Ripple Joins Mojaloop Foundation in Push to Bring Financial Services to 1.7 Billion Unbanked

Ripple says it’s joining Mojaloop Foundation as a sponsor member to bring world’s unbanked and vulnerable populations into an inclusive and affordable financial ecosystem.

Mojaloop is an open-source software platform that aims to make sending and receiving money easier and more affordable by connecting mobile money providers and banks for anyone to use. It aims to provide ‘one loop for everyone’ by reducing upfront and maintenance costs, allowing secure same-day settlements and enabling continuous adaptation and development through its community of users.

The startup, which uses XRP token as bridge currency for its cross-border remittance solutions, cites how blockchain and crypto help improve payment systems.

“There has been significant progress—systemic barriers such as outdated payment infrastructures and challenges to interoperability are now being solved through emerging technologies, like blockchain and crypto. The penetration of mobile phones and digital wallets are increasing dramatically, enabling greater access to financial mobile applications.”

Ripple has been providing technical advice and engineering support to Mojaloop since 2017, but will now join other philanthropic and technology leaders such as  Bill & Melinda Gates Foundation and Google to support Mojaloop as it addresses the financial needs of the 1.7 billion unbanked, primarily in sub-Saharan Africa, Middle East, Latin America, as well as East and Southeastern Asia.

The blockchain behemoth says it will continue to work with Mojaloop and its sponsor members to build a robust, accessible, and affordable ecosystem based on innovation, multi-sector alliances, and market-driven solutions.

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