HammerPay [USA] Ltd. Partners with Mahalil Foreign Exchange Bureau in Liberia, West Africa to Enhance Remittance Services
HammerPay, a subsidiary of Hammer Fiber Optics Holdings (OTC Pink: HMMR), has partnered with Mahalil Foreign Exchange Bureau in Liberia to enhance remittance services. The partnership, operational since March 2024, aims to extend HammerPay's reach via non-traditional banking relationships. HammerPay offers a robust digital wallet and neo-banking ecosystem, facilitating mobile payments and secure online transactions.
Mahalil, licensed by the Central Bank of Liberia, operates as a foreign exchange bureau and payment agent for various remittance services, including MoneyGram and Western Union. The partnership will enable Mahalil to offer HammerPay's UBA Remit Wallet as a remittance option, benefiting both wallet and non-wallet users.
Key benefits include extending HammerPay's reach to unbanked customers, driving new partnerships, creating new revenue streams, and offering cost-effective remittance options. The collaboration is expected to significantly impact the remittance market, enhancing financial inclusion and providing more accessible services.
- Extends HammerPay's services to unbanked customers.
- Drives new partnerships, enhancing network and capabilities.
- Creates new revenue streams through cost-effective remittance options.
- Provides more affordable remittance options for customers.
- Enhances financial inclusion for the Diaspora and local Liberian market.
- No specific financial data provided to gauge immediate impact.
- Potential challenges in integrating non-traditional banking systems.
- Dependency on Mahalil's existing infrastructure and customer base.
Liberia, West Africa--(Newsfile Corp. - June 12, 2024) - In a strategic move to broaden its reach and enhance remittance services, HammerPay [USA] Ltd., a wholly-owned subsidiary of Hammer Fiber Optics Holdings Corp. (OTC Pink: HMMR), has announced a new partnership with Mahalil Foreign Exchange Bureau - Liberia, West Africa. The partnership has gone fully operational - commencing in March 2024. This collaboration aims to provide efficient remittance services and leverage the convergence between remittance and forex services; extending HammerPay's reach through non-traditional banking relationships.
Providing Seamless and Secure Financial Services
HammerPay is a fully functional Remittance Service Delivery Platform (RSDP) that features a world-class digital wallet and neo-banking ecosystem. The company is dedicated to providing seamless and secure financial services, making it easier for individuals and businesses to manage their money and conduct transactions. With a mission to simplify transactions and promote financial inclusion, HammerPay offers a suite of services through its digital wallet, including mobile payments and secure online transaction platforms. Mahalil seeks to leverage these services to benefit both its local and diaspora customers.
Money Transfer Service and Forex
Mahalil, licensed by the Central Bank of Liberia in 2019, operates as a foreign exchange bureau to a conduct foreign exchange business and money transfer services. The forex bureau provides money transfer services - both inward and outward remittances for MoneyGram International, Western Union, RIA Money Transfer, Lonestar Cell MTN Mobile Money, Orange Money, e-Wallie, BNB Cash, and NAFA; facilitating cross-border transactions for a diverse customer market. The bureau also serves as a payment agent for two of the ten Liberian commercial banks - UBA and Ecobank respectively, located in the heart of Monrovia, Liberia - West Africa at the intersection of Capital By-Pass and Perry Street in the Donkan Gas Station and Shopping Plaza.
Wider adoption of the UBA Remit Wallet - powered by HammerPay
Through this partnership, Mahalil will offer HammerPay as a remittance option to its customers utilizing the UBA Remit Wallet - powered by HammerPay. The partnership also provides for non-wallet holders to be serviced from wallet transactions which provides for wider adoption and further distribution of the UBA Remit Wallet - powered by HammerPay; enabling wallet users and non-wallet users to leverage the advanced digital wallet features of UBA Remit Wallet - powered by HammerPay; providing all users with a more efficient and secure way to send money across borders.
Partnership Benefits
The partnership between HammerPay and Mahalil is set to bring several significant benefits:
- Extending Reach: HammerPay will be able to extend its services to unbanked customers, providing them with access to modern financial services.
- Driving New Partnerships: The collaboration is expected to drive new partnerships, further expanding HammerPay's network and capabilities.
- Creating New Revenue Streams: By offering more cost-effective options for cross-border remittances creating new and profitable revenue streams for both companies.
- Cost-Effective Remittance: Customers will benefit from more affordable options to remit funds, making it easier and more economical to support their families and businesses.
Bridging Remittance Services and Forex - An Alternative Distribution Strategy
Gerald Sherman, CEO and President of HammerPay, expressed his excitement about the partnership: "While we entered Fintech for relationships with banking partners, we are also pivoting to include alternative distribution channels to reach the mass market. This partnership with Mahalil is a significant step in that direction." He went to say that the company is planning further announcements on market distribution, expansion, digitization, and other growth aspects of the partnership with Mahalil. "Those announcements we expect will be coming very soon, with anticipation around the third quarter of this year, July to September."
Options for Diaspora and Local Liberian Markets
This HammerPay - Mahalil partnership is expected to have a profound impact on the remittance market. It increases the options for remittance for both the Diaspora and local Liberian market and as well enhances financial inclusion whilst providing more accessible and affordable financial services. The collaboration will set new standards for efficiency and security in the remittance and forex industry, benefiting customers and driving growth.
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 Mahalil
Licensed by the Central Bank of Liberia in 2019, Mahalil operates as a foreign exchange bureau to a conduct foreign exchange business and money transfer services. The forex bureau provides money transfer services - both inward and outward remittances for MoneyGram International, Western Union, RIA Money Transfer, Lonestar Cell MTN Mobile Money, Orange Money, e-Wallie, BNB Cash, and NAFA; facilitating cross-border transactions for a diverse customer market. The bureau also serves as a payment agent for two of the ten Liberian commercial banks. Mahalil is wholly Liberian-owned business.
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.
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