Cuentas Partners with World Mobile to Revolutionize U.S. Internet Connectivity to Low Income Families: Offering Cost-Efficient Solutions at 12x Less Than Traditional Networks
MIAMI BEACH, FL, June 10, 2024 (GLOBE NEWSWIRE) -- Cuentas, Inc. (OTC: CUEN & CUENW) (“CUEN” or “the Company”), a pioneer driving the seamless integration of fintech, mobile telecommunications, and real estate for the unbanked and underbanked Hispanic demographic, announces an update on its partnership with World Mobile Group Ltd (World Mobile Token WMT-USD) (“World Mobile”). This newly launched joint program offers an immediate internet access alternative to 23 million households in the United States, following the termination of the Affordable Connectivity Program on June 1, 2024.
Cuentas is set to launch this initiative leveraging World Mobile’s innovative platform (airnode.worldmobile.io), deploying localized networks tailored to specific customer needs. This seamless integration will provide internet access, roaming services, and mobile solutions, with a nationwide rollout expected as soon as July 2024.
The Affordable Connectivity Program, canceled by the Federal Communications Commission (“FCC”) effective June 1, 2024, due to lack of additional funding from Congress, previously enabled households to afford essential broadband for work, school, healthcare, and more. The ACP benefit provided a discount of up to $30 per month for internet service for eligible households and up to $75 per month for those on qualifying Tribal lands.
Cuentas and World Mobile will promote this alternative service through a network of 30,000 retail outlets (“Bodegas”) across the United States, currently served by CUEN's mobile and fintech offerings.
The Cuentas Mobile offering aims to deliver significant social benefits:
Education: Enabling students from low-income families to access online learning and complete assignments.
Job Opportunities: Facilitating access to job applications, remote work opportunities, and skill development resources for low-income individuals.
Healthcare Access: Enhancing health outcomes for vulnerable populations through telehealth services.
Community Engagement: Helping individuals stay connected with community resources, news, and social networks, reducing social isolation.
Public Services: Increasing access to government services, including applying for benefits or accessing information.
"The termination of the Affordable Connectivity Program creates an opportunity for alternative telecommunication providers like Cuentas. Our partnership with World Mobile, a global roaming technology provider, will deliver an affordable and extensive solution to a potential market of 23 million households," said Mr. Arik Maimon, CEO and co-founder of CUEN. "Leveraging our extensive distribution network, three decades of telecommunications expertise, and our presence in underserved markets, we will enable retail and business entities to offer Cuentas services and become World Mobile AirNode Operators. This will immediately deliver cost-effective, high-efficiency mobile data networks to diverse communities across the US."
Cuentas continues to expand its market presence with its robust mobile service, Cuentas Mobile, supported by a powerful distribution ecosystem and a meticulously developed software platform. Utilizing advanced eSIM and traditional SIM technology, this system ensures reliability and will soon include a secure communications suite from Sekur Private Data Ltd. (OTC:SWISF) in a comprehensive service bundle.
Cuentas, Inc. (OTC: CUEN & CUENW) is creating an alternative financial ecosystem for the growing global population who do not have access to traditional financial alternatives. The Company’s proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the unbanked, under-banked and underserved populations nationally in the USA. The Cuentas Platform integrates Cuentas Mobile, the Company’s Mobile Telecommunications solution, with its core financial services offerings to help entire communities enter the modern financial marketplace. Cuentas has launched its General Purpose Reloadable (GPR) Card, which includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. LINK: https://cuentas.com AND https://cuentasmobile.com.
About World Mobile World Mobile was founded with a far-reaching goal: to connect everyone, everywhere while advocating for economic freedom and dignity. Unlike traditional mobile networks, World Mobile is based on blockchain and incentivises people to be part of a sharing economy that taps into the trillion dollar global telecom market. Individuals and business owners around the world can operate nodes on its network and bring their community online while earning revenue.
Contact Information: Arik Maimon CEO at Cuentas Inc Email: arik@cuentas.com
For media inquiries: Investor Relations Email: info@cuentas.com Cuentas Inc. (OTC:CUEN)
This news release contains "forward-looking statements," as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. These forward-looking statements involve substantial uncertainties and risks and are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including, but not limited to, OTC and shareholder approval of the proposed transaction, our ability to manage our research and development programs that are based on novel technologies, our ability to successfully integrate WHEN operations and product offerings, the sufficiency of working capital to realize our business plans and our ability to raise additional capital, market acceptance, the going concern qualification in our financial statements, our ability to retain key employees, our competitors developing better or cheaper alternatives to our products, risks relating to legal proceedings against us and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
