• Two Zimbabwean startups, Flexid and Uhuru Wallet, have launched a platform offering digital identity and remittance services to migrants living and working in South Africa.
• The platform harnesses the benefits of blockchain technology to provide a streamlined and secure remittance experience for immigrants.
• By leveraging blockchain, the platform hopes to overcome challenges such as high sending fees, limited access to formal financial services, and identity verification issues.
Zimbabwean Blockchain Startups Launch Remittance Platform
Two Zimbabwean blockchain startups – FlexID and Uhuru Wallet – recently announced they have launched a combined digital identity and remittance service platform for Zimbabwean immigrants in South Africa. The two companies hailed this as the “first cross-chain collaboration between the two companies”.
Harnessing Benefits of Blockchain Technology
The FlexID platform is built on Algorand blockchain while Uhuru Wallet is built on Stellar blockchain. This joint solution will enable users to benefit from a more streamlined and secure remittance experience compared with other traditional money transfer options. According Trust Jakarasi, CEO & founder of Uhuru Wallet: “We are excited to partner with FlexID to offer our customers a more streamlined and secure remittance experience”.
Challenges Faced by Migrants
Currently, it costs anywhere between 5% – 20% for Zimbabweans living in South Africa to send money back home using registered money transfer agencies such as Western Union or MoneyGram. This has forced many Zimbabweans into using unregistered platforms or couriers which often lack security features or are unreliable.
Overcoming Challenges with Blockchain
By leveraging blockchain technology, Flex ID aims to provide users with an efficient way to verify their identity so that they can access financial services no matter where they are located. This will enable them to bypass high sending fees associated with traditional methods of sending money back home whilst also having access to formal financial services regardless of their geographical location or current economic standing.
The new partnership between FlexID & Uhuru Wallet hopes to bring much needed relief to Zimbabwean immigrants who struggle with financial challenges when trying send money back home efficiently & securely at minimal cost possible. By leveraging the advantages of distributed ledger technology (DLT), this joint venture seeks revolutionize how African migrant workers interact with global finance networks across borders through its innovative tech-driven solutions powered by blockchain technology
Comments are disabled