FlexID, the startup of Zimbabwean entrepreneur Victor Mapunga, has signed a Simple Agreement for Equity (SAFE) with the Algorand Foundation.

The startup wants to develop and evolve its self-sovereign identity platform. This is a digital identity network that FlexID is setting up to solve the problem of many poor people without identification in parts of Africa.

It is estimated that around 400 million Africans do not have identity papers. This limits access to services such as health care, finance and education.

Mapunga, who is also the managing director of the Zimbabwean fintech, Mutapa, pursued the idea of ​​FlexID when he himself experienced difficulty accessing banking services without identification.

“Identity is the basis of modern commerce. Without identification, one cannot participate in the economy even at the most basic levels such as access to basic telecommunications services, mobile money and banking services.

‍Without ID, education and health care become extremely difficult to access. On the other hand, chaotic national records further increase the cost of doing business. With FlexID, even the informal sector can move from an isolated vision to a formalized economy. Farmers can easily access credit and inputs. – CEO, FlexID

FlexID will extend its product on the Algorand blockchain.

The startup said it was building what is a decentralized marketplace of people. In this market, each person is seen as an API (application programming interface) where they can communicate with different services.

FlexID also intends to integrate its platform with other dApps on the Algorand blockchain.

According to FlexID CTO Kudzai Zharare:

“The startup will perform on-chain credential issuance and verification, enabling a completely decentralized Layer 2 that puts the user in control.

Algorand’s blockchain allows FlexID to achieve this feat because the chain is the only one to have truly solved the blockchain trilemma challenge and has seen zero downtime since its mainnet launch in 2019.” – Technical Director, FlexID

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