Mojaloop
| Original author(s) | Bill & Melinda Gates Foundation |
|---|---|
| Developer(s) | Mojaloop Foundation |
| Initial release | 2017 |
| 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".
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
[edit]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
[edit]- ^ "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.
- ^ 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.
- ^ "Tools and Technologies | Mojaloop Documentation". docs.mojaloop.io. Retrieved 2024-03-05.
- ^ "How It Works". Mojaloop. Retrieved 2024-03-05.
- ^ "FAQs". Mojaloop. Archived from the original on 2023-03-25. Retrieved 2024-03-11.
- ^ "Orange and MTN launch pan-African mobile money interoperability | MTN.com". www.mtn.com. Retrieved 2023-11-11.
- ^ "MTN and Orange end Mowali JV due to lack of central bank approval". africabusinessplus.com. Retrieved 2023-11-11.
- ^ Groenfeldt, Tom. "Gates Foundation's Mojaloop Finance Code Gains in Africa And Asia". Forbes. Retrieved 2023-11-11.
- ^ "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.
- ^ "Central Bank of Tanzania". www.bot.go.tz. Retrieved 2023-11-11.
- ^ "Mojaloop Foundation Launches the Mojaloop CBDC Center of Excellence in Singapore" (Press release). Business Wire. 2022-06-22. Retrieved 2023-11-11.
- ^ "API Catalog | Mojaloop Documentation". docs.mojaloop.io. Retrieved 2023-11-11.
- ^ "Mojaloop Foundation Inc - GuideStar Profile". www.guidestar.org. Retrieved 2023-11-11.
- ^ https://www.gatesfoundation.org/about/committed-grants/2020/10/inv001359
- ^ https://www.gatesfoundation.org/about/committed-grants/2023/11/inv-059287
General and cited references
[edit]- Morris, David Z. (6 May 2020). "Google and Gates Foundation join forces to promote digital payments in the developing world". Fortune. Retrieved 9 November 2023.
- Galeon, Dom (20 October 2017). "The Gates Foundation just launched a blockchain-powered mobile payment system". Futurism. Retrieved 9 November 2023.
- "Digital payments in developing countries set for major boost". New Vision. 15 May 2020. Retrieved 9 November 2023.
- "Software to fix financial interoperability". New Vision. 14 October 2019. Retrieved 9 November 2023.