Mojaloop is open-source software for financial services companies, government regulators, and others taking on the challenges of interoperability and financial inclusion. It was designed to overcome barriers that have slowed the spread of digital financial services. Whole, adapted, or as a blueprint – the Mojaloop Foundation’s open-source software can be used by organizations to build interoperable, digital payment systems that enable seamless, affordable financial services between individual users, banks, government entities, merchants, mobile network operators, providers, and technology companies – connecting the underserved with the emerging digital economy.
Mojaloop and Ripple
Ripple, supported by the Bill & Melinda Gates Foundation, formed a partnership with Dwolla, ModusBox, Software Group, and Crosslake Technologies in October 2017. With funding and support from the Gates Foundation, it developed a new open-source software called Mojaloop for creating a real-time, interoperable payments platform on a national scale to reach the world’s poor with essential financial tools.
Leveraging the power of the Interledger Protocol (ILP), Mojaloop offers a way for financial providers, governments, and mobile network operators to simplify and reduce the cost of developing inclusive payments platforms. Mojaloop can be used to connect customers, merchants, banks, providers, and government offices across a country’s economy — accelerating progress toward a truly inclusive economy. The new software is a boon for the 90 percent of the world’s poor that don’t have bank accounts and are covered by different mobile signals. This revolutionary technology can be used to provide a bridge between mobile networks and financial providers in order to expand access to financial services — helping to create an Internet of Value.
The Mojaloop Foundation
On Wednesday, the Mojaloop Foundation announced its formation as a charitable nonprofit organization to extend financial inclusion efforts initiated by the Mojaloop open-source software project.
To achieve its mission, the Mojaloop Foundation will operate with an open governance model and legal framework dedicated to advancing and maintaining the Mojaloop free, open source software and development community as public goods in service of financial inclusion globally. Coil, Bill & Melinda Gates Foundation, Google, ModusBox, Omidyar Network, and The Rockefeller Foundation have joined the organization as the initial Sponsor members.
Mojaloop Foundation Board of Directors, Officers, Technical Governing Board
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. Comprised of appointees from each of the organization’s Sponsor members, each member of the Board of Directors has one equal vote, and a fiduciary duty to support the mission of the organization.
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.
TGB representatives for the 2020-2021 term include Miller Abel; Adrian Hope-Bailie; JJ Geewax, Software Engineer, Google; and Warren Carew, Vice President, ModusBox. Overseen by the Board of Directors, the TGB will oversee the organization’s work, including participation in software decisions and authorization of code maintainers, consistent with the Mojaloop Foundation’s charitable and educational purpose.
“More and more businesses want their payment systems to be inclusive to all but need a blueprint for overcoming the cost and complexity of payment interoperability. Mojaloop open-source software provides that reference model, empowering organizations to create real-time, interoperable, inclusive payment systems based on financial inclusion principles. With the formation of the Mojaloop Foundation, Coil is excited to join our fellow founding Sponsor members to uphold the financial inclusion mission set by the Mojaloop open source project,” said Mojaloop Foundation founding Sponsor member Adrian Hope-Bailie, head of Services and Interledger, Coil.