Recently, the South African-based Whatsapp transfer platform, Uhuru Wallet, and the Zimbabwean blockchain company Flex ID announced the creation of a service that provides integrated virtual identification and transfer services to the millions of Zimbabwean immigrants in South Africa.
The two businesses welcomed what they described as the first cross-chain partnership between the 2 firms in a statement that they published. According to the announcement, whilst the Uhuru Wallet is based on the Stellar cryptocurrency, Flex ID, which was co-founded by Victor Mapunga, uses the Algorand block chain technology.
Trust Jakarasi, the CEO and creator of Uhuru Wallet, commented on the collaborative strategy of the two firms and expressed their excitement to collaborate with FlexID to provide clients with a more seamless and safe transfer service. In hopes of better meeting the requirements of Zimbabwean immigrants in South Africa, they will combine their expertise in virtual identity and transfer solutions. Delivering a smooth and safe transfer service for immigrants from Zimbabwe is one of the difficulties the two firms hope to solve with their new relationship. The entrepreneurs additionally intend to also address and resolve the concerns with expensive transfer charges, restricted access to official banking institutions, and multifactor authentication difficulties under this cooperative agreement.
As this was going on, Mapunga discussed the benefits of using blockchain technology as well as its significance. The Chief Executive Officer of Flex ID emphasised that by utilising blockchain solutions, their company can offer consumers a safe and effective way to confirm their identity and enjoy banking services from anywhere.
It charges from five per cent and twenty per cent to transact money to Zimbabwe while using authorised payment processing firms, despite the fact that South Africa remains one of the largest providers of transfers in sub-Saharan Africa. This drives a lot of migrant workers from Zimbabwe to using unofficial payment services or delivery companies as substitutes. For Zimbabwean migrants, the advent of a blockchain-based service expands their alternatives as well as probably lowers the overall expense of money transfers.