Majaloop: Helping the unbanked with new Open-Source software

Majaloop: Helping the unbanked with new Open-Source software released by Bill & Melinda Gates Foundation – 16 October 2017

The Gates Foundation released software designed to create payment platforms to help individuals and companies in the developing world to access digital financial services, it reports:

“Current data from the World Bank shows that nearly two billion people in developing economies lack bank accounts and miss out on the benefits and security that basic financial services provide. Digital financial services, such as mobile money on cell phones, have rapidly expanded over the last two decades because they are convenient for users and cost-effective for companies aiming to serve new markets. In Kenya, an estimated 194,000 households have moved out of extreme poverty due in part to their access to M-Pesa, a mobile money platform, and users’ ability to save money more effectively.

Mojaloop (derived from the Swahili word meaning “one”), has been developed by fintech companies as a solution to operation barriers: “It joins other promising digital financial software, but is the first model that can help extend interoperability from mobile money providers to any bank, merchant or government institution in a customer’s economy in a way that specifically meets the needs of the poor.” (The Gates Foundation)

Suggested reading on Mobile Money:

Mobile Remittances to Africa: Mobile and Financial Services Converge

Mobile money in Sub-Saharan Africa: trends and forecasts 2017–2022

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