Thursday, May 16, 2024

Mojaloop Foundation Unveils Inaugural Report Highlighting Mojaloop’s Role in Advancing Financial Inclusion

WAKEFIELD, Mass. - Wednesday, 15. May 2024

Debut Report Demonstrates the Importance of Inclusive Design in Global Instant Payments

(BUSINESS WIRE) -- The Mojaloop Foundation today announced the release of its inaugural report, showcasing significant advancements in its mission to foster financial inclusion worldwide. The report, titled Bridging the Gap: Advancing Financial Inclusion with Mojaloop, highlights the Foundation's achievements, partnerships, and initiatives over the past year, emphasizing its commitment to empowering underserved communities through accessible, interoperable digital financial services. To access the free, downloadable Mojaloop Foundation report, visit https://mojaloop.io/inaugural-report/.

"We are thrilled to share the Mojaloop Foundation's inaugural report, which reflects the dedication and collaboration of our global community in driving meaningful change. As we celebrate our achievements over the past year, we remain steadfast in our commitment to building an inclusive financial ecosystem that empowers individuals and communities in emerging economies,” said Mojaloop Foundation Executive Director Paula Hunter.

Established to advance financial inclusion through Mojaloop open source software, the Mojaloop Foundation has been instrumental in driving innovation with the aim of democratizing digital financial services access. The report serves as a comprehensive overview of the Foundation's impact and progress in achieving its objectives. The Mojaloop Foundation encourages stakeholders, policymakers, and advocates to explore the report to gain insights into the progress and opportunities in the realm of financial inclusion.

“Our vision of universal financial inclusion is a world where everyone, everywhere can access and use the financial services they need to lead a more productive life, using a simple mobile phone,” said Kosta Peric, chair of the Mojaloop Foundation and deputy director, Inclusive Financial Systems Global Growth and Opportunity, Bill & Melinda Gates Foundation. “Mojaloop Foundation’s track record of innovation helps our partners drive broader adoption of inclusive domestic and cross-border payment platforms that reach and benefit all.”

Key highlights from the report include:

  • Global Expansion: Mojaloop has national deployments in progress in Rwanda, Mexico, and the Philippines, a regional deployment across the Common Market for Eastern and Southern Africa (COMESA) and promising proofs of concept underway in five diverse nations. The Mojaloop Foundation has expanded its go-to-market team and its reach into new regions, partnering with organizations, governments, and stakeholders to implement inclusive interoperable payment systems (IIPS) tailored to local needs.

  • Technology Advancements: Through ongoing research and development efforts, the Foundation has enhanced Mojaloop open source software, making it more robust, secure, and adaptable to diverse financial ecosystems.

  • Strategic Partnerships: Collaborations with payments industry leaders, open source innovators, and financial inclusion-focused organizations have accelerated the adoption of Mojaloop-based solutions, driving forward the vision of universal financial access.

  • Community Engagement: The Mojaloop Foundation continues to engage with a global community of developers, advocates, and thought leaders, fostering knowledge-sharing and collective problem-solving to address the challenges of financial inclusion.

About the Mojaloop Foundation

The Mojaloop Foundation’s mission is to increase financial inclusion by empowering organizations creating interoperable payment systems to enable digital financial services for all. To achieve its mission, Mojaloop Foundation operates as a 501(c)(3) charitable nonprofit organization, maintaining its free, open source software, Mojaloop, and community as public goods in the service of financial inclusion. Merchants, banks, providers, government offices and other entities looking to build instant inclusive payments platforms can use Mojaloop – whole, adapted or as a real-time payments reference model. For more information about the Mojaloop Foundation, visit https://mojaloop.io/.

 

Contacts

For media inquiries:
Jessie Hennion
Mojaloop Foundation Public Relations
Tel: +1 781.876.6280
Email: jhennion@virtualinc.com

Melissa Bednar
Mojaloop Foundation Public Relations
Tel: +1 781.876.8962
Email: mbednar@virtualinc.com

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