Wednesday
April 24
2019

Gates Foundation’s Mojaloop Finance Code Gains in Africa And Asia

By Tom Groenfeldt

Since the Bill and Melinda Gates Foundation launched an open source banking code project, Mojaloop, at Swift’s Sibos conference in Toronto in 2017, adoption has been rather slow. Orange Group, one of the world’s leading telecommunications operators and MTN Group, Africa’s leading cellular telecommunications company, have launched Mowali, a mobile money wallet and the Tanzanian payment system TIPS (Tanzania Instant Payments System) announced in February they are also using Mojaloop.

But interest is growing with help from DFS Lab, an accelerator backed by the Gates Foundation which invests in early stage fintech startups in Sub-Saharan Africa and Asia. It recently held a hackathon to introduce tech companies to Mojaloop and work with them on potential solutions using the code.

Photo courtesy of John O’Bryan / USAID.

Source: Forbes (link opens in a new window)

Categories
Finance, Technology
Tags
Bill & Melinda Gates Foundation, digital finance, emerging markets, fintech, mobile money, startups, telecommunications