November 3, 2020

Event Recap: Mojaloop Open Source Convening – Program Increment 12

by Samuel Kummary in Financial Inclusion , Fintech , Mojaloop , Open Source 0 comments

The Mojaloop Foundation held its quarterly community meeting last month from October 19th-23rd. The virtually-hosted event included several must-watch sessions covering various aspects of Financial Inclusion and Mojaloop technology. This convening marked the beginning of Program Increment 12 (PI-12) of Mojaloop – the open source platform for interoperability in a real-time payment network. 

For those interested in Mojaloop, real-time payment networks, or Fintech in general, one notable presentation was “How would Mojaloop change the commercial world of MFS” by Jacques Voogt from Rockefeller Philanthropy Advisors with Innocent Ephraim and Michael Richards from ModusBox. In this session, the team discusses some of the most relevant needs in the mobile financial services industry and a perspective towards the future of merchant payments.

Event highlights

The week-long agenda was full of excellent presentations from members of the community. If you are interested in viewing the full agenda from this event along with the slide decks and recordings of the sessions, visit Mojaloop’s GitHub page. Otherwise, here are a few of the moments that we think highlighted the week.

  • Darapay – a payment solution for Africa. The team presented a broad vision that would accelerate intra-Africa trade through instant payments and electronic money transfer.
  • An update from Mowali that covered going live with cross border foreign exchange (FOREX) services. Additionally, the Mowali team announced that they are ready to go live with local currency services upon authorization by the relevant central bank authorities.
  • A Payment Initiation Service Provider update showcased a use case design and initial implementation. The presenters included contributors from Crosslake, Google, and ModusBox.
  • The Mojaloop Foundation unveiled a training program that will help to accelerate the onboarding process for businesses, developers, and other contributors.
  • ModusBox presented its latest contributions to Mojaloop. This included Payment Manager and connectors that simplify and standardize the integration of financial institutions connecting to a Mojaloop hub.

Looking forward

Program Increment 12 will focus on objectives around the business operations framework, bolstering reliability, ISO 20022 support, increasing engagement with the Community, PISP enhancements, exploring more scalable architecture for the Mojaloop Core, along with security and versioning enhancements. PI-12 represents the last PI for Phase-4 before the program transitions into the 5th phase of Mojaloop’s evolution. This will commence during the convening scheduled for January 2021.

Mojaloop was built to help overcome the challenges that prevent the financial inclusion of 1.7 billion people who cannot gain access to critical financial services that could improve their lives. If you would like to join us on this mission, you can get started on our Mojaloop page. There, you’ll find several links to various resources, including our Mojaloop Partner Program.

You can also join the Mojaloop community on Slack.

Leave a comment