Mojaloop, an open-source digital payment platform, is helping countries build inclusive instant payment systems (IIPS) that extend financial services to unbanked populations. The Mojaloop moment: Expanding financial inclusion, published by The Gates Foundation, explores how innovators around the world are taking advantage of the new technology.
Key Developments:
- Rwanda: The Rwanda Information Society Authority (RISA) is implementing a Mojaloop-powered national payment switch to reduce reliance on foreign vendors and reach rural communities.
- Philippines: Higala, a startup, is integrating rural banks into the national InstaPay system using Mojaloop, lowering operational costs by 75% to improve financial access.
- COMESA Region: A new Mojaloop-backed payment system will enable cross-border transactions for small businesses across eight African countries.
- Global Expansion: Countries like Tanzania, Mexico, and Myanmar are also deploying Mojaloop to strengthen financial inclusion.
By leveraging open-source technology, Mojaloop provides cost-effective, customizable, and interoperable digital payment solutions, accelerating financial inclusion in underserved regions worldwide.