The Rockefeller, Google, ModusBox, Omidyar Network have joined the Mojaloop Foundation formed to extend financial inclusion efforts initiated by the Mojaloop open-source software project.
The Mojaloop Foundation will maintain the Mojaloop free, open-source software and development community as public goods in service of financial inclusion globally. Mokaloop was first established by the Gates Foundation in 2017 to support its financial inclusion work.
“Our vision of universal financial inclusion is a world where everyone, everywhere, can access and use the digital financial services they need to build economic security and resilience,” said Kosta Peric, the newly-appointed chairman of the Mojaloop Foundation and deputy director of the Financial Services for the Poor program at the Gates Foundation.
With the launch of the Mojaloop Foundation, the work initiated by the Mojaloop project will continue to serve banks, digital financial service providers, governmental offices, NGOs, regulators, technology companies and other entities in emerging economies where financial inclusion efforts can most benefit underserved communities.
Coil, Google, ModusBox, Omidyar Network, and The Rockefeller Foundation have joined the organization as the initial Sponsor members.
“At Google, we believe that financial institutions, governments and technology companies need to work together if we want to empower people to be financially capable. In joining other Sponsor members in building the Mojaloop Foundation, we are providing ways for all of us to work together to advance financial inclusion that will transform lives — that means seeing that people understand digital money, have access to it and manage it with confidence, and use it to make their lives better. That, to us, is what it means to make technology open, accessible and helpful for everyone,” said Mojaloop Foundation founding Sponsor member Adama Diallo, head of partnerships for Google’s Next Billion Users Initiative in Africa.
Despite mobile money services emerging in nearly 100 countries, 1.7 billion people still lack access to digital financial services, according to the World Bank’s Global Findex. A lack of interoperability between digital financial services and payment platforms is a large part of the problem. It can be costly and complex to build interoperable systems that are inclusive to all.
Mojaloop aims to simplify and reduce the cost of payment interoperability so that banks and other providers can develop tools that meet the needs of emerging markets and the unbanked. If widely adopted, interoperable digital financial services could provide more of the population with access to important financial tools, while adding $3.7 trillion to emerging countries’ GDP by 2025, according to McKinsey Global Institute.
“More affordable, accessible digital financial services are still needed to close the financial inclusion gap,” said Paula Hunter, executive director, the Mojaloop Foundation.
Initial Sponsor members will serve as active contributors to achieving the Mojaloop’s financial inclusion mission of creating interoperable payments platforms to connect all digital financial providers and customers within an economy.
Named after the Swahili word for “one,” Mojaloop is a reference model for payment interoperability between services and providers to reduce barriers to customer access and potential transaction volume, as well as increase opportunities for low-income individuals to access services that are traditionally out of reach.
The Mojaloop Foundation’s newly-appointed Board of Directors, Officers, and Technical Governing Board provide the strategic vision, funding, and technical guidance to ensure the long-term health and growth of the Mojaloop open source software and development community.
The 2020-2021 Mojaloop Foundation Board of Directors include Miller Abel, Deputy Director and Principal Technologist, Gates Foundation; Adama Diallo, Head of Partnerships for Next Billion Users Africa, Google; David Wexler, CEO, ModusBox; Adrian Hope-Bailie, Head of Services and Interledger, Coil; CV Madhukar, Managing Director, Beneficial Technology, Omidyar Network; and Kevin O’Neil, Director of Data and Technology, The Rockefeller Foundation.
The Mojaloop Foundation Board of Directors elected the following Officers and Technical Governing Board (TGB) for the 2020-2021 term to oversee the organization’s work: Kosta Peric, Chairman; Paula Hunter, Secretary; and Robert Ron, CFO of ModusBox, will serve as Treasurer.
“It’s more important than ever to increase access to high-quality digital financial services that are affordable for people of any income level. Because Mojaloop is open and accessible, it’s not only bringing transformative impact to families and communities, but serves as a model for how to build digital public goods that work for everyone,” said Mojaloop Foundation founding Sponsor member Kevin O’Neil, director of Data and Technology, The Rockefeller Foundation.
Reads 115
Related reporting
More Tech →