Backed by the Bill and Melinda Gates Foundation, Mojaloop is an open source payments platform with a mission to drive financial inclusion. Kim Walters, senior managing director at Crosslake Technologies, and lead engineer of the Mojaloop project tells FinTech Futures: “If you live in a village in Tanzania and you want to send money to your mother in Kenya, you go to an agency to transfer funds. And we’re not talking about big amounts – we’re talking $20, which can enable her to eat for several months.” She adds that with those agencies claiming a 50% markup on the transferred money, the only viable means left for people to transfer is by courier. With three decades worth of experience, the majority of which spent at Microsoft, Walters got involved in the Mojaloop project, which looks to solve this problem predominantly in Africa.
