We have written about FlexID a number of times here on Techzim.
- Two Zim startups partner to provide Digital Identity in Healthcare for millions in Africa
- Local digital identity startup FlexID receives funding from Algorand Foundation
The Zimbabwean-founded blockchain startup is working on a Self Sovereign Identity (SSID) platform. For the geek, it is a layer 2 network blockchain solution which has a protocol for the issuance, storage and sharing of verified digital identity credentials in a fully decentralised, user-managed network environment, built on the Algorand Blockchain.
In English, there are over 400 million Africans and over a billion people globally that do not have identity documents.
Try opening a bank account without identity documents and you will understand the plight of the financially excluded.
FlexID is looking to be the go-between, to integrate all identity document-issuing institutions and make it so people won’t have to run around looking for proofs of residence and water bills whenever they need to open an account.
After all, that information is already captured somewhere. Why not allow whoever is vetting you to get those documents from the actual issuer of the document? That sounds like a win-win. Less hassle for me, and more assurance for the vetting company.
FlexID has made progress in this endeavour, albeit outside Zimbabwe for now. You know the Zimbabwean landscape, is it any wonder the first noteworthy update is in Sri Lanka, of all places?
FlexID in Sri Lanka
National Savings Bank (NSB) of Sri Lanka, the 3rd largest bank in the country partnered with PayMedia and Bridge Advisory and Consulting to launch South Asia’s first SSID platform. FlexID is the one that powers that whole thing.
As reported by FT, NSB CIO says the SSID platform “enables us to provide top of the range e-KYC services for our customers across online and offline channels.” E-KYC refers to the digitised version of the Know-Your-Customer protocol.
This will translate to cost savings for NSB as well as simplify the onboarding and verification processes of customers across their products and services.
Customers on their part will still be able to manage their identity information and decide when to share it with third parties.
FlexID Director/COO Sanjay Mendis had this to say about the development,
Our focus is to provide a solution to bank the unbanked population of the world, which stands at over 2.1 billion. We are excited to work with NSB, PayMedia and Bridge to launch the first SSID solution in South Asia, in Sri Lanka.