Mojaloop is an open-source software for financial services companies, government regulators, and others taking on the challenges of interoperability and financial inclusion.
US-based fintech accelerator and investor Digital Financial Services Lab (DFS Lab) is inviting growth-stage startups and tech companies to work with the team behind the Mojaloop platform at its bootcamp, which it is hosting in Dar es Salaam, Tanzania from April 8 to 12.
Mojaloop is an open-source software for real-time payments clearing and settlement. It was created by the Bill & Melinda Gates Foundation’s Level One Project, which is aimed at levelling the economic playing field by crowding in expertise and resources to build inclusive payment models to benefit the world’s poor.
The accelerator said that the bootcamp will offer participants an in-depth look at the Mojaloop, an opportunity to build solutions in collaboration with Mojaloop platform developers and the opportunity to prototype products and features built on the Mojaloop platform.
“We’re excited to host this hackathon in Tanzania and work with cutting edge startups using technology to help expand financial services,” said Jake Kendall, Executive Director of DFS Lab.
Interoperability necessary for financial inclusion
Kendall noted that interoperability is needed for financial inclusion, but it can be difficult to achieve.
“Mojaloop is a true game-changer, and we’re interested to see what new usages will come out of this process. We’re looking for fintech companies and other innovators who recognize that switch based mobile money interoperability is coming and want to work with us to build the next generation of features and products that this enables,” he added.
Konstantin Peric, Deputy Director of Financial Services for the Poor at the Bill & Melinda Gates Foundation, also echoed that interoperability of digital payments is one of the biggest challenges for the financial services industry, but also a powerful and logical way to increase financial inclusion.
“It’s now time for fintech companies to get on board, developing and testing innovative use cases for Mojaloop through this DFS Lab event,” Peric said.
Participants to get stipend of $5000
Each participant will be allocated a $5000 budget for project costs and travel. They will also gain exposure to the development plans for the Gates Foundation’s and Mojaloop.
Interested companies have to send teams of between two and four members to the bootcamp. DFS Labs advises interested fintech firms to bring at least one member who understands the business and operational aspects of how Mojaloop can be utilised, as well as one member who is proficient with the code base.
Interested applicants can apply on the DFS Lab website by February 14, 2019.