Two Zimbabwean startups, Flexid and Uhuru Pockets, lately launched a platform to offer digital identification and cash switch companies to immigrants residing and dealing in South Africa. The 2 startups hailed what they described as “the primary cross-chain collaboration between the 2 corporations.”
Reap the benefits of blockchain
Zimbabwean blockchain startup Flex ID and South Africa-based Whatsapp remittance platform Uhuru Pockets lately introduced the launch of a platform that “combines digital identification and cash switch companies for tens of millions of Zimbabwean immigrants in South Africa.” backside.
In a press release shared with Bitcoin.com Information, the 2 startups welcomed what they described as “the primary cross-chain collaboration between the 2 corporations.” As revealed within the assertion, Flex ID, co-founded by Victor Mapunga, makes use of the Algorand blockchain and Uhuru Pockets is constructed on his Stellar blockchain.
Uhuru Pockets CEO and Founder Belief Jakarasi stated of the joint answer of the 2 startups:
We’re happy to associate with FlexID to offer our clients with a extra environment friendly and safe cash switch expertise. By combining our strengths in digital identification and cash switch companies, we are able to higher serve the wants of Zimbabwe immigrants in South Africa.
Challenges the 2 startups hope to beat by means of their new partnership embrace “offering a seamless and safe cash switch expertise” for Zimbabwean immigrants. By way of this working settlement, the start-up additionally hopes to deal with or overcome problems with excessive remittance charges, restricted entry to formal monetary companies, and identification verification points.
Restricted entry to monetary companies
In the meantime, Mapunga spoke about the advantages of blockchain and the significance of deploying the expertise.
“By leveraging blockchain expertise, we are able to present customers with a secure and environment friendly approach to confirm their identification and entry monetary companies wherever they’re,” claimed Flex ID’s CEO.
South Africa ranks among the many largest senders of remittances in sub-Saharan Africa, however remittances to Zimbabwe value between 5% and 20% when utilizing registered remittance companies. enhance. This has compelled many Zimbabwean migrants to make use of options resembling couriers and unregistered remittance platforms.
The emergence of blockchain-based options might assist develop choices for Zimbabwean immigrants and decrease the common value of transferring funds.
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