of new features to add to the Super App as part of a rolling program of enhancements. Such new features include the addition of a wide range of insurance products, a travel booking platform, and a comprehensive retail marketplace.
As the Company diversifies into significant new markets through TingoPay, it is rolling out a wide-reaching marketing plan, which includes social media (#TheTinGoPay), influencer, SEO, and online promotions; radio and television campaigns; an out-of-home advertisement program, and; a range of activations, including the ‘TingoPay X SoundCity Campus Tour’.
Darren Mercer, Chief Executive Officer of Tingo Group, Inc. commented: “Having recently completed the beta-test program, I am delighted to be launching the full version of our TingoPay super app and to expand its market reach through the addition of an iOS version alongside the next-generation Android version.
“I am also thrilled to be deepening our relationship with global payment provider, Visa, as they continue to power our range of retail-customer payment services and digital wallet alongside our wide range of merchant services.
“I believe that TingoPay’s expanded range of features, value-added services and billing partners makes us one of the most comprehensive super-apps in the fast-growing African market and I am confident we will further strengthen our market-position, increase our brand awareness, and attract significant numbers of users through our ambitious rolling program of technological development and product enhancements.
“As we invest into the marketing and promotion of TingoPay and leverage on the strong reputation of Tingo Mobile we expect our expansion into substantial new target markets to deliver considerable revenues and contribution to the Company and become a major driver of future growth.”
Dozy Mmobuosi, Founder of Tingo Mobile and Chief Executive Officer of Tingo Group Holdings LLC, commented: “Our launch and rollout of the full version of TingoPay marks a further major and very important milestone for Tingo, and we are delighted to be partnered in this venture with such a globally recognized and reputable company as Visa.
“Through TingoPay, it is our goal to become a household name in Nigeria and many of Africa’s other countries as we diversify into the vast and fast-growing digital payments and super app markets. TingoPay is also expected to enhance our ability to achieve our mission of delivering financial inclusion and digital inclusion throughout Africa.
“As we strive towards delivering shareholder value and overcome the disconnect between our share price, I believe that TingoPay has huge potential to accelerate our growth and generate substantial revenue, earnings contribution and capital value.
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform. 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. Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa, offering 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, groundnut oil, nut products, wheat, millet and maize; 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, Tingo Group also holds and operates an insurance brokerage platform business in China; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore. For more information visit tingogroup.com.
The information in this news release includes certain information and statements about management and the Company’s board of director’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. 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. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by the Company and: (i) the results of the independent review; (ii) the risk of restatement of the Company’s previously reported financial statements or the identification of one or more material weaknesses in internal control over financial reporting; (iii) costs relating to the independent review, which are likely to be material; (iv) the outcome of any legal proceedings that may be instituted against the Company, including as may result from the independent review and (v) the ability to meet stock exchange continued listing standards. 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.
Released September 14, 2023