KAMPALA- The availability and affordability of digital financial services (DFS) in developing countries is set to improve following the launch of the Mojaloop Foundation and the formation of a charitable non-profit organisation to extend financial inclusion to the poor.

Launched in partnership with Coil, Bill and Melinda Gates Foundation, Google, ModusBox, Omidyar Network, and The Rockefeller Foundation, Mojaloop Foundation, an open-source software targets to reach at least 500 million people in Africa.

While formal financial inclusion in Uganda has improved to about 58%, it is estimated that over a billion people are still financially excluded globally.