New Partnership Aims to Remit Electricity from Abroad - HammerPay Onboards EZ Current - Liberia

Rhea-AI Summary

HammerPay, a subsidiary of Hammer Fiber Optics Holdings Corp. (OTC Pink: HMMR), has partnered with EZ Current to provide affordable and convenient electricity services in Liberia. This initiative will leverage the UBA Remit Wallet, launched in August 2023, as a payment method for EZ Current's pay-as-you-go electricity services. Customers abroad can remit electricity packages via the EZ Current web portal using the wallet. The service will launch in July 2024. EZ Current, which started operations in Liberia two years ago with nearly 500 subscribers, aims to scale its offerings to over 300,000 Liberians in the diaspora. This partnership is part of Hammer's broader strategy to enhance financial and digital inclusion in Africa.

Positive

• Partnership with EZ Current expands HammerPay's service offerings in Liberia.
• Leveraging UBA Remit Wallet boosts digital payment adoption.
• Service enables remittance of electricity packages from abroad, enhancing convenience.
• EZ Current has grown from nearly 500 subscribers to targeting over 300,000 in the diaspora.
• Partnership aligns with Hammer's strategy for financial and digital inclusion in Africa.

Negative

• Only about 20% of Liberia's 5.5 million people currently have access to electricity.
• Dependence on successful adoption by the diaspora for scale-up may pose risks.
• Potential challenges in integrating and maintaining the new payment system.

Liberia, West Africa--(Newsfile Corp. - June 4, 2024) - With the successful launch of the UBA Remit Wallet in August 2023 - 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 in Liberia with electricity service provider EZ Current to offer affordable and convenient electricity services. These services can be accessed and paid for through the UBA Remit Wallet - powered by HammerPay.

Pay-As-You-Go Electricity

HammerPay and EZ Current of Liberia are partnering on an ambitious effort to facilitate electricity payments. This partnership will create a pay-as-you-go electricity channel, extending the wallet as a payment method for e-commerce on the EZ Current marketplace portal - www.ezcurrent.net.

Remitting Electricity from Abroad

Customers living abroad with the UBA Remit Wallet, powered by HammerPay, will be able to remit electricity packages from abroad through EZ Current's web portal. By using the assigned meter numbers of subscribers living in country, customers outside of the country can ensure that electricity is provided as needed and as paid for through the marketplace portal with the wallet. Subscribers living in Liberia will be able to use the wallet to pay for packages with EZ Current, utilizing the scan-to-pay wallet functionality. The service is expected to launch in July 2024.

EZ Current

EZ Current, a local reseller of electricity units, launched its operations in Liberia nearly two years ago with almost 500 subscribers. With its subscriber base rapidly increasing, the company has seen its operations grow to an average purchase of $20 for electricity every two weeks. In an effort to scale up its operations utilizing the remittance market from abroad, EZ Current has agreed to adopt the UBA Remit Wallet, powered by HammerPay, as a payment method for the over 300,000 Liberians living in the Diaspora-USA. The UBA Remit Wallet, launched by HammerPay in August 2023 in Liberia, has since been made available in the US through the App and Play Store for download, registration, and cashless transactions in Liberia from the US.

Statements from Key Leaders - HammerPay and EZ Current

EZ Current was recently onboarded as a merchant on the HammerPay Remittance Service Delivery Platform. Speaking on the partnership and the recent onboarding, Michael Johnson Vice CEO and Co-Founder of EZ Current, said, "Access to electricity is a fundamental human right. It is the bedrock for national development and essential for economic growth. EZ Current, through this onboarding and partnership with HammerPay, is making it easy, convenient, and affordable for people in the diaspora and in-country to enjoy what is in fact their fundamental human right; and allow them to contribute to and participate in the economic growth of our country." He further added, "We have a bold agenda for the future, which can only be realized through the type of partnership we have with HammerPay and the UBA Remit Wallet."

Gerald Sherman, President and CEO of HammerPay, emphasized the need to tackle one of the most pressing challenges across the continent, particularly in Liberia-access to electricity. "Remittances from abroad are vital to the economies of the markets we are beginning to penetrate across Africa. In this partnership, we are moving beyond traditional remittance as we know it in the form of cash. We are leveraging our Remittance Service Delivery Platform (RSDP) to remit and transact electricity. The onboarding of this partnership with EZ Current is part of our commitment to become more impact-oriented, making the wallet-as-a-service essential to the daily lives of everyone-where they can now work, learn, live, and play with the convenience and security of our digital technology."

Michael Cothill, Executive Chairman of Hammer Fiber Optics Holdings Corp., remarked, "Our company's venture into Africa was designed to establish strategic partnerships to deliver innovative services that form a real part of people's lives. We started with UBA Liberia for financial inclusion, brought in Spectrum Communications for internet services and digital inclusion, and now EZ Current for electricity. This is all part of the broader Hammer growth strategy that we embarked upon three years ago, now being led and executed by HammerPay and its growing list of partners."

Aggressively Expanding Electricity in Africa

About 400 million of the 1.2 billion people across Africa have access to electricity. In Liberia, that number is about 20% of the country's 5.5 million people-representing over 1 million people. Aggressively expanding electricity adoption provides the opportunity to overcome significant barriers to healthcare, education, productivity, digital inclusion, and ultimately job creation. The access to and affordability of electricity for Liberians is an immediate and absolute priority. As demand for electricity and energy grows in Liberia and across the continent, the utilization of financial technology driven through digital wallets with a user base in the diaspora and in-country becomes crucially significant to tackling this pressing challenge.

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 EZ Current

EZ-Current, an electricity reseller company based in Liberia, West Africa, RECHARGE Global KWH Meters across the country making it easy to keep the lights on. EZ Current leverages the power of integrated technology and the power of the internet to bridge the gap between the Meter Customer and the Friends and Family in the diaspora making it easy to recharge and keep the lights on. For more information please visit www.ezcurrent.net.

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/211659

FAQ

What is the significance of HammerPay's partnership with EZ Current for HMMR?

The partnership expands HammerPay's service offerings in Liberia, utilizing the UBA Remit Wallet for convenient electricity payments.

When will the new electricity remittance service by HammerPay and EZ Current launch?

The service is expected to launch in July 2024.

How does the UBA Remit Wallet benefit EZ Current customers?

The UBA Remit Wallet allows customers to remit and pay for electricity packages conveniently, both from abroad and within Liberia.

What is the current electricity access rate in Liberia as noted in the PR?

Approximately 20% of Liberia's 5.5 million people currently have access to electricity.

How has EZ Current's subscriber base grown since its inception?

EZ Current started with nearly 500 subscribers and aims to scale its services to over 300,000 Liberians in the diaspora.