Friday, 12 April 2024

Mojaloop renews its commitment to DGPA, Advancing opportunities for financial inclusion

5 min read

WAKEFIELD, Mass. — March 23, 2023 — The Mojaloop Foundation today announced that Mojaloop has renewed its commitment to the Digital Public Goods Alliance (DPGA) DPG Registry. The DPGA DPG Registry identifies the industry-leading open source digital public goods that are driving a new wave of innovation and financial inclusion at scale. By making unlike financial services platforms work together, Mojaloop met the DPG criteria because it makes it possible for a nation’s central bank, financial institutions and hub operators to collaborate to bring an entire population into the digital economy — including the underbanked. As a DPG, Mojaloop opens up opportunities to bring the financially underserved into the digital economy and grow the customer base for the financial institutions and businesses that serve them.
 
Endorsed by the United Nations Secretary-General António Guterres, the DPGA is a multi-stakeholder initiative working to accelerate the attainment of the Sustainable Development Goals (SDGs) by facilitating the discovery, development, use of, and investment in digital public goods. DPGA SDG areas of focus include poverty reduction, financial inclusion, and women’s economic empowerment, in low- and middle-income countries. To become a DPG, Mojaloop had to meet a rigorous set of nine requirements set by the DPGA to demonstrate project openness and integrity of its framework as outlined in the Alliance’s DPG Standard.
 
“As a digital public good recognized by the DPGA, Mojaloop can be even more of a catalyst for achieving financial inclusion for all and will help bring the 1.4 billion unbanked people into the digital economy,” said Mojaloop Foundation Executive Director Paula Hunter. “We are honored to have Mojaloop renewed as a digital public good again this year by the DPGA. A growing list of developing countries and hub operators are turning to DPGs, like Mojaloop, to scale their nation’s instant payments system designs to meet financial inclusion goals and provide permanent relief for their underbanked populations.”
 
Inclusive interoperable DPGs have become critical to enabling the meaningful delivery of public and private services and underpinning the achievement of a range of SDGs. Harnessed correctly, the DPGA believes that digital public good technologies, including Mojaloop, can play a critical role in accelerating greater financial inclusion, according to its report titled “Financial Inclusion DPGs Digital Public Infrastructures.”
 
“Financial inclusion is crucial to sustainable development. Effective and inclusive DPGs, such as Mojaloop, that enable basic, society-wide transactions, like digital payments have shown to be a key mechanism to transforming access to affordable financial services delivery,” said DPGA Co-lead Lucy Harris. “DPGs are rapidly becoming indispensable digital collaboration tools, helping countries shorten their learning and adoption curve as they build financially inclusive instant payments systems.”
 
“For countries who want the cost and control of a purpose-built instant and inclusive payment system but lack the technical resources and capacity to go at it alone, Mojaloop is an open source solution designed for financial inclusion and rapid digital transformation. The recognition of Mojaloop as a DPG by the DPGA highlights its importance to governments and financial service providers as a critical component of their digital strategy. Our team looks forward to collaborating with the Mojaloop Foundation and contributors to help developing countries connect to the global digital economy,” said Kosta Peric, Chair of the Mojaloop Foundation and Deputy Director of the Financial Services for the Poor program at the Bill & Melinda Gates Foundation.
 

Re-disseminated by The Wealth and Society



Leave your Comments
Recent Comments



TABLive