Co-Develop Invests in Mojaloop Foundation to Drive Open Source Instant Payment Solutions Adoption in Africa

Last Updated on: 21st November 2023, 10:12 pm

Co-Develop is proud to announce a strategic investment in the Mojaloop Foundation (Mojaloop), a pioneering force aimed at empowering organisations to establish interoperable payment systems, fostering inclusive digital financial services. Mojaloop, an open-source software, facilitates the creation of interoperable digital payment systems that connect users, banks, government entities, and other financial service providers, expediting the adoption of instant payment solutions.

Co-Develop’s investment is geared towards bolstering Mojaloop’s go-to-market strategy, simplifying the adoption of this open-source payment switch by countries. This approach enables nations to take control of their essential infrastructure and drive enhanced financial inclusion.

In recent years, Mojaloop has prioritised increasing the deployment of its solution to accelerate financial inclusion across Africa. Presently, Mojaloop is actively engaged with 13 national payment system projects throughout the continent. The go-to-market strategy is designed to amplify the available resources, expediting the deployment process, and placing a greater emphasis on stakeholder engagement and planning at the outset of instant payment system implementation. This approach aims to reduce barriers to entry, facilitate successful proof of concept, and ensure that deployments begin with meticulous planning for comprehensive implementation.

Robert Karanja, Senior Director for Africa at Co-Develop, emphasised their commitment to deploying secure and inclusive digital public infrastructure, particularly in the realm of payments. He noted that this investment significantly contributes to this objective, empowering communities and countries as they work towards digital transformation in Africa.

Paula Hunter, Executive Director of the Mojaloop Foundation, highlighted the pivotal role of financial inclusion in Africa’s development and poverty reduction. She believes that Co-Develop’s investment, combined with other key Mojaloop initiatives within the Digital Public Infrastructure framework, can drive financial inclusion in developing economies. The foundation’s ultimate goal is to facilitate live deployments and offer flexibility in activities required to achieve this important objective.

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