Applications open for our Mojaloop Bootcamp
Apply to prototype products built on the Mojaloop stack and work with the team behind the open-source software for interoperable payments
What is the opportunity?
The DFS Lab is offering a group of leading technology and financial service companies an opportunity to work with the team behind the Mojaloop platform in a closed-door session to explore how Mojaloop can be used. The event, a 5-day design sprint and hackathon, will offer participants an in-depth look at the Mojaloop stack, an opportunity to build solutions in collaboration with the Mojaloop platform developers and the opportunity to prototype products and features built on the Mojaloop stack.
Interested in applying? Apply here.
What is Mojaloop?
Mojaloop is a tool that can help reduce traditional barriers that banks and financial services providers face to interoperability. It isn’t a product or app. It’s the code to build a platform for bridging all the financial products and applications in any market. Each user will be able to build something different with the code to meet their specific goals and, ideally, open up financial services to those who don’t yet have access.
Who could use Mojaloop and how?
A central bank, payments association, or country regulators could use the software to power a nationwide digital platform.
Individual parts of the software will be useful to anyone working with financial services — from banks and fintech firms to startups and entrepreneurs.
Background on the challenge
The biggest challenges for retail financial services in developing countries include poor or missing payment APIs, a lack of standardization, and limited interoperability between various mobile money and bank-based domains within the payment system. These problems increase costs, create bad user experiences, and limit use cases. The Gates Foundation support the Level One Project — a set of principles to guide open and interoperable payment systems, and Mojaloop — open-source software embodying the L1P principles. The goal of these projects is to see the development of interoperable payments systems for mobile-first emerging markets to address these problems.
Who is already involved with Mojaloop?
The recent announcement of the MTN/Orange Mowali partnership is the first public deployment of Mojaloop, creating interoperability across the African footprint for both operators. A number of national governments in key markets are working to put in place interoperability schemes founded on Mojaloop as well. These deployments will link mobile money and banking payment systems into an interoperable, open platform accessible by standardized APIs. The first of these government-backed initiatives will be publicly announced in early 2019. Mojaloop is likely to become a market reality in many markets in a few years — come work with us to get ahead of this trend.
Companies operating in Africa and South Asia should be ready for the new landscape.
Why are technology companies excited about this opportunity?
A number of leading payments and fintech innovators have already confirmed interest and been accepted to participate, including Hover, Famoco, Jumo, Juvo and others. We asked the Director of Business Development at Juvo why they’re excited about the opportunity to participate in this bootcamp.
“As a layer between telcos and banking partners, Juvo engages, qualifies and converts prepaid mobile subscribers for a variety of upstream financial services; fragmentation, closed loops and poor APIs are major challenges. As a company, we’re excited to explore the upsides of interoperability and standardization atop Mojaloop’s groundbreaking code.” — Hayden Simmons, Director of Business Development at Juvo
Interested in being a mentor at the bootcamp and getting an insider’s look at what’s coming? Apply to be a mentor here.