In part one, we cover what is Mojaloop, along with the purpose and principles behind Mojaloop.
Dr. Warren D. Carew:
“Welcome to the first video in our series, Going Inside the Technology of Mojaloop. This is part one of a two-part overview of Mojaloop’s purpose and design. First, what is Mojaloop? Mojaloop is a real-time payment switch for the interoperability between all classes of financial service providers. We designed it to lower the cost of interoperable payments for digital financial service providers, or DFSPs as we like to call them. In addition, this lowers the cost for customers, which is necessary for including the poor in the formal economy and realizing all the benefits that come from that. With Mojaloop, we are aiming for digital rails that are cheap to run, robust, and reliable so they may be accessible to all. It is possible to achieve interoperability without a switch. The DFSP can create custom links between their services. However, with each new provider that joins the network, the complexity increases dramatically.“