Ripple expressed that they are proud to continue their partnership with Mojaloop as a sponsor member to help create a more inclusive future for everyone, everywhere.
MojaLoop Foundation tweeted: “Today, we welcome @PhonePe_ and @Ripple as Sponsor members, and Giori Digital SA and @SybrinSystems as Promoter members. Our newest members will support the advancement of the #financialinclusion mission of Mojaloop #opensource software.”
Sydney Ifergan, the crypto expert tweeted: “I feel good that Ripple (XRP) are identifying teams who have similar mission like they do in terms of financial inclusion and sponsoring them.”
The founding vision for Ripple is to make it possible for the people in the world from all corners to be able to move value like they are moving information. They call this concept as IoV (Internet of Vision).
This vision is very important to Ripple’s Foundation and it motivates to create a greater economic opportunity for all.
The highest social impact priority for Ripple is to ensure economic fairness for the unbanked and vulnerable populations. This is also expressly the fundamental business of Ripple. This makes cross-border payments faster, cheaper, reliable and accessible for several millions of consumers and businesses from across the globe.
Achieving financial inclusion is not only Ripple’s vision, but it is also the goal of several other crypto currency companies.
Companies are dealing with major challenges like bringing changes in outdated payment infrastructures, improving interoperability, and making the best use of emerging technologies.
The usage of mobile phones and digital wallets in improving financial inclusion is happening at a greater pace. Despite all, the financial system is not able to equitably meet for the requirements of more than 1.7B in the unbanked population in sub-Saharan Africa, the Middle East, Latin America and East and Southeastern Asia. MojaLoop Foundation claim to play their role in this area.
Ripple (XRP) and MojaLoop
Mojaloop being an open-source software platform can do a lot about improving the interoperability of the payments systems. Thus making it very easy and affordable to send and receive money from across the world, particularly in the emerging markets.
Ripple is now a Sponsor member in the Mojaloop Foundation. Further, Mojaloop are continuing their partnership with the Bill & Melinda Gates Foundation in a way to collaborate with the fellow Mojaloop Sponsor members like Coil Technologies and Google, while moving ahead towards a more financially inclusive future connecting the global economy.
They are sure that it is possible to end financial exclusion by combining innovative technology, and market-based solutions in combination with multi-sector partnerships. The Mojaloop Foundation are all committed to working with their stakeholders in places where they will be able to make the greatest impact. They are looking to involve local developers and entrepreneurs to further collaborate with central banks, financial institutions, and non-governmental organizations to improve the payment ecosystems.
