Why are you participating for Based Africa?

As an African builder who has been working on Base for nearly a year, I see this as an opportunity to highlight the innovation coming from the continent. For me, it’s about showcasing the ability of African developers to create solutions that have a global impact. When I saw Base shifting its focus to African builders, it felt like the perfect match for what I’ve been working towards—bridging the gap between local communities and global financial systems.

What challenges are you focusing on?

I’m working to address the challenge of financial access by helping my community tap into decentralized finance. In South Africa, we have a rich tradition of local community savings, known as Stokvels. By integrating this cultural practice with blockchain and DeFi technology.

I’m empowering people to save in USDC and earn interest through Aave, ensuring their savings grow safely, securely, and in a way that protects against inflation.

How does your submission address this challenge?

With Flexclub, we provide a platform for communities to save together towards shared financial goals, all while earning interest through decentralized finance (DeFi) platforms like Aave. Flexclub tackles key barriers to saving in traditional systems, such as low interest rates, lack of financial inclusion, and limited transparency.

Flexclub addresses key problems faced:

Lack of Incentive to Save:
Traditional savings methods often lack engaging and rewarding structures, leading to low motivation for individuals to consistently save money. Flexclub introduces a goal-based saving mechanism that makes the process more engaging by allowing members to set specific goals and collectively work towards achieving them.

Low Interest Rates on Traditional Savings Accounts:
Savings accounts in traditional banking systems generally offer low interest rates, which do not significantly grow the savings over time. Flexclub leverages decentralized finance (DeFi) platforms like Aave to earn higher interest on pooled funds, thereby providing better returns for members.

Financial Exclusion:
Many people around the world lack access to basic financial services, including savings accounts. Flexclub operates on the blockchain, providing a decentralized and accessible platform where anyone with an internet connection can participate, thus promoting financial inclusion.

Lack of Transparency and Control in Traditional Financial Systems:
Traditional financial systems often operate with a lack of transparency and give limited control to the account holders. Flexclub, being built on blockchain technology, ensures transparency in all transactions and gives users full control over their funds, which are held in self-custodial accounts.

By addressing these problems, Flexclub offers a more engaging, transparent, and efficient way for individuals and groups to save money and achieve their financial goals through the innovative use of b

Challenges I ran into

Some of the hurdles I faced included implementing seamless off-ramping solutions, simplifying the USDC approval process (making a deposit requires two transactions, one to approve USDC and one to deposit USDC) for users, and improving the ability to share donation links.

Additional Features

I was able to add a Donation Flexclub feature during the Buildathon, which makes it easier for the community to contribute towards a shared cause, further expanding the reach and functionality of Flexclub.