By Nkiruka Nnorom

Lightspark, a payment company that boasts secure transactions and global settlement in any currency, has made an inroads into the Nigerian market with the introduction of one of its flagship products.

Tagged Universal Money Address (UMA), the product provides an open and neutral platform designed to connect global bank accounts with ease.

The product, according to the company, offers instant payment at low cost and aims to make cross-border money transfer more accessible and inclusive for individuals, businesses and financial institutions.

Speaking at the Lightspark Developer Day in Lagos, Nicolas Cabrera, Vice President, Products at Lightspark, said the product allows any UMA-enabled wallets, exchanges or bank accounts to communicate and exchange information securely.

He said: “One of the standout features of the platform is its ability to enable global participation beyond traditional banks.

“Any app or platform can integrate with the system, fostering interoperability between currencies and applications. This innovation democratizes international finance, allowing broader participation in the global economy.

“For countries like Nigeria, this development holds immense potential. By leveraging local partnerships and fostering collaboration with regulators, Lightspark is working to ensure compliance while empowering users to connect their bank accounts directly with international systems.

“This opens new avenues for Nigerians and Africans to engage more seamlessly with global markets, bypassing existing challenges and restrictions.

“With this technology, Nigerian users, for instance, can transfer money directly from their local bank accounts to US bank accounts with ease, promoting financial integration and economic growth.”

He underscored the need for partnership, saying that the company is already collaborating with Yellow Card to deepen its presence across Africa as well as bring seamless and secure transactions to millions of Africans.

“We want to work with the banks; we want to work with exchanges. We want to work with as many financial institutions as we can and be the bridge between, maybe, the new, modern, and sophisticated infrastructure integrated into existing bank accounts, and wallets, and give them more instance and open ways to move securely that that money.

“So, we are the bridge into the existing infrastructure while improving and enhancing the existing infrastructure. That’s where we believe the world of finance is moving,” he said.

Kevin Hurley, co-founder and Chief Technology Office at Lightspark, said it’s estimated that by the end of 2024, its partners would unlock UMA for nearly 300 million customers globally.

On the benefits of UMA, Hurley remarked that its open network and instant transactions enable greater financial inclusion for underserved populations, eliminating the complexities and costs associated with traditional cross-border transactions among others.