Launched in May, The Mojaloop Foundation’s mission is to increase financial inclusion by empowering organizations creating interoperable payment systems to enable digital financial services for all. Its Board-level members include Coil, Bill & Melinda Gates Foundation, Google, ModusBox, and Omidyar Network. Latest to join are T digital payments platform PhonePe and enterprise blockchain solution provider Ripple. They have joined as Sponsor members, the highest level of the organization.
“Mojaloop Foundation’s financial inclusion mission has resonated loudly with many organizations. We are very pleased to welcome our newest members, including PhonePe and Ripple as Sponsor members,” said Paula Hunter, Executive Director of the Mojaloop Foundation.
“We continue to advance and support Mojaloop open source software, collaborate with our community and hold convenings to serve as a path forward for organizations creating interoperable payments platforms to connect all digital financial providers and customers within an economy. We welcome any organization that has an interest in advancing digital financial inclusion to join the organization.”
To achieve universal financial inclusion, digital financial services need to be affordable and accessible to all. 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. Many payment providers struggle with the high cost of creating no-fee or low-fee, cross border payment systems that interoperate with others. The Mojaloop Foundation’s newest members aims to support the advancement of Mojaloop as a public good, enabling different types of digital financial service providers – large and small – to use the open source blueprint to help lower the cost and technical hurdles involved in creating interoperable payment models that serve all.
“If we want to make the world a more financially inclusive place, we need to work together, as institutions, governments and technology companies, to make payment systems interoperable,” said Sameer Nigam, CEO of PhonePe. “We are looking forward to collaborating with our fellow members to advance Mojaloop’s mission of financial inclusion. Together, we can help organizations understand how to build interoperable digital payment systems, provide low-cost access and feel confident in creating systems that work across borders.”