Zimbabwean Blockchain Startups Launch Service to Help Migrants Efficiently Move Funds Across Borders

Two Zimbabwean startups, Flexid and Uhuru Wallet, just lately launched a platform that provides digital id and remittance providers to migrants residing and dealing in South Africa. The two startups hailed what they’ve described because 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, just lately stated they’ve launched a platform that provides “combined digital identity and remittance services to millions of Zimbabwean immigrants in South Africa.”

In a press release shared with Bitcoin.com News, the 2 startups hailed what they described because the “first cross-chain collaboration between the two companies.” As revealed within the assertion, Flex ID, which was co-founded by Victor Mapunga, harnesses the Algorand blockchain, whereas the Uhuru Wallet is constructed on the Stellar blockchain.

Remarking on the 2 startups’ joint resolution, Trust Jakarasi, the CEO and founding father of Uhuru Wallet, stated:

We are excited to accomplice with FlexID to supply our clients a extra streamlined and safe remittance expertise. By combining our strengths in digital id and remittance providers, we will higher serve the wants of Zimbabwean immigrants in South Africa.

Some of the challenges which the 2 startups are hoping to beat by way of the brand new partnership embody “providing a seamless and secure remittance experience” for Zimbabwean immigrants. Through this working association, the startups additionally hope to deal with or overcome the issue of excessive sending charges, restricted entry to formal monetary providers, in addition to id verification points.

Limited Access to Financial Services

Mapunga, within the meantime, spoke of the virtues of blockchain in addition to the significance of deploying the expertise.

“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,” the CEO of Flex ID insisted.

Although South Africa is ranked among the many greatest senders of remittances in sub-Saharan Africa, it costs anywhere 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 reminiscent of couriers or unregistered remittance platforms.

The emergence of a blockchain-based resolution widens choices for Zimbabwe migrants and can seemingly assist drive down the common price of remitting funds.

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