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Global Organizations Join the Mojaloop Foundation to Advance Financial Inclusion

Global Organizations Join the Mojaloop Foundation to Advance Financial Inclusion

PhonePe and Ripple Join the Ranks of Fellow Philanthropic and Technology Sponsor Members Coil, Bill & Melinda Gates Foundation, Google, ModusBox, Omidyar Network, and The Rockefeller Foundation

The Mojaloop Foundation today announced that India’s leading digital payments platform PhonePe and enterprise blockchain solution provider Ripple have joined as Sponsor members, the highest level of the organization. In their role as Sponsor members, they will join the Mojaloop Foundation Board of Directors and help provide the strategic vision, governance, and technical guidance to ensure the long-term health and growth of the Mojaloop open source software and development community.

The Mojaloop Foundation also welcomed new Promoter members to support the advancement of Mojaloop, including: Giori Digital SA, a Swiss company providing central banks with a unique digital banknote form of retail Central Bank Digital Currency (CBDC) to drive greater access to safe currency for the underserved; and Sybrin, a leading global provider of payment solutions, financial services solutions, and a low-code development platform for digital transformation.

To achieve universal financial inclusion, digital financial services need to be affordable and accessible to all. Despite mobile money services emerging in nearly 100 countries, 1.7 billion people still lack access to digital financial services, according to the World Bank’s Global Findex. Many payment providers struggle with the high cost of creating no-fee or low-fee, cross border payment systems that interoperate with others. The Mojaloop Foundation’s newest members will support the advancement of Mojaloop as a public good, enabling different types of digital financial service providers – large and small – to use the open source blueprint to help lower the cost and technical hurdles involved in creating interoperable payment models that serve all.

“Mojaloop Foundation’s financial inclusion mission has resonated loudly with many organizations. We are very pleased to welcome our newest members, including PhonePe

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