Mojaloop: the Blockchain payment application funded by the "Bill & Melinda Gates" foundation

in #blockchain • 7 years ago

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The Bill and Melinda Gates Foundation is a US humanitarian philanthropic foundation established in January 2000 with US $ 43.5 billion in 2015. It announced on its website to be the initiative of an open-source software named "Mojaloop" developed on the protocol "Interledger" of Ripple. This payment service application is intended for the African market.

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Africa has the lowest savings rate in the world. According to the World Bank, this would be a very important factor explaining poverty in the world. Anyone who has already taken an interest in the problems of saving in Africa knows the "orange money" allowed by the M-Pesa application. The latter is a system that manages an account - withdraw money and transfer it - from its mobile or an M-Pesa interface. It is not, however, a banking service, but a system of purchase / sale of telephone credit. This system faced two major problems:

The fees are exorbitant: from 66% to 0.16% - according to Wikipedia - the fees of 0.16% only concerning transfers of a minimum of $ 765, a very large amount, especially in Africa;
M-Pesa is not interoperable: transfers can only be made between M-Pesa or authorized customers.

Sources : Forbes ; Ripple ; GatesFoundation ; Coindesk
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7 years ago in #blockchain by
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