Co-Develop Invests in Mojaloop Foundation, Accelerating Open Source Instant Payment Solutions in Africa

Co-Develop is proud to announce its recent investment in the Mojaloop Foundation (Mojaloop), a dynamic catalyst aimed at empowering organisations to establish interoperable payment systems that facilitate inclusive digital financial services. Mojaloop is an open-source software designed to create interoperable digital payment systems connecting users, banks, government entities, and various financial service providers to expedite the adoption of instant payment systems.

Co-Develop’s investment is geared towards supporting Mojaloop’s go-to-market strategy, simplifying the adoption of the open-source payment switch for countries. This initiative encourages countries to take control and ownership of their vital infrastructure, ultimately driving increased financial inclusion.

Mojaloop’s primary focus in recent years has been to expand the deployment of Mojaloop to accelerate the pace of financial inclusion in Africa. Currently, Mojaloop is actively engaged with 13 national payment systems projects across the continent. The go-to-market strategy aims to bolster resources, expedite the deployment process, and intensify upfront stakeholder engagement and planning for instant payment system implementation. This approach seeks to reduce barriers, enabling successful proof of concept execution through comprehensive deployment planning.

Robert Karanja, Senior Director for Africa at Co-Develop, emphasised, “We are committed to ensuring the deployment of safe and inclusive digital public infrastructure and this investment goes a long way in doing that by facilitating payments. This will have the catalytic impact of empowering communities and ultimately countries as we work towards digital transformation in Africa”

Paula Hunter, Executive Director of the Mojaloop Foundation, highlighted the critical role financial inclusion plays in Africa’s development. She stated, Financial inclusion is a key enabler of Africa’s development and has the potential to transition millions of households out of poverty. Co-Develop’s investment, among other key Mojaloop initiatives that are a part of Digital Public Infrastructure thinking, can catapult financial inclusion within developing economies. Ultimately, our focus is on live deployments and to offer flexibility in the activities required to achieve this goal.”

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