It’s a bold step and laudable one for John Enoh and his team behind BeepTool Comm. & Integrated Services Ltd to have worked in making the new partnership.
The new partnership between Sky and Space Global Ltd (SAS) and BeepTool will deepen the foot of SAS in Africa and broaden the BeepTool market reach.
A few months ago, in our interview with the BeepTool founder, Mr. John Enoh, he discussed this partnership with us.
He discussed how the two companies have jointly performed the world’s first financial transaction using nanosatellites.
To meet with the commercial demand of communication bandwidths, they’ve to work 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 billion adults globally that are not using modern banking facilities.
Most of these adults are in remote locations in Africa, Asia Pacific, and Latin America.
Therefore, 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 has energized BeepTool in partnering with SAS technology infrastructures and their services to other telecom operators and financial service companies have enabled 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 a 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 advanced services and with rights to terminate the agreement during the field trial.
During the field trial, 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.
The market has a prospect of over 30% growth and an estimate of about US$3, 3888 in the 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, their stock closed at $0.20 as companies’ prices on the floor of the stock exchange.
This partnership will reinforce the dual commitments of the companies towards developing innovative communication applications.
It will also help to provide the first-class mobile payment solutions, supporting cashless policy and fast-tracking financial transactions in the 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.
Beeptool is a fast-growing mobile payment processor in Africa and their common vision of driving socioeconomic growth with technology is laudable.
He further commends 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.
He appreciates the investors and their pledge to continue working with BeepTool to achieving success and great milestones.
He stated that they’re also working towards launching a 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 the BeepTool messaging app with Sky and Space Global system.
He looks forward to working together with SAS to add a touch of class to mobile financial transactions, not just in Africa but across the globe.