With the benefit of the company’s and Tingo Mobile’s collaboration, the fourth quarter of 2022 marked the beginning of the geographical expansion of Tingo Mobile with the opening of offices in Ghana, Malawi and Dubai. The fourth quarter also soft launched the Tingo DMCC commodities training platform and export business, and the soft launch of the beta version of the TingoPay super app in partnership with Visa. By January 2023, we began to pivot the company’s insurance and fintech verticals to better complement the Tingo businesses with the goal of leveraging its already established brand and large customer base. Then on February 7, 2023, we acquired the Tingo Foods’ food and beverage processing business to further strengthen the Tingo seed-to-sale ecosystem.
Also on February 27, 2023, we changed our corporate name and ticker symbol to better reflect the importance of the Tingo brand to the business, and to provide improved clarity to our external stakeholders, including current and prospective partners, customers and investors. Our reporting of full year 2022 financial results on March 31, 2023, was followed in April by the announcement of Tingo Mobile’s exclusive partnership with PCX and AFAN. On May 30, we completed our first commodity export trade through Tingo DMCC, marking a major milestone in our strategy to ultimately dollarize the company’s net earnings. On August 31, we announced the commencement of a quarterly dividend payable to the holders of both our common stock and Series B convertible preferred stock, and the adoption of a dividend policy.
The foreign exchange conversion for the payment of the first dividend, which is in the amount of $20 million, is expected to be approved by the Central Bank of Nigeria, which we expect to receive very soon. Most recently, we executed a Memorandum of Understanding with the Khyber Pakhtunkhwa Information Technology Board, or KPITB, to launch and roll out the company’s business and service offerings into Pakistan. KPITB is a governmental body established in the province of the Khyber Pakhtunkhwa in Pakistan for the promotion of information technology for the public and private sector. By way of a recap and update on the Tingo Mobile business that was founded some 23 years ago, we began with the Tingo Mobile business as a service model, and then Nwassa, USSD fintech platform, which we believe is the leading agri-fintech platform in Africa.
Following the signing of our updated definitive merger agreement in October of 2022, we set about accelerating our growth strategy. In November and December of 2022, we signed trade agreements with 2 major partners with the aim of expanding Tingo Mobile’s customer base from 9.3 million to an expected 30 million. We signed a trade partnership with the All Farmers Association of Nigeria, which included a commitment to enroll a minimum of 20 million new customers in Tingo Mobile. We also launched in Ghana and signed a trade agreement with the Kingdom of Ashanti, which included a commitment to enroll a minimum of 2 million new customers in Tingo Mobile, and the target goal of enrolling more than 4 million new customers overall. Soon afterwards, we launched into Malawi and have made progress towards several trade partnerships there with the goal of establishing a base to rollout in the future across East Africa, including into Tanzania, Mozambique and Zambia.
Looking further ahead, we plan to expand in the future into other parts of Africa, as well as into Asia and other relevant markets in the world. Through our other businesses within the Tingo family, namely Tingo Foods and Tingo DMCC, we aim to increase offtake and demand for produce from Tingo Mobile’s customers, thereby creating a virtuous self-reinforcement cycle. In April 2023, as part of the further strengthening of our ecosystem, Tingo Mobile entered into a tripartite agreement with PCX and AFAN, which we will discuss in more detail shortly. Lastly, as we look to expand the reach of our Nwassa marketplace platform, we are making good progress in testing and further developing the forthcoming Nwassa web platform and the Nwassa app, which we intend to launch before the end of the year to complement the already successful USSD GSM platform.
Tingo Foods was acquired by the Group on February 7, 2023. This is a business that Dozy Mmobuosi has been developing independently of Tingo Mobile. Tingo Foods was launched as a stand-alone company in September of 2022, focusing on supplying a relatively small range of products to several large distribution and wholesale businesses. Tingo Foods is already creating significant demand and offtake for Tingo Mobile’s farmers, while at the same time, creating the supply for Tingo DMCC’s commodity trading and export business. In the first 8 months of trading since we acquired Tingo Foods Plc in February 2023, the business has generated revenue of $1.16 billion and delivered an operating profit at $427.1 million. As mentioned previously, the U.S. dollar equivalent of the revenue and earnings of Tingo Foods was adversely impacted by the significant devaluation of Nigeria’s currency against the U.S. dollar in June 2023, when the Central Bank of Nigeria removed certain foreign exchange restrictions.
