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Hammer Fiber Optics Holdings Corp. (HMMR) is undergoing a major restructuring to transition from a traditional telecom company to a diversified entity with a strong focus on financial technology (FinTech). Its subsidiary, HammerPay (USA) , has launched a revolutionary digital wallet and neo-banking ecosystem, starting with the successful launch of the UBA Remit Wallet in Liberia in August 2023. The company aims to expand its FinTech presence across Africa and beyond, partnering with local ISPs like Spectrum Communications - Liberia. This strategic pivot includes divesting telecom assets to repurchase shares and fund technology advancements, minimizing shareholder dilution. HammerPay plans to transition to a more liquid senior exchange, anticipating higher profitability and increased capital availability.
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.
