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Mojaloop is a new open source mobile finance platform for the developing world

by Futures Centre, Oct 30
1 minute read

The Gates Foundation has developed an open source platform called Mojaloop to promote mobile finance in the developing world. This is a free software available for software developers and banks to adapt to their own needs. It was created in partnership with fintech developers, Ripple, Dwolla, ModusBox, Crosslake Technologies and Software Group.

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Mojaloop is similar to the very successful Kenyan mobile finance platform M-Pesa with the key difference being that Mojaloop is open source and M-Pesa is closed loop. A closed loop means that users can only pay others who are using the same system.

Building a platform that combines complex technology whilst remaining low-cost and accessible to poor people is very difficult for the profit-chasing private sector. This is why it required an organisation like the Gates Foundation to build an effective platform that ticks both of these boxes.

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