Two Zimbabwean startups, Flexid and Uhuru Pockets, lately launched a platform that gives digital identification and remittance companies to migrants residing and dealing in South Africa. The 2 startups hailed what they’ve described because the “first cross-chain collaboration between the 2 firms.”
Harnessing the Advantages of the Blockchain
The Zimbabwean blockchain startup Flex ID and the South Africa-based Whatsapp remittance platform, Uhuru Pockets, lately mentioned they’ve launched a platform that gives “mixed digital identification and remittance companies to hundreds of thousands of Zimbabwean immigrants in South Africa.”
In an announcement shared with Bitcoin.com Information, the 2 startups hailed what they described because the “first cross-chain collaboration between the 2 firms.” As revealed within the assertion, Flex ID, which was co-founded by Victor Mapunga, harnesses the Algorand blockchain, whereas the Uhuru Pockets is constructed on the Stellar blockchain.
Remarking on the 2 startups’ joint answer, Belief Jakarasi, the CEO and founding father of Uhuru Pockets, mentioned:
We’re excited to associate with FlexID to supply our prospects a extra streamlined and safe remittance expertise. By combining our strengths in digital identification and remittance companies, we are able to higher serve the wants of Zimbabwean immigrants in South Africa.
Among the challenges which the 2 startups are hoping to beat through the brand new partnership embrace “offering a seamless and safe remittance expertise” for Zimbabwean immigrants. By this working association, the startups additionally hope to deal with or overcome the issue of excessive sending charges, restricted entry to formal monetary companies, in addition to identification verification points.
Restricted Entry to Monetary Providers
Mapunga, within the meantime, spoke of the virtues of blockchain in addition to the significance of deploying the know-how.
“By leveraging blockchain know-how, we are able to present a safe and environment friendly method for customers to confirm their identification and entry monetary companies, regardless of the place they’re,” the CEO of Flex ID insisted.
Though South Africa is ranked among the many largest senders of remittances in sub-Saharan Africa, it prices anyplace between 5% and 20% to ship cash to Zimbabwe when utilizing registered cash switch companies. This, in flip, forces many Zimbabwean migrants to make use of options resembling couriers or unregistered remittance platforms.
The emergence of a blockchain-based answer widens choices for Zimbabwe migrants and can doubtless assist drive down the typical value of remitting funds.
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