Mojaloop is an open-source software project of the Mojaloop Foundation. Initially funded by the Bill & Melinda Gates Foundation and other notable technology companies, the project seeks to provide a payments switch for underserved countries and communities globally as part of financial inclusion efforts. Moja is a Swahili word meaning “one”.

“Mojaloop was created by the Gates Foundation’s Level One Project, which leverages in-house expertise and resources to build inclusive payment models for the world’s poorest populations.”[1][2]

The Level One project provides key design concepts around a low cost financial payment system that serves the goals of financial inclusion as called for by global institutions and anti-poverty advocates. Some technical notes and community convenings related to Mojaloop are covered on that website.[3]

The earliest mention of Mojaloop by commercial entities was the announcement in 2018 by Orange Telecom Group and MTN to establish a new joint venture called Mowali which would implement the Mojaloop technology.[4] The joint venture was closed down in November 2022 due to lack of required approvals by the Central Bank.[5]

In 2019, Forbes covered the efforts to build a solution in Tanzania.[6]

The Mojaloop project was cited part of the Tanzania Instant Payment System (TIPS) which went began testing in June 2021 and was continuing with a close group test in early 2023.[7] The Central Bank of Tanzania mentions TIPS in 2020.[8]

In June 2022, Mojaloop announced the creation of the Central Bank Digital Currency (CBDC) Center of Excellence in Singapore.[9]

Mojaloop implements payments in a flow including verification and lookup of destination account, quote, payments push and done via RESTful APis. Design documents provide documentation to implementing entities.[10]

The Mojaloop Foundation is a US based charity, headquartered in Massachusetts, with expenses of $2.2 million in 2020.[11]

Grants from Bill and Melinda Gates Foundation to Mojaloop include $4.7M in 2020 and $8.5M in 2023.[12] <ref>https://www.gatesfoundation.org/about/committed-grants/2023/11/inv-059287<ref>

References

  1. ↑ "Bill and Melinda Gates Foundation releases open source mobile payments software - OnMSFT.com". 2017-10-16. Retrieved 2023-11-08.
  2. ↑ Nickelsburg, Monica (October 16, 2017). "Gates Foundation's new open-source software helps impoverished communities around the world access financial services". GeekWire. Retrieved November 8, 2023.
  3. ↑ "Announcements Archive". Level One Project. Retrieved 2023-11-08.
  4. ↑ "Orange and MTN launch pan-African mobile money interoperability | MTN.com". www.mtn.com. Retrieved 2023-11-11.
  5. ↑ "MTN and Orange end Mowali JV due to lack of central bank approval". africabusinessplus.com. Retrieved 2023-11-11.
  6. ↑ Groenfeldt, Tom. "Gates Foundation's Mojaloop Finance Code Gains in Africa And Asia". Forbes. Retrieved 2023-11-11.
  7. ↑ "Mojaloop Foundation's Walk the Loop Event in Tanzania Shows Path to Financial Inclusion – Desire Kachenje - Payments Afrika". 2023-01-24. Retrieved 2023-11-11.
  8. ↑ "Central Bank of Tanzania". www.bot.go.tz. Retrieved 2023-11-11.
  9. ↑ "Mojaloop Foundation Launches the Mojaloop CBDC Center of Excellence in Singapore". www.businesswire.com. 2022-06-22. Retrieved 2023-11-11.
  10. ↑ "API Catalog | Mojaloop Documentation". docs.mojaloop.io. Retrieved 2023-11-11.
  11. ↑ "Mojaloop Foundation Inc - GuideStar Profile". www.guidestar.org. Retrieved 2023-11-11.
  12. ↑ https://www.gatesfoundation.org/about/committed-grants/2020/10/inv001359
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