Include Everyone to spearhead Mojaloop adoption outreach engagements – Remarks of Innocent Kawooya CEO HiPipo

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: RippleDwollaModusBoxSoftware 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.

 

Mojaloop for National, Regional and International Interoperability – Remarks of Innocent Kawooya CEO HiPipo

Mojaloop is open-source software for building interoperable digital payments platforms on a national, regional and international scale.  Talk of payments and money transfers between Uganda and Kenya or Tanzania and Nigeria or Benin and Zambia.  At a national scale, it could be payments and money transfers between all banks in the country and mobile money operators in the same country. These kinds of transactions will easily be facilitated by mojaloop.  Mojaloop makes it easier and more affordable for different kinds of providers to link up their services and deploy low-cost financial services in new markets. Innocent Kawooya CEO HiPipo notes that in order to Include Everyone, we believe that software products and platforms such as mojaloop should be embraced since they will deliver more cost efficient interoperability.

Mojaloop development was funded by The Gates Foundation and is progressed and promoted by the Open Source Community. HiPipo under our Include Everyone Program support and promote the adoption of this software in the Open Source Community to facilitate financial inclusion.

The #IncludeEveryone 5th Digital Impact Awards Africa

The 5th Digital Impact Awards Africa (#DIAA2018 #IncludeEveryone) is underway. As part of our #IncludeEveryone program #DIAA2018 is the leading event honouring the best in digital across Africa. DIAA2018 focus is on financial inclusion.  Nomination submission entries are open from June 25th and will close by July 25th 2018.

We are Financial Inclusion

An estimated 2 billion working-age adults – more than half of the world’s total adult population – do not have an account at a formal financial institution. Financial inclusion efforts seek to ensure that all individuals households and businesses, regardless of income level, have access to and can effectively use the appropriate financial services they need to improve their lives. The benefits of financial inclusion are not only significant for individuals but for economies as well. Financial inclusion is linked to a country’s economic and social development and plays a role in reducing extreme poverty.