The Mojaloop Foundation, with support from the Gates Foundation and Co-Develop, is launching a global study to better understand the challenges digital financial services providers (DFSPs) face when joining and participating in instant payment systems (IPS).
Instant payment systems are increasingly essential for expanding financial access. They enable affordable, real-time digital transactions for individuals and businesses, helping to bridge gaps in financial inclusion. Yet for DFSPs — ranging from fintech startups to Tier 1 banks — the path to participation is not always straightforward. Technical integration, compliance requirements, and operational readiness can make onboarding complex and resource intensive.
Why This Matters
Many regulators are now requiring DFSPs to offer instant payment services, sometimes even at no cost to customers. While this supports broader access to digital payments, the complexity of onboarding risks leaving out smaller or less-resourced financial service providers. When participation is limited, the promise of financial inclusion is harder to realize.
By identifying and addressing the technical hurdles DFSPs encounter, this study aims to reduce barriers to participation. Simplifying onboarding means more DFSPs can connect, which in turn allows more people and businesses to benefit from seamless, low-cost payments.
What the Study Covers
The assessment focuses on two key areas:
- Joining an instant payment system – Identifying technical challenges faced when connecting to an IPS.
- Implementing inclusive IPS – Exploring challenges in implementing a pre-validation phase.
Through interviews across Africa and Asia, the Mojaloop Foundation will engage a wide range of DFSPs to capture diverse perspectives. To broaden participation, the survey is also available online for DFSPs worldwide who want their experiences to inform the study.
Shaping the Mojaloop Product Roadmap
Insights gathered from the study will directly inform the Mojaloop Product Roadmap, particularly the work of the Participation Workstream. This workstream develops open-source tools to simplify DFSP onboarding to instant payment systems.
Share Your Experience
Your perspective matters. By taking part in the survey, you’ll contribute to solutions that make it easier and more cost-effective for DFSPs to join instant payment systems, helping shape the future of inclusive digital finance.
