Two billion people around the world lack access to basic financial services such as bank accounts or the ability to send and receive payments. As a result, they miss out on all the advantages that those services provide, from increasing their savings to building credit to investing in education.
To accelerate financial inclusion, the Bill & Melinda Gates Foundation has released new open-source software for creating interoperable payments platforms that can help expand access to safe, affordable digital financial service for the poor. Developed in partnership with Software Group, Ripple, Dwolla, Modusbox and Crosslake Technologies, the open-source software is called Mojaloop and can be used for connecting all customers, merchants, banks, and other financial providers in a country’s economy, bringing us one step closer to a level economic playing field. With Mojaloop.io, an open-source tool is there for building interoperable payments platforms on a national scale. The code can be used to bring unbanked people and financial services together, faster.
Mojaloop is open-source and available free of charge to developers to use via GitHub.