HammerPay Teams up with Spectrum Communications - Liberia, Powers UBA Remit Wallet to Pay for Affordable Internet Services

Rhea-AI Summary

HammerPay has partnered with Spectrum Communications to offer affordable internet services in Liberia, accessible via the UBA Remit Wallet. This service, launched on May 20, 2024, enables users to purchase data bundles ranging from 0.31 cents to $9.00, providing a 10% discount compared to market prices. Liberia's internet penetration is currently at 34%, with a 2.2% annual growth rate since 2021. The collaboration aims to enhance financial and digital inclusion, targeting key segments such as schools, universities, and police headquarters. Since its launch in August 2023, the UBA Remit Wallet has gained over 7000 downloads and onboarded nearly 1000 registered users and 20 merchants.

Positive

• Affordable internet services with a 10% price reduction.
• Partnering with a local ISP boosts market penetration and customer reach.
• Rapid adoption of UBA Remit Wallet: 7000 downloads, 1000 registered users.
• High-speed wireless service offered with top-tier security.
• Targeted segments include schools and police headquarters, enhancing essential services.
• Plans for expanding services to the international airport.
• Opportunity for increased revenue and profitability through joint services.

Negative

• initial user base of 1000 registered wallets might indicate slower adoption.
• Potential dependency on the success of the UBA Remit Wallet for service payments.
• Market penetration is to 34% of the population, leaving significant room for growth.

New York, New York--(Newsfile Corp. - May 21, 2024) - With the successful launch in August 2023 of the UBA Remit Wallet - a digital wallet service for UBA Liberia, West Africa, HammerPay [USA] Ltd., a wholly-owned subsidiary of Hammer Fiber Optics Holdings Corp. (OTC Pink: HMMR) is now teaming up with internet service provider Spectrum Communications Services (ISP) - Liberia, to offer affordable and pocket-friendly internet services for consumers that can be accessed and paid for through the UBA Remit Wallet.

Spectrum Wi-Fi powered by HammerPay has gone live in Liberia. The service has been made available since May 20, 2024. Spectrum Wi-Fi services can be purchased in data bundles for a day or for a week. Monthly packages are also available. Prices range from 0.31 cents to $9.00 offering a 10% reduction to available market prices and delivering high-speed wireless service with top-tier security to consumers.

Today, Liberia's internet penetration rate stands at 34% of the 5.5 million population as of 2023 - accounting for over 1.7 million people with access to internet. The country is witnessing an increase of 2.2% year on year since 2021 as digitization and financial technology take center stage as part of the country's national development and private sector initiatives.

The partnership between HammerPay and Spectrum Communications will offer internet users in Liberia the convenience of payment for affordable data, Wi-Fi and internet services through the UBA Remit Wallet - powered by HammerPay.

"Partnering with Spectrum not only offers convenience and affordability to access connectivity and internet services, but our work together aims to enhance financial, economic, and digital inclusion across Liberia," said Gerald Sherman, President and CEO of HammerPay. Emmanuel Paul, Chief Executive Officer of Spectrum Communications, stated, "We are bringing cutting edge technology through innovative partnerships to provide Liberians with fast and affordable internet access to work, study, live, and play as they choose. Spectrum Communication Services is enthusiastic about partnering with HammerPay. This collaboration is anticipated to accelerate the availability of affordable high-speed internet and Wi-Fi services to the residents of Monrovia and across Liberia for that matter. We are committed to bridging the digital divide in our country." Michael Cothill, Executive Chairman of Hammer Fiber Optics Holdings Corp., stated, "This is a unique opportunity to partner with an ISP like Spectrum Communications to utilize the UBA Remit Wallet. It allows us to provide a payment solution for internet service and to expand joint services through a digital banking wallet, boosting revenues and profitability."

Spectrum Communications is available as a public Wi-Fi service in the Monrovia city center with a bustling population of over 1 million people. Service coverage spans a 35-mile radius throughout the city. Additionally, niche service offerings and installations will be provided to targeted segments in the market to include but not limited to the Monrovia Consolidated School System (MCSS), the University of Liberia Medical College at Fendell, and the Liberia National Police Headquarters.

These targeted segments will serve as anchored tenants for services provided by Spectrum - addressing over 30,000 users. Plans are also underway for installations of access points at the country's international airport to offer services.

Users of Spectrum Wi-Fi can access the service through their mobile phone and power other devices to including laptops and desktops, and smart televisions. The Wi-Fi access of the Spectrum landing page will provide for a quick and easy download of the UBA Remit Wallet - Powered by HammerPay from the Apple App and Google Play stores, to mobile phones. Users will be able to access and pay for Spectrum services using the UBA Remit Wallet.

Since launching the UBA Remit Wallet in Liberia, West Africa in August 2023, over 7000 users have downloaded the Wallet, nearly 1000 users with registered wallets on the mobile phone, and over 20 merchants onboarded onto the platform to provide for in-store scan to pay transactions as well as cash-ins and cash-outs services for UBA Remit wallet users.

The HammerPay - Spectrum Communications partnership will expand internet connectivity with the offerings for both companies and utilize joint customer bases and location coverage to provide affordable and pocket-friendly services and convenient payment for data packages.

About HammerPay

HammerPay (USA) Ltd, a wholly owned subsidiary and brand operated by Hammer Fiber Optics Holdings Corp., is a mobile-first digital technology product, powering stored-value digital services for businesses and consumers, including those previously left outside the digital revolution. HammerPay was developed to scale a highly attractive digital cash/cashless solution to be deployed along with partners around the world, delivering expertise for both developed and developing economies. HammerPay connects mobile consumers to cashless purchasing and bill payments, instantly enabling consumer broad adoption. For more information, contact Investor Relations at info@hammerpay.com.

About Hammer Fiber Optics Holdings Corp.

Hammer Fiber Optics Holdings Corp. (OTC Pink: HMMR) is a company investing in the future of technology. Hammer has broadened its strategy to focus on the rapidly evolving world of innovative technology and in an effort to keep pace, has restructured the group to allow for the creation of several related verticals. Hammer has entered the Fintech industry which is rapidly becoming the mainstream technology powering today's telecommunication applications. For more information contact Investor Relations at info@hmmrgroup.com.

About Spectrum Communications Services, ISP

Spectrum Communication Services, a Liberian-owned and licensed internet service provider (ISP) based in Monrovia, Liberia, offers gigabit Wi-Fi solutions to its customers. Established in 2022, Spectrum Communications Services maintains a robust Gigabit Network, facilitated by cutting edge Cambium Network Equipment - utilizing 60Ghz V5000, V3000, V1000, V2000, XV-2T, Wi-Fi 6, XE3-4TN, Wi-Fi 6/E outdoor access point ensuring gigabit throughput across all operational levels.

Forward-Looking Statements

This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209914

FAQ

What is the HammerPay and Spectrum Communications partnership?

The partnership aims to offer affordable internet services in Liberia, accessible via the UBA Remit Wallet.

When was the Spectrum Wi-Fi service launched?

The service was launched on May 20, 2024.

What are the price ranges for Spectrum Wi-Fi data bundles?

Prices range from 0.31 cents to $9.00.

What is the current internet penetration rate in Liberia?

As of 2023, the internet penetration rate in Liberia is 34%.

How many downloads has the UBA Remit Wallet achieved since its launch?

The UBA Remit Wallet has achieved over 7000 downloads since its launch in August 2023.

What segments are targeted by the Spectrum Wi-Fi services?

Targeted segments include schools, universities, and police headquarters.