The Bill & Melinda Gates Foundation in partnership with Ripple and other partners have launched Mojaloop. This is a blockchain ledger through which they intend to enhance financial inclusion across Africa.
Mojaloop is an open source decentralized payment platform powered by the Ripple blockchain technology. Mojaloop is designed to simplify and reduce the cost of developing inclusive payment platforms, by enabling individual’s digital wallet to connect to their respective bank account and to their children’s school account and complete a transaction.
The brains behind Mojaloop include FinTech developers Ripples, ModusBox, Dwolla, Crosslake Technologies, and Software Group. The platform is said to have been built from the ground up using cutting-edge technology including Interledger Protocol, a solution that settles funds between different providers residing across different individual systems.
“Just as the internet revolutionized digital communication, open-source solutions like Mojaloop can spark innovation and democratize access to digital payments, empowering billions of new customers and driving massive economic growth in developing markets,” – said Kosta Peric, Deputy Director, Financial Services for the Poor, at the Gates Foundation.
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