• Two Zimbabwean startups, Flexid and Uhuru Wallet, have launched a platform to offer digital identity and remittance services to Zimbabwean immigrants in South Africa.
• The platform is the first cross-chain collaboration between the two companies, harnessing the Algorand blockchain (Flex ID) and the Stellar blockchain (Uhuru Wallet).
• The platform aims to tackle high sending fees, limited access to formal financial services, and identity verification issues for Zimbabwean immigrants.
Zimbabwean Blockchain Startups Launch Service
Two Zimbabwean startups, Flexid and Uhuru Wallet, recently launched a platform that offers digital identity and remittance services to migrants living and working in South Africa. The two startups hailed what they’ve described as the “first cross-chain collaboration between the two companies.”
Harnessing the Benefits of the Blockchain
The Zimbabwean blockchain startup Flex ID and the South Africa-based Whatsapp remittance platform, Uhuru Wallet, recently said they have launched a platform that offers “combined digital identity and remittance services to millions of Zimbabwean immigrants in South Africa.” In a statement shared with Bitcoin.com News, the two startups hailed what they described as the “first cross-chain collaboration between the two companies.” As revealed in the statement, Flex ID harnesses Algorand blockchain while Uhuru Wallet is built on Stellar blockchain.
Addressing Financial Services Issues
Remarking on the two startups’ joint solution, Trust Jakarasi , CEO & Founder of Uhuru Wallet said: We are excited to partner with FlexID to offer our customers a more streamlined and secure remittance experience. By combining our strengths in digital identity and remittance services, we can better serve the needs of Zimbabwean immigrants in South Africa. Some of these challenges which include providing seamless & secure remittances experience are expected to be tackled via this partnership. It also plans on overcoming high sending fees & limited accessto formal financial services along with identity verification issues too.
Benefits of Leveraging Blockchain Technology
Victor Mapunga who co-founded FlexID spoke about leveraging blockchain technology & its importance by saying “By leveraging blockchain technology we can provide secure & efficient way for users to verify their identity & access financial services no matter where they are”.
High Cost Of Sending Remittances
South Africa is one of biggest senders if sub Saharan African countries however it costs anywhere between 5%-20% when using registered money transfer agencies for sending money from SA To Zim forcing many migrants from Zim use alternatives such as couriers or unregistered platforms instead .