Gates Foundation Partners with Coil and Ripple for Mojaloop Effort

Oct 19, 2018 at 23:40

The Bill and Melinda Gates Foundation announced its partnership with California-based digital payments firm, Coil in further improving Mojaloop, the open source payment platform being developed by the organization.

The announcement was made via tweet by Miller Abel, the foundation’s deputy director and principal technologist Miller Abel.

Launched in 2017, Mojaloop is being touted to be used by financial organizations, government regulators and other fintech industry players to promote mobile payments and financial services for unbanked people in developing countries.

Abel mentioned that under the said effort, payments will be in the national currency of a specific country that will use it in order to integrate citizens especially marginalized people that are not getting enough access to banks.

He also expressed that it will allow individuals to receive a digital identity for use in their banking through smartphones and biometrics.

The official specifically noted that they will work with Coil to implement the Interledger Protocol in their efforts.

It can be noted that the Interledger Protocol, which works as an interoperability protocol to allow payments across different crypto networks, was developed by Ripple. The technology was co-developed by former Ripple chief technology officer, Stefan Thomas who interestingly founded Coil early this year.

Apart from Ripple and Coil, other firms that are also involved in Mojaloop include Crosslake Technologies, Software Group, ModusBox and Dwolla.

When the project was launched last year, the Gates Foundation cited data from the World Bank that about 1.7 billion adults are unbanked which is equivalent to 30 percent of the global population. Most of which are from low and middle income sectors which lacks literal access to banks due to lack of clear identification information.

Notably, the foundation has been exploring blockchain technology applications since 2015.