It’s a bold step and laudable one for John Enoh and his team behind BeepTool Communications & Integrated Services Ltd and the co-founders of SAS, Meidad Patients and Meir Moalem to have worked in making the new partnership between Sky and Space Global Ltd (SAS) and BeepTool a huge success and this deal will definitely deepen the foot of SAS in Africa and broaden BeepTool market reach.
Few months ago, in our interview with the BeepTool founder, Mr John Enoh, he discussed this partnership with us and how the two companies have jointly performed the world’s first financial transaction using nanosatellites and in order to meet with the commercial demand of communication bandwidths, they’ve to worked Sky and Space Global Ltd, a UK and Australian satellite company into signing the 5 year deal which is valued at approximately US$30 million.
The recent data presented by world bank has shown that there are almost 2,000,000,000 adults globally, that are not using modern banking facilities, especially in remote locations in Africa, Asia Pacific and Latin America and that, mobile banking is the only sustainable solution for the people in these locations to have access to banking services.
Mobile banking is still evolving in Africa and there are more potentials than what has already been tapped by financial institutions, this will believe has energized BeepTool and the confidence in the SAS technology infrastructures and their services to other telecom operators and financial service companies has enable them to collab to integrate the BeepTool app with SAS and use their bandwidth system infrastructure.
In the agreement notes, the binding agreement shall take effect for 60 months and is subjected to termination within this period.
BeepTool shall make fixed prepayment for her end users’ devices and the services of SAS on the BeepTool platform with minimum bandwidth usage.
BeepTool shall also provide SAS with a security deposit covering advance services and with rights to terminate the agreement during field trial when they’d run their messaging app using SAS’ first 3 Diamonds nanosatellites to test the SAS network and efficiencies as presented by Sky and Space satellite company.
When everything is finally implemented and working seamlessly, it will not only add much value to the VoIP messaging app but also enable investors to develop burning interest tapping into the huge potentials of the mobile payment market which has good prospect of over 30% growth and estimate of about US$3, 3888 by the time we reach year 2022 and creating more jobs.
This new partnership could have also contributed to the 25% surge in the share price of SAS on the Australian stock exchange yesterday to closing at $0.20 as companies’ prices on the floor of stock exchange usually experience good volume of trading whenever there’s wave of good news of development which could translate to productivity and higher yields for investors.
This partnership will reinforce the dual commitments of the companies towards developing innovative communication application and providing first class mobile payment solutions, supporting cashless policy and fast tracking financial transactions in African market with low cost on end users and making everything achievable on-the-go.
In the statement of the Managing Director and CEO of Sky and Space Global, Mr. Meir Moalem expressed his joy and optimism partnering with BeepTool Communication & Integrated services ltd, a fast growing mobile payment processor in Africa and their common vision to driving socioeconomic growth with technology facilities and connecting people, most especially in remote locations.
He further commend the commitment of BeepTool for having confidence in their business model, technology infrastructures and their disruptive nanosatellite narrowband communication platform.
He attributed their success to hard work in following their business plan and getting committed to their business partners and investors and pledge to also continue working with BeepTool to achieving success and great milestone as they’re also working towards launching constellation of 200 nanosatellites by the year 2020.
So much also the BeepTool CEO, Mr. Precious John Enoh expressed the feelings of achievement with the integration of BeepTool messaging app with Sky and Space Global system platform and he looks forward working together with SAS to add a touch of class to mobile financial transactions, not just in Africa but across the globe.