Mojaloop

Last updated
Mojaloop
Original author(s) Bill & Melinda Gates Foundation
Developer(s) Mojaloop Foundation
Initial release2017
Repository https://github.com/mojaloop/
Written in JavaScript, TypeScript
Engine Node.js
Website https://mojaloop.io/

Mojaloop is an open-source software project of the Mojaloop Foundation. The project is a reference model for creating interoperable payments platforms for digital financial providers intended to reduce the technical barrier of financial inclusion efforts. [1] It was created and released by the Bill & Melinda Gates Foundation’s Level One Project in 2017. [2] Moja is a Swahili word meaning "one".

Contents

Mojaloop is a collection of Node.js microservices. [3] There are multiple components for routing, clearing, and settling payments between digital financial service providers. [4] It uses the Interledger Protocol for facilitating payments. [5]

History

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. [6] The joint venture was closed down in November 2022 due to lack of required approvals by the Central Bank. [7]

In 2019, Forbes covered the efforts to build a solution in Tanzania. [8]

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. [9]  The Central Bank of Tanzania mentions TIPS in 2020. [10]

In June 2022, Mojaloop announced the creation of the Central Bank Digital Currency (CBDC) Center of Excellence in Singapore. [11]

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. [12]

The Mojaloop Foundation is a US based charity, headquartered in Massachusetts, with expenses of $2.2 million in 2020. [13]

Grants from Bill and Melinda Gates Foundation to Mojaloop include $4.7M in 2020 and $8.5M in 2023. [14] [15]

Citations

  1. ↑ "Bill & Melinda Gates Foundation Releases Open-Source Software to Support Efforts that Expand Access to Financial Services in Developing Countries". Bill & Melinda Gates Foundation. Retrieved 2024-03-05.
  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. ↑ "Tools and Technologies | Mojaloop Documentation". docs.mojaloop.io. Retrieved 2024-03-05.
  4. ↑ "How It Works". Mojaloop. Retrieved 2024-03-05.
  5. ↑ "FAQs". Mojaloop. Archived from the original on 2023-03-25. Retrieved 2024-03-11.
  6. ↑ "Orange and MTN launch pan-African mobile money interoperability | MTN.com". www.mtn.com. Retrieved 2023-11-11.
  7. ↑ "MTN and Orange end Mowali JV due to lack of central bank approval". africabusinessplus.com. Retrieved 2023-11-11.
  8. ↑ Groenfeldt, Tom. "Gates Foundation's Mojaloop Finance Code Gains in Africa And Asia". Forbes. Retrieved 2023-11-11.
  9. ↑ "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.
  10. ↑ "Central Bank of Tanzania". www.bot.go.tz. Retrieved 2023-11-11.
  11. ↑ "Mojaloop Foundation Launches the Mojaloop CBDC Center of Excellence in Singapore" (Press release). Business Wire. 2022-06-22. Retrieved 2023-11-11.
  12. ↑ "API Catalog | Mojaloop Documentation". docs.mojaloop.io. Retrieved 2023-11-11.
  13. ↑ "Mojaloop Foundation Inc - GuideStar Profile". www.guidestar.org. Retrieved 2023-11-11.
  14. ↑ https://www.gatesfoundation.org/about/committed-grants/2020/10/inv001359
  15. ↑ https://www.gatesfoundation.org/about/committed-grants/2023/11/inv-059287

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