Bitnob, a major financial firm located in Nigeria, is ecstatic to announce its ground-breaking integration with the Universal Money Address (UMA) standard. As a result of this ground-breaking decision, Bitnob has become the first business in Africa to implement this game-changing payment system.
UMA, which has been referred to as an “email address for money,” is an open-source, global system that enables users to conduct transactions in any fiat currency or cryptocurrency using the wallet, exchange, or bank of their choice at any time of day or night. UMA enables quick payments that are both cost-effective and efficient by utilising the Bitcoin Lightning network, which it was built on. Users are able to deal with Bitcoin even if they have no prior understanding of the cryptocurrency, as it mimics the ease of use of SMTP, the system that enables seamless email exchanges.
The CEO, Bernard Parah, shared his excitement about the company: “Our integration with UMA is a testament to Bitnob’s commitment to revolutionizing cross-border payments in Africa. We’ve always been at the forefront, from being the first in Africa to integrate the Lightning Network to offering Lightning addresses to our users. Now, with UMA, we’re bridging the gap between Africa and the rest of the world, offering our users unparalleled access to global markets.”
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How UMA integration would improve Bitnob service
Transactions that span international borders have traditionally been characterised by high costs, extended processing times, and increased complexity. UMA offers Universal Integration, Real-time Global Settlement, Low Cost, Currency Agnostic, and Personalised Addresses, all of which are direct responses to the difficulties that have been presented.
The integration of the fintech with UMA further solidifies the company’s status as a pioneer in the financial technology space. Currently giving payouts in a number of African countries including Nigeria, Kenya, Ghana, and more, Bitnob’s participation in the UMA network will expand its reach to Asia, LATAM, and Europe, further establishing its status as one of Africa’s most resilient cross-border platforms. Currently offering payouts in a number of African countries including Nigeria, Kenya, Ghana, and more.
Bitnob’s rapid development and success may be attributed, in large part, to the company’s dedication to innovation and its focus on the needs of its users. Bitnob is not only tackling the difficulties of cross-border payments with UMA, but it is also empowering African youths by providing them with access to global opportunities. This is done by providing them with access to global markets.
Users are encouraged to participate in this exciting journey as Bitnob continues to take the initiative in reinventing how financial transactions are conducted in Africa. Download Bitnob from the app shop or play store, register an account with Bitnob there, and then sign up for their waitlist using your prefered name. This will give you your UMA address. Make sure you don’t miss the opportunity to get the UMA name you want. Join the waitlist right away and be a part of the evolution of financial transactions!
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About Bitnob
Bitnob is a prominent financial services firm that connects Africa to the rest of the world by using a payment infrastructure built on Bitcoin and Lightning. Bernard Parah is the Founder and Chief Executive Officer of the company. The fintech gives users access to a variety of financial services, including DCA bitcoin savings, virtual cards, and international payments.