Mojaloop, a financial inclusion services co-developed by Bill Gate Foundation, Ripple and a host of other firms, has launched a charitable not-for-profit organization purposely to heighten the financial inclusion task of Mojaloop.
The foundation is to boost the effort of the Mojaloop open-source software project that is already making waves in the unbanked African territory.
The foundation says it is employing an open governance model and legal framework centered on maintaining and increasing the reach of the free, open-source Mojaloop software.
At the moment, the web monetization firm, Coil, Bill & Melinda Gates Foundation, Google, ModusBox, Omidyar Network, and The Rockefeller Foundation are part of the initial sponsor-members of the foundation.
Across the globe, around 1.7 billion people are still not having access to digitize financial services.
In a report, the Mojaloop foundation says the lacking interoperability between payment platforms and digital financial services is complicating the issues.
The McKinsey Global Institute opines that the adoption of interoperable digital financial services stands the chance of offering the neglected population with access to financial tools, resulting in the addition of $3.7 trillion to the GDP of emerging countries come 2025.
Ripple Co-developed the Mojaloop Software
In 2017, Ripple, with supports and funding from Gates Foundation, collaborated with Crosslake Technologies, Software Group, ModusBox, and Dwolla to develop a state of the art open-source software branded as Mojaloop.
The financial inclusion initiative is to offer real-time and interoperable payment platform.
The Mojaloop Foundation’s executive director, Paula Hunter believes more affordable, accessible digital financial services are necessary to close the financial inclusion gap.
In the same year, the Mojaloop software was launched purposely for increasing financial inclusion among the unbanked people.
The effort was geared towards helping the digital financial service providers like banks, governments, NGOs, and some others.
Mojaloop Foundation’s Governing Board
In the governing of Mojaloop Foundation are Board of Directors, Officers, and Technical Governing Board.
The newly unveiled board of directors is to offer technical and strategic advice as well as funding to make sure Mojaloop continues to thrive.
The Foundation’s Board of Directors includes Miller Abel, Deputy Director, and Principal Technologist, Gates Foundation.
Part of the board also includes Adama Diallo, Head of Partnerships for Next Billion Users Africa, Google, and David Wexler, CEO, ModusBox.
Adrian Hope-Bailie, Head of Services and Interledger at Coil; Adrian Hope-Bailie, CV Madhukar, Managing Director, Beneficial Technology, Omidyar Network; and Kevin O’Neil, Director of Data and Technology, The Rockefeller Foundation are also board members.
MTN and Orange Partner to Use Mojaloop
Late 2018, MTN And Orange Launched a Mowali Wallet on Mojaloop. Mowali was created to serve over 100 Million mobile money accounts and mobile money operations in 22 of sub-Saharan African countries.
On the collaboration, Stéphane Richard, Chairman and CEO of Orange said, “By providing full interoperability between platforms, Mowali will provide an important step forward that will allow mobile money to become a universal means of payment in Africa.”
