We are delighted to announce that Tingo Mobile Plc has recently been awarded a Short-Term Credit Rating of A1, an Investment Grade Long-Term Credit Rating of A, and a Positive Rating Outlook for 2023/2024, by leading and globally recognized credit rating agency, DataPro Limited.

This rating serves as a testament to the company’s financial strength and commitment to sustainable growth.  It also underscores its strong financial position, prudent risk management, and its ability to generate sustainable income. This rating acknowledges the company’s dedication to transforming rural farming communities by connecting them through its proprietary platform. Its platform facilitates access to essential services such as inputs, agronomy support, off-take arrangements, and marketplaces, ultimately empowering these communities and generating sustainable income in an impactful way.

The Managing Director of Pathway Advisors Limited, Mr. Adekunle Alade (FCA) commented: “Pathway is happy to have facilitated the rating process and guided the company through the requirements and process involved in the rating exercise. We remain steadfast in our mission to contribute our quota to the nation’s development and drive sustainable economic growth across Africa. We are confident that this investment grade rating will serve as a solid foundation for future growth and success for Tingo Mobile Plc”.

Darren Mercer, Chief Executive Officer of Tingo, commented: “Having undergone an extensive review and assessment process, we are delighted to see Tingo Mobile awarded an Investment Grade credit rating of A, in addition to a separate rating of A1 and a Positive Rating Outlook for the next 12 months. Today’s news is further evidence of the strength of Tingo Mobile and the wider Tingo group.

It has been possible to achieve such a prestigious rating by ranking highly in all DataPro criteria, including in terms of financial performance, profitability, liquidity, and asset quality. Supported by DataPro’s global recognition, we expect Tingo Mobile’s Investment Grade credit rating and low-Risk classification to be a valuable asset, in particular as we expand the numerous facets of our business to deal with new partners, new customers, and new suppliers, and as we also expand into new markets.”

Dozy Mmobuosi, the founder of Tingo Mobile and Tingo Foods, commented: “I am very proud to see the business I founded more than 22 years ago awarded an Investment Grade crediting rating. It is a major milestone for Tingo Mobile, not to mention for the Tingo group and the whole Tingo team.

I expect our prestigious rating to further elevate our reputation within Africa, as well as globally, and provide even greater confidence to all the parties we deal with. I also expect our rating to open many more doors for us as we look to execute our ambitious growth plans and significantly increase the number of parties we do business with. I believe that our high grade of credit rating will be invaluable as we continue to invest in capital expenditures and further expansion, not only by improving our access to more favorable types of debt-related funding but also by materially reducing our financing costs.

We are already working towards taking advantage of these benefits in connection with the fit-out of our state-of-the-art food processing facility, which is scheduled to open by mid-2024, and for the roll-out of additional food processing facilities in the future.”

This investment grade rating represents a significant milestone for Tingo Mobile Plc and affirms its commitment to upholding the highest standards of financial stability and corporate governance. We believe this rating will strengthen our position in the market, attract new investors, and provide enhanced access to capital, enabling us to further expand our reach and impact.

For any further information or inquiries, please do not hesitate to reach out to us on

Pathway Advisors Limited

+234 907 214 4185

info@pathwayadvisorsng.com

www.pathwayadvisorsng.com