Empowering Emerging Economies: Mojaloop's Role in Inclusive Financial Access

  1. 2024 Summit
  2. Talks

Empowering Emerging Economies: Mojaloop's Role in Inclusive Financial Access

- 35min

Imagine a world where microledgers empower the 1.4 billion underserved in emerging economies to gain access to financial services, and a payment hub facilitates lower-cost instant fund transfers across nations' participating banks. This presentation will unveil how Mojaloop is turning this vision into reality, revolutionizing the accessibility of financial services in emerging economies. With national deployments in Rwanda, Mexico, and the Philippines, a regional deployment across the Common Market for Eastern and Southern Africa (COMESA) and promising proofs of concept underway in five diverse nations, Mojaloop has been actively expanding its reach. Given that the Interledger Protocol is a key part of Mojaloop’s tech stack, through Mojaloop, participants on the Interledger Network can access entire countries and regions. Mojaloop also empowers hub operators with instant, inclusive payment systems (IIPS) to connect thrift banks, rural banks, and microfinance institutions - ones currently excluded from payment networks due to high switching and on-ramp costs. Furthermore, the presentation will explore how Mojaloop-enabled IIPS allows financial institutions to competitively price instant transactions, thus advancing inclusive financial access. Additionally, we'll illuminate Mojaloop's role as a catalyst for the emergence of new market players, enabling the aggressive development and marketing of innovative payment services to both consumers and merchants.