By Solomon OdunayoAs a report has it, Ripple, the US-based cross-border payment firm has become a sponsor member of Mojaloop Foundation, which implies that the payment giant is strengthening its partnership with the Bill & Melinda Gates Foundation.
At the same time, the firm is onboard with other Mojaloop Foundation member sponsors, such as Google, Coil Technologies, Omidyar Network, Rockefeller Foundation, and ModusBox.
Ripple’s Role as a Sponsor Member of Mojaloop Foundation
According to the report, Ripple as a sponsor member will make provision for “the strategic vision, corporate governance and technical guidance to ensure the long-term health and growth of the Mojaloop open source software and development community.”
The commitment of Mojaloop Foundation is based on promoting financial inclusion by empowering organizations to design interoperable payment systems that make digital financial services easily accessible for the general public.
Since 2017, when the Foundation emerged, Ripple has been involved in its development by providing technical advice and engineering support. The payment firm and the Foundation can easily work together due to their similar mission to the millions of unbanked across the world.
In a nutshell, the Foundation is developing an open-source software platform to foster the interoperability of payment systems and make seamless for people to send and money worldwide.
In a blog post published on 16th September 2020, Ripple writes expressly on becoming a sponsor member of Mojaloop Foundation:
“Today, Ripple is joining the Mojaloop Foundation as a Sponsor member. We are proud to continue our partnership with the Bill & Melinda Gates Foundation and to collaborate with fellow Mojaloop Sponsor members including Coil Technologies and Google in working towards a more inclusive future where everyone, everywhere can access digital financial services needed to connect to the global economy.
“We look forward to participating in the foundation’s efforts to engage and involve local developers and entrepreneurs—and to collaborate with central banks, financial institutions and non-governmental organizations (NGOs)—in harnessing the power of the Mojaloop platform to improve payment ecosystems.”
Mojaloop Foundation also announced the partnership in an official press release. According to the report, Ripple’s Head of Social Impact, Ken Weber, will serve on the Mojaloop Foundation’s Board of Directors.
Going by on Ken Weber’s account, “Creating economic fairness and opportunity for the unbanked and vulnerable populations is Ripple’s highest social impact priority—a natural extension of Ripple’s core business, which is making cross-border payments faster, cheaper and more reliable and accessible for hundreds of millions of consumers and businesses globally.”
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