Ripple (XRP) partner, Bill and Melinda Gates Foundation’s Mojaloop, is expected to connect six mobile money providers and 44 registered banks once it gets approval, Today’s Gazette has learnt.
The financial transaction open source and free software will launch in Kenya anytime from now and will give Kenyans the opportunity to transact money across different banks and telecommunication companies.
In a report by The Business Daily, the foundation made known that it is planning to liaise with Kenya’s Central Bank to completely rollout the software in the country.
Kosta Peric, Deputy Director for the financial services for the Poor initiative at Bill and Melinda Gate foundation said in a conversation that upon securing approvals and partnerships, Mojaloop app will roll out in different countries in Africa including Nigeria, Uganda, and Ghana.
It will first secure regulatory approvals with three Central banks in Africa who are ready to deploy the software.
A Little About Mojaloop
Mojaloop App was founded in October 2017. The aim behind the idea is to allow rural dwellers have access to digital payment via mobile phones. The software used is open source and cost free. Banks, financial service providers, and developers can deploy the software and make good use of it.
Beyond software, Mojaloop institutes a proposal for technology, linking markets with financial products.
The idea is the keystone of the Level One Project, a Bill and Melinda Gate Foundation incentives to eradicate poverty in the society.
Leading developers from Fintech firms among which are Crosslake Technology, Software Group, ModusBox, Dwolla, and San Francisco based Ripple (XRP).
There is no doubt that Mojaloop will revolutionize the financial inclusion industry when it finally comes out.
Bill Gate Rolls Out Ads For Mojaloop
At the moment, Bill Gate Foundation is advertising the Level One Project on Twitter and many other platforms, purposely to get firms who will buy into the idea as soon as possible.