Tingo Group, Inc. is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia, and the Middle East known for its social impact activities, has left staff members in the middle of a payment issue while the firm faces US fraud allegations.
Forty workers who were assigned to help new customers and troubleshoot the TingoPay digital payments app are confused as to why they were let go without being paid for December and January.
Over the phone in the first week of February 2024, Tingo Mobile and HR Indexx (HRI) abruptly informed the contractors—who were crucial to the company’s operations—that they were being terminated. They made important contributions, but the non-payment of their salary placed them in a precarious financial situation.
According to reports, by techcabal, the outsourcing firm in charge of overseeing the contractors blamed Tingo Mobile for the salary delays, pointing to an unpaid balance of millions. HR Indexx expressed its incapacity to pay the salary in the absence of timely payment from Tingo Mobile and acknowledged the financial burden experienced by the impacted contractors.
Tingo Contractors Face Uncertain Future Amid Layoffs
Contractors stated during the layoff call that HRI had instructed them to hunt for other employment opportunities and look into alternative skill sets. This instruction demonstrates how serious the problem is and how uncertain the future is for those who may be affected.
The situation for the contractors was made worse by HR Indexx’s refusal to offer prompt answers in spite of growing worries and questions. In the WhatsApp group used for coordination, the blocking of comments effectively closed off channels for complaints, leaving the contractors feeling uneasy and irritated.
The US Securities and Exchange Commission (SEC) has accused Tingo Group, the firm’s parent company, of forging financial statements and misleading investors, which has led to the discontent surrounding Tingo Mobile. Tingo Mobile, a division of Tingo Group, gained notoriety after an indicting report published by the American short seller Hindenburg Group.
The US Securities and Exchange Commission also requests an injunction barring the defendants and their representatives from erasing, changing, or hiding records and documents, as well as from selling or otherwise getting rid of their respective shares in Tingo Group or Agri-Fintech.
The impact of corporate misconduct on people’s livelihoods and well-being inside the fintech ecosystem is highlighted by the fact that the fate of the impacted contractors is in jeopardy.
