Local digital skills training firm Digital Frontiers Institute (DFI) has collaborated with global non-profit Mojaloop Foundation, to expand access to Mojaloop’s open source software to the telecoms and financial sectors across emerging economies.
DFI will become a member of Mojaloop’s global philanthropic and technology member organisations, to enable banks, mobile network operators, microfinance institutions, and payment service providers to leverage Mojaloop to develop inclusive, accessible and affordable payment systems and services.
Established in 2015, DFI offers online learning programmes to train and upskill professionals in emerging and bridge professions, which are focused on helping achieve the UN Sustainable Development Goals.
Focus areas include digital finance, digital health, regulation, digital economies and mobile money operations. To date, the Cape Town-based skills training firm has trained around 8 761 industry professionals representing public, private and development sectors in over 168 countries.
“Instant payments are rolled out in many parts of the world,” says DFI divisional director Xavier Martin.
“They provide consumers and merchants with an efficient and lower-cost choice in paying for goods and services, acting as a gateway for financial inclusion. Working together with Mojaloop Foundation, we can create more opportunities to support inclusive payments professionals as they grow their capacities and strengthen their networks.”
Mojaloop’s open source software focuses on enabling low-value instant push payments between account-holding licensed institutions without replacing the existing card and pull-payment infrastructure (automated clearing house, card, point-of-sale, ATM).
Combined with an open source operating model, Mojaloop acts as an accelerator for real-time payments interoperability infrastructure, enabling schemes to collaborate with a common standard that drives the removal of payments fragmentation at scale.
“We are very pleased to welcome Digital Frontiers. We look forward to working with them to advance Mojaloop as a digital good in support of financial inclusion,” notes Mojaloop Foundation executive director Paula Hunter.
“Our collaborative work will enable emerging economies to provide important financial tools to more of their population.”
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