The Founder and CEO of Tingo Inc. and Tingo International Holdings, Dozy Mmobuosi, has established a new Foundation, the Dozy Mmobuosi Foundation, as a new multi-purpose vehicle to help smallholder farmers access finance, among others.
Established on January 1, 2022, the Foundation will be providing grants to smallholders farmers, irrespective of whether they are subscribers of Nwassa or not. After being in the agriculture space for years, Mmobuosi has recognised that access to finance is one of the major pain points of African farmers, especially smallholders.
This, Mmobuosi said, informed the decision to add support for smallholder farmers to the list of initiatives for the Foundation. There is also the fact that over 70 per cent of farmers in Nigeria, for instance, are smallholder farmers. He believes supporting these farmers is instrumental to the growth of the industry as well as the nation while mitigating food insecurity.
Recall that Tingo International Holdings has over the years been playing an important role in the African agriculture sector through Nwassa, its digital agri-marketplace platform that is connecting African farmers with other players in the agricultural value chain.
With Nwassa, smallholder farmers are one of its core users and the platform has connected them to local and international markets leading to less wastage of their farm produce.
Menwhile, beyond supporting smallholder farmers, the Foundation will also be supporting widows. African students in tertiary institutions are also not left out as the Foundation has come up with an innovative student loan plan.
Mmobuosi revealed that the student loan initiative is designed to provide financial aid in the form of loans to Africans that can’t afford a tertiary education and is structured in such a way that repayment is after graduating from school.
The loan repayment starts five years after getting the loan at a 3% interest rate. The repayment period is also over a five-year period only during which the interest rate will be considered.
“The aim is to provide fair and affordable student loans to Nigerian students in tertiary institutions across Nigeria,” Mmobuosi said, affirming that it is the most affordable and efficient way of external tertiary education funding in Africa.
The Foundation will also be partnering with the government at all levels including non-governmental organisations and educational institutions towards engaging Nigerians, Africans, and the leaders in better critical thinking practices.
This will be done through courses around critical thinking. Mmobuosi believes critical thinking and entrepreneurship will be the framework for a highly-skilled, high performing, next-generation workforce and leadership which will pave the way for Africa to meet its true potential.
Other initiatives in the pipeline for the Foundation include the exploration of ways to support vaccine production and distribution in Nigeria. The foundation will also be working to promote gender equality while supporting women across the country.