Co-Founder of Zimbabwean Fintech Startup: ‘Everyone Has a Right to Access Funds and Financial Freedom’

It has been proven that cryptocurrencies are a financial instrument that can be used to store value or make payments by those excluded from the financial system. However, while this is true in many jurisdictions, many of those who may benefit from cryptocurrencies are still not using them.

Regulatory uncertainty and ignorance

There could be several reasons, but as many in the crypto space recognize, uncertainty and regulatory ignorance are often key factors that discourage potential users from adopting these fintechs.

So to overcome these and other barriers, entrepreneurs such as Tadi Tendai, CEO and co-founder of Bitflex, have launched or are launching fintech solutions based on blockchain technology. To understand Bitflex’s commitment to using blockchain to benefit the masses, Bitcoin.com News recently reached out to the CEO via Linkedin.

Below are Tendai’s answers to questions sent to him by Bitcoin.com News.

Financial freedom is a human right

Bitcoin.com News (BCN): Can you start by telling our readers why you decided to start this project and who else is behind it.

Tadii Tendayi (TT): BitFlex was born out of a need to improve access to digital assets for Zimbabweans. It was incorporated in 2017. Given the current economic situation in Zimbabwe, it is the easiest way to pay for goods abroad.

BCN: Is your startup already profitable or will it take a little longer.

TT: It will take a little longer because Bitflex is now focused on building strategic partnerships and supporting vulnerable communities with cryptocurrencies.

BCN: You say the goal of their company is to increase Zimbabweans’ access to digital assets. Could you tell us why that’s important.

TT: Financial freedom is a human right, not a privilege, but access to finance remains a problem for Third World citizens in Africa, in our case in Zimbabwe. What’s great about open and decentralized assets like bitcoin, however, is that they see no color, creed, or borders. Everyone has access to it and can interact with the blockchain even without an Internet connection. This negates the need for a centralized party to decide where, when and to whom you can send values. Another reason why it is important to improve Zimbabweans’ access to digital assets is the U.S. sanctions imposed on the country, which affect citizens who have nothing to do with any political beliefs. The sanctions block Zimbabweans’ access to the global financial system.

BCN: Do you think Zimbabweans understand enough about digital currencies or their usefulness to society.

TT: Absolutely. That goes without saying. But blockchain is something new not only in Zimbabwe, but around the world, so these issues need to be addressed nationally with educational programs that will allow us to keep up with the rest of the world.

BCN: Besides getting grants from Polygon and Celo, how else is Bitflex funded or from whom does your company receive financial support.

TT: We’re mostly bootstrapping at the expense of our stakeholders and directors, working to build relationships. Bitflex also received a grant from an amazing blockchain project called Gooddollar, which focuses on UBI (Universal Basic Income).

BCN: I understand your company has been or plans to be in the blockchain money transfer business. What’s new and why has your company decided to do it using blockchain.

TT: While banks and other financial institutions are not as efficient at handling remittances, such services may no longer meet today’s more dynamic and complex remittance needs. And while we have third-party services like Western Union and World Remit, blockchain is necessary because it’s faster and cheaper.

BCN: Apparently Bitflex is also involved in philanthropy. Why a startup should get involved in such work.

TT: This is what we think is the purpose of bitcoin and our way of paying tribute and trying to close the wealth gap.Everyone has the right to access funds and financial freedom, and we can achieve that with bitcoin. It is also important to educate people about how cryptocurrencies can be used for social responsibility initiatives.”

Everyone has the right to access funds and financial freedom, and we can achieve that with bitcoin.

BCN: From your perspective as president of the local blockchain association, do you see many African countries adopting this technology in the next five years.

TT: Absolutely. African governments are beginning to see the benefits of blockchain, such as Nigeria, Ghana and Kenya, which have already and/or have launched CBDC (Central Bank Digital Currency). I personally believe and hope that Africa will come together and create a single blockchain that will work for the benefit of all member countries, like the euro in the European Union. Although this will require a tremendous amount of lobbying and coordination, which is not easy and not cheap.

BCN: There’s been a lot of talk about Zimbabwe being an ideal country to use cryptocurrencies, but judging by what’s happening on the ground, many are still doubtful. What do you think is the reason why many Zimbabweans still don’t use or trade cryptocurrencies.

TT: I will answer this question in two parts, the first part is that I agree that Zimbabwe could benefit from adopting and integrating blockchain technology into its financial system, similar to El Salvador, while bridging the gap between fiat and cryptocurrency.

However, I believe there is a lot of P2P trading that doesn’t attract attention because there is no exchange, but I can guarantee that there is more P2P trading than you might expect.

BCN: What you need to do to convince these potential users.

TT: There needs to be platforms for trading and exchanging digital assets for local currency. Such as Coinbase or Binance. There is no reason why Zimbabweans should not have access to digital assets like our neighbors in South Africa, Nigeria, etc.

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