Two Zimbabwean start-ups, Flexid and Uhuru Wallet, recently introduced a platform providing digital ID and remittance solutions to migrants in neighbouring South Africa. The two companies celebrated their “entrepreneurship” in what they described as the “first cross-chain collaboration” between the two.
Utilizing the Advantages of Blockchain
Zimbabwean Blockchain startup FlexID and South African Whatsapp remittance platform Uhuru Wallet, recently revealed the launch of a platform providing combined digital identity and remittance services for millions of Zimbabwean immigrants in South Africa.
In a press release shared with Bitcoin.com News, both startups praised the entrepreneurial spirit of the venture, calling it the “first cross-chain collaboration” between the two companies. As their launch was revealed, FlexID was co-founded by Victor Mapunga and leverages the Algorand blockchain, while Uhuru Wallet relies on the Stellar blockchain.
Commenting on the collaboration, Trust Jakarasi, Founder and CEO of Uhuru Wallet, said:
We are delighted to work with FlexID to provide our clients with a quicker and safer money transfer experience. By combining our strengths as digital identity providers and remittance service providers, we look forward to better serving the needs of Zimbabwean immigrants in South Africa.
These are some of the challenges they hope to address through their new partnership, with the aim of providing a secure and seamless remittance experience for Zimbabwean immigrants. This partnership looks to address, or even eliminate, the high delivery costs, limited access to formal financial services, and identity verification.
Limited Access to Financial Services
Mapunga, meanwhile, spoke about blockchain’s virtues, as well as the importance of implementing that technology.
“By leveraging blockchain technology, we can provide a secure and efficient way for users to verify their identity and access financial services, no matter where they are,” insisted the CEO of FlexID.
South Africa is one of the largest remittance sending countries in sub-Saharan Africa, sending money to Zimbabwe. Registered money transfer companies offer fees ranging from 5% – 20%. Many are affected by this and Zimbabwean migrants can resort to options such as couriers and unregistered money transfer platforms.
Blockchain-based solutions widen the choices available to Zimbabwean immigrants, helping to reduce the average cost of remittances.
To receive a weekly recap of the most important stories, sign up for our email newsletter here:
What are your thoughts on this story? Let us know in the comments section below.
Picture credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a solicitation or direct offer to buy or
