With the aim of scaling digital financial services for all, Mojaloop, an open-source software project backed by the Bill & Melinda Gates Foundation, has announced the launch of the Mojaloop Foundation.
With additional support from founding sponsors Omidyar Network, the Rockefeller Foundation, Coil, Google, and ModusBox, the foundation will work to maintain and advance its free open-source software as a public good in service of financial inclusion globally. Released by the Gates Foundation in 2017 to support its financial inclusion work, the software serves as a blueprint for how to simplify and reduce the cost of payment interoperability, enabling banks, digital service providers, government agencies, NGOs, and other entities to develop tools that increase opportunities for low-income and unbanked individuals to access financial services.
"Our vision of universal financial inclusion is a world where everyone, everywhere, can access and use the digital financial services they need to build economic security and resilience," said Kosta Peric, chair of the Mojaloop Foundation and deputy director of the Gates Foundation's Financial Services for the Poor program. "The work of the Mojaloop open source project will thrive with the talent, innovation, and leadership from this dynamic group of member organizations, in service of our shared mission to benefit underserved and low-income communities."
"With the support of its dedicated community of developers, Mojaloop is designed upfront with the privacy, security, and other critical safeguards to truly enable safe, trustworthy, and inclusive financial services," said CV Madhukar, managing director of beneficial technology at Omidyar Network. "[T]he Mojaloop Foundation brings together the leaders needed to provide that direction, funding, and legal framework to ensure its open source software always remains a free, public good."