The Recognition Underscores the Mojaloop Foundation’s Commitment to Advancing Financial Inclusion by Enabling Emerging Economies to Design Systems that Deliver Digital Financial Services to All
WAKEFIELD, Mass.–(BUSINESS WIRE)–The Mojaloop Foundation today announced that Mojaloop has renewed its commitment to the Digital Public Goods Alliance (DPGA) DPG Registry. The DPGA DPG Registry identifies the industry-leading open source digital public goods that are driving a new wave of innovation and financial inclusion at scale. By making unlike financial services platforms work together, Mojaloop met the DPG criteria because it makes it possible for a nation’s central bank, financial institutions and hub operators to collaborate to bring an entire population into the digital economy — including the underbanked. As a DPG, Mojaloop opens up opportunities to bring the financially underserved into the digital economy and grow the customer base for the financial institutions and businesses that serve them.
Endorsed by the United Nations Secretary-General António Guterres, the DPGA is a multi-stakeholder initiative working to accelerate the attainment of the Sustainable Development Goals (SDGs) by facilitating the discovery, development, use of, and investment in digital public goods. DPGA SDG areas of focus include poverty reduction, financial inclusion, and women’s economic empowerment, in low- and middle-income countries. To become a DPG, Mojaloop had to meet a rigorous set of nine requirements set by the DPGA to demonstrate project openness and integrity of its framework as outlined in the Alliance’s DPG Standard.
“As a digital public good recognized by the DPGA, Mojaloop can be even more of a catalyst for achieving financial inclusion for all and will help bring the 1.4 billion unbanked people into the digital economy,” said Mojaloop Foundation Executive Director Paula Hunter. “We are honored to have Mojaloop renewed as a digital public good again this year by the DPGA. A growing list of developing countries and hub operators are turning to DPGs, like Mojaloop, to scale their nation’s instant payments system designs to meet financial inclusion goals and provide permanent relief for their underbanked populations.”
Inclusive interoperable DPGs have become critical to enabling the meaningful delivery of public and private services and underpinning the achievement of a range of SDGs. Harnessed correctly, the DPGA believes that digital public good technologies, including Mojaloop, can play a critical role in accelerating greater financial inclusion, according to its report titled “Financial Inclusion DPGs Digital Public Infrastructures.”
“Financial inclusion is crucial to sustainable development. Effective and inclusive DPGs, such as Mojaloop, that enable basic, society-wide transactions, like digital payments have shown to be a key mechanism to transforming access to affordable financial services delivery,” said DPGA Co-lead Lucy Harris. “DPGs are rapidly becoming indispensable digital collaboration tools, helping countries shorten their learning and adoption curve as they build financially inclusive instant payments systems.”
“For countries who want the cost and control of a purpose-built instant and inclusive payment system but lack the technical resources and capacity to go at it alone, Mojaloop is an open source solution designed for financial inclusion and rapid digital transformation. The recognition of Mojaloop as a DPG by the DPGA highlights its importance to governments and financial service providers as a critical component of their digital strategy. Our team looks forward to collaborating with the Mojaloop Foundation and contributors to help developing countries connect to the global digital economy,” said Kosta Peric, Chair of the Mojaloop Foundation and Deputy Director of the Financial Services for the Poor program at the Bill & Melinda Gates Foundation.
Learn more about the Mojaloop Foundation and Mojaloop by reviewing these resources and programs:
Watch global experts reveal what makes Mojaloop open source software uniquely beneficial for emerging economies designing instant payment systems.
View this recently published Executive Briefing whitepaper to learn how Mojaloop can support hub operators to deliver instant interoperable payments for schemes.
Discover the value of the Mojaloop Training Program and all its courses.
Get involved with the Mojaloop Community.
Check out the Mojaloop Business Directory of companies equipped to help adopters.
About the Digital Public Goods Alliance
The Digital Public Goods Alliance is a multi-stakeholder initiative endorsed by the United Nations Secretary-General, working to accelerate the attainment of the Sustainable Development Goals in low- and middle-income countries by facilitating the discovery, development, use of, and investment in digital public goods. The Secretariat of the Digital Public Goods Alliance is co-hosted by the Norwegian Agency for Development Cooperation (NORAD), UNICEF, and UNDP and governed by an Interim Strategy Group consisting of iSPIRT, The Government of Norway, The Government of Sierra Leone and UNICEF.
About the Mojaloop Foundation
The Mojaloop Foundation’s mission is to increase financial inclusion by empowering organizations creating interoperable payment systems to enable digital financial services for all. Sponsor-level members include Coil, the Bill & Melinda Gates Foundation, Google, MAS, ModusBox, Ripple and The Rockefeller Foundation. To achieve its mission, Mojaloop Foundation operates as a 501(c)(3) charitable nonprofit organization, maintaining its free, open source software, Mojaloop, and community as public goods in the service of financial inclusion. Merchants, banks, providers, government offices and other entities looking to build inclusive payments platforms can use Mojaloop – whole, adapted or as a real-time payments reference model. For more information about the Mojaloop Foundation, visit https://mojaloop.io/.
Mojaloop Foundation Public Relations
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Mojaloop Foundation Public Relations
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