Ripple’s highest social priority is enabling the vulnerable and unbanked populations to enjoy economic opportunity and fairness. That’s one of the main reasons why it has joined Mojaloop Foundation.
During yesterday’s announcement, Mojaloop made it clear that it has brought on board two other sponsor members, Ripple, which is a well-known enterprise blockchain solution provider, and PhonePe, India’s top digital payments platform.
The two firms are now mandated with the task of providing technical guidance, governance, and implementing the strategic vision after being admitted to the Board of Director’s circle of the foundation. Mojaloop foundation’s open-source software and development community hopes that the move will help it grow in the long-term.
Ripple Partnership with Mojaloop to Improve Financial Inclusivity
Besides partnering with the Bill & Melinda Gates Foundation, Ripple will collaborate with Google, PhonePe, ModusBox and Coil Technologies – as well as fellow Mojaloop sponsor members – in fostering future accessibility of digital services.
The firm will also extensively collude with various financial institutions, central banks, and non-governmental organizations (NGOs) in addition to entrepreneurs and local developers in its participation in the foundation’s endeavors.
Ripple, since it was incepted in 2017, has had a long association with the foundation offering it engineering support and technical advice. For years now, Ripple – together with many organizations – has been pursuing the mission of achieving universal financial inclusion.
Crypto and blockchain, fortunately, have enabled these companies to progress significantly on their mission. The two are helping solve interoperatorability challenges and outdated payment infrastructure, which are systemic barriers to the implementation of various financial systems. Accessibility to various financial mobile applications is also becoming enormous due to the dramatic increase in mobile phones and digital wallet penetration in various markets.
As a result, the world’s population that spends less than $1.90 a day is significantly reducing from about 35% in 1987 to around 10% today, thereby reducing extreme poverty. However, the needs of nearly 1.7B unbanked population that reside in sub-Saharan Africa, East and Southeastern Asia, Latin America, and the Middle East are not equitably met with the current global financial systems.
For that reason, Mojaloop Foundation is there to fill this existing gap. The foundation is working efficiently with stakeholders and relying on developers’ proficient ecosystem to expand access to financial services and spur market-based incentives. Since multi-sector partnerships, market-based Solutions and innovative technology are the three most crucial ingredients ending financial exclusion.
As an open-source software platform, Mojaloop is powerful enough to improve many existing payment ecosystems. Sending and receiving money in emerging markets is now more affordable and easier with this platform since the payment systems’ interoperability is improved.
Motivation from Ripple’s vision
Ripple’s highest social impact priority is enabling the vulnerable and unbanked populations to enjoy economic opportunity and fairness. In that perspective, hundreds of millions of businesses and consumers globally are set to enjoy more reliable, accessible faster, cheaper cross-border payments.
The driving motivation to the creation of a greater economic opportunity for all is its vision.
Ripple’s founding vision “is to enable the world to move value like information does today – a concept we refer to as the Internet of Value (IoV).”