Mojaloop

Mojaloop
Original author(s)Bill & Melinda Gates Foundation
Developer(s)Mojaloop Foundation
Initial release2017
Repositoryhttps://github.com/mojaloop/
Written inJavaScript, TypeScript
EngineNode.js
Websitehttps://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

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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

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  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

General and cited references

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