Tingo Group (NASDAQ: TIO), a profitable, multinational fintech, agri-fintech, food processing and commodity trading company, today announced a change of personnel in connection with the role of group chief financial officer. Amir Ayalon, who accepted the position on Oct. 2, 2023, has moved into a part-time consultancy role due to a significant change in his personal circumstances. Kevin Chen, Tingo’s prior chief financial officer, who currently serves as the CFO for the company’s operations in Asia, has agreed to resume his duties as group CFO on an interim basis, pending his formal appointment by the company’s board of directors later this week. “We regret, but fully understand, the personal circumstances under which we have received the resignation of Amir Ayalon as our chief financial officer,” said Ken Denos, interim chief executive officer of Tingo Group. “Amir made an impressive start towards serving the company during his short tenure, and we look forward to his continued service in a part-time role to assist the company in strengthening its finance and reporting functions as a world class agri-fintech and food processing company. We are fortunate to have our previous CFO, Kevin Chen, ready to serve in an interim capacity while we secure a permanent industry-experienced executive to lead our finance and accounting team.”
The company also announced that its trade partner, the All Farmers Association of Nigeria (“AFAN”), has formally adopted Tingo Mobile’s Nwassa as its exclusive marketplace platform for its members. “Our partnership with AFAN continues to go from strength-to-strength, and AFAN’s exclusive adoption of Nwassa as the recommended marketplace platform for their farmers is both a significant and humbling endorsement,” said Dozy Mmobuosi, interim co-chief executive officer of Tingo Group. “I am extremely grateful to AFAN’s president, Farouk Rabiu Mudi, and AFAN’s National Executive Council, for their tremendous support as we work closely with AFAN to further improve and expand Nigeria’s agricultural sector and deliver empowerment and financial upliftment to Nigeria’s farmers.”
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About Tingo Group Inc.
Tingo is a global fintech, agri-fintech, food processing and commodity trading 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 business verticals include: TingoPay, a super app 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, which, as relatively small businesses within the company, are currently in the process of being reviewed and re-positioned. For more information about the company, visit www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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