About nine months ago, Tingo made headlines after a US-based research team called the company “an exceptionally obvious scam.”
Since then, the company has made media rounds a couple of times and it’s all for the wrong reasons. Despite Hindenburg’s allegations that the company’s fintech, agritech and telecoms businesses were failing, the company declared sales of $977 million for H1 2023. Three months later, the US Securities and Exchange Commission (SEC) halted sales of its stocks to protect investors. More recently, in December, its founder, Dozy Mmuobuosi was charged with securities fraud by the same agency.
Now, it appears the company’s duplicity is also extending to its workers.
Last week, the fintech laid off 40 contractors who helped onboard new users and resolved issues on TingoPay, its digital payments app. According to the affected staff, Tingo denied December and January salary payments.
Tingo did not provide any reasons for the terminations, directing affected employees to its HR outsourcing firm, HR Indexx for clarification. The outsourcing HR Indexx disabled comments on their WhatsApp group, leaving employees without further explanation.
So far, neither Tingo nor HR Indexx have responded to requests for comments.
Source:techfocus24