In all Africa countries that have adopted digital financial services, Digital and mobile technologies make it possible to reach new customers with innovative, low-cost financial services. While this interconnection is feasible, the lack of a shared platform connecting all financial services players, means that financial providers have to build everything on their own which this raises costs.
Mojaloop as an open-source software for creating digital payments platforms that connect all customers, merchants, banks, and other financial providers in a country’s economy will make it cheaper for interoperability realization in all markets.
Being opensource, mojaloop is expected to grow robust and stable with community contributions while financial services players use the open-source software to help build digital, interoperable payments platforms that drive financial inclusion on a national, regional and continental scales.
Majoolop based platforms will enable seamless, low-cost transactions between individual users, merchants, banks, providers, and even government offices – helping connect poor customers with everyone else in the digital economy.
Mojaloop grew out of principles set forth by the Financial Services for the Poor team at the Bill & Melinda Gates Foundation. With support and funding from the Bill & Melinda Gates Foundation, Mojaloop was designed by a team of leading tech and fintech companies: Ripple, Dwolla, ModusBox, Software Group and Crosslake Technologies.
As part of our Include Everyone Program and as contributors in the open source community. HiPipo will spearhead outreach programs to popularize Mojaloop and promote its adoption at different national levels. Innocent Kayoowa CEO of HiPipo noted that unless individuals, fintechs and all concerned parties on the African continent take on the challenge and mantle of promoting practical projects and product such as Mojaloop that promote interoperability, the cost of financial services will remain on the higher side hindering many of the poor to actively participate and be financially included.