Ripple announced its association with the Mojaloop Foundation with the aim of collaborating in the improvement of financial inclusion in the world.
A problem, a task
Along with Ripple, the Mojaloop Foundation also added its sponsoring members to PhonePe, a very important digital payments platform in India.
In this regard, Ripple will join the board of directors of the foundation. It will help provide the strategic vision and technical guidance to ensure the health and growth of the Mojaloop community.
Ripple emphasizes in its statement that “Create economic equity and opportunities for the vulnerable and unbanked” it is one of your top priorities.
The issue of universal financial inclusion is not recent. It is a problem that has been around for a long time and therefore multiple organizations have devoted their efforts to solving it.
According to Ripple, there has been significant progress and many of the solutions are backed by the Blockchain.
“However, the fact remains that today’s global financial system does not equitably meet the needs of the unbanked population,” emphasizes. And, it is for that reason that they have decided to join forces with the Foundation.
“Today, Ripple Joins the Mojaloop Foundation as a Sponsoring Member”, he pointed. Adding what is “Possible to end financial exclusion through a combination of innovative technology, market-based solutions and multi-sector partnerships.”
Furthermore, Ripple offered to “Engage local developers and entrepreneurs, and collaborate with central banks, financial institutions and non-governmental organizations (NGOs).”
The foundation’s board of directors includes Google, the Bill Foundation, and the Rockefeller Foundation.
Work of the Mojaloop Foundation
“Our vision of universal financial inclusion is a world in which everyone... can access and use the digital financial services they need to build economic security and resilience »said Kosta Peric, president of the Foundation.
According to its website, it was designed to provide a reference model for payment interoperability. And therefore, “Can use the Foundation’s open source software to create interoperable digital payment systems.”
So, with support, Mojaloop software will serve as a model to reduce costs in payment interoperability.
This is how Ripple faithfully believes that it is possible to end financial exclusion thanks to new technologies. Will they succeed?
Let’s hope so given that it is a problem that affects regions such as Sub-Saharan Africa, the Middle East and Latin America. And, as we well know, it is one of the purposes of crypto.
However, it is not a simple task, much less one that should be taken lightly. So, as forces join, the faster we will arrive at the solution.