Bitnob, a fintech company in Africa, has unveiled the Universal Money Address (UMA), a new way to transfer funds anywhere, anytime with minimal fees. This innovative introduction allows for effortless global money transfers using UMA, akin to sending an email. Bitnob is breaking new ground as the first company in Africa to embrace this revolutionary payment protocol.
UMA is like an email address for money. You know how you have an email address to send emails? UMA is like that, but for sending money. It’s open for everyone to use, and you can use it with your wallet, bank, or any other way you like to use money. It’s super fast, doesn’t cost a lot, and works with any kind of currency or digital assets.
All Bitnob users can get a unique UMA, like a personalised email address to instantly send money in any currency to their family and friends on UMA. It’s as simple as sending money from a Gmail-like address to a Hotmail.
In a press release, the company explained that it enables 24/7 transactions in any fiat or cryptocurrency, using one’s preferred wallet, exchange, or bank. Built on the Bitcoin Lightning network, UMA ensures swift, cost-effective, and efficient payments. It mirrors the simplicity of SMTP, the protocol underpinning seamless email exchanges, enabling users to transact without prior Bitcoin knowledge.
Cross-border transactions have historically been plagued by high costs, delays, and complexities. UMA directly confronts these challenges, offering Universal Integration, Real-time Global Settlement, Low-Cost transactions, currency-agnostic functionality, and Personalised Addresses.
Bitnob’s integration with UMA solidifies its status as a pioneering force in the fintech arena. Currently providing payouts in several African countries, including Nigeria, Kenya, Ghana, and more, Bitnob’s inclusion in the UMA network will extend its reach to Asia, LATAM, and Europe, cementing its reputation as one of Africa’s most robust cross-border platforms.
As Bitnob continues to spearhead the transformation of financial transactions in Africa, users are invited to be part of this exciting journey. To obtain your UMA address, simply download and register an account with Bitnob via the app store or Play Store and sign up for our waitlist using your preferred name. Don’t miss out on securing your desired UMA name. Join the waitlist now and be part of the future of payments!
