Ripple’s founding vision is to enable the world to move values like information does today – a concept we refer to as the Internet of Value (IoV). That vision remains essential to Ripple’s creation and adds to its driving motivation to create greater economic opportunity for all.
Creating economic fairness and opportunity for the population without banks and vulnerable populations is Ripple’s top priority for social impact – a natural extension of Ripple’s core business, making cross-border payments faster, cheaper, more reliable, and more accessible for hundreds of millions of consumers and businesses worldwide .
Achieving universal financial inclusion is not a new goal, but a mission that many organizations, including Ripple, have worked toward for years. Significant progress has been made – systemic barriers like outdated payment infrastructures and challenges to interoperability are now being solved by new technologies like blockchain and crypto. The proliferation of cell phones and digital wallets is increasing dramatically, providing better access to financial finance applications. In addition, extreme poverty is falling worldwide, with the proportion of the world population living on less than $ 1.90 a day falling significantly – from nearly 35% in 1987 to 10% today. These are strong tail winds.
However, the fact remains that today’s global financial system fails to meet the needs of the bankless population of 1.7 billion, particularly in regions such as sub-Saharan Africa, the Middle East, Latin America, and East and Southeast Asia.
This is where the Mojaloop Foundation comes in.
Mojaloop is a powerful open source software platform that promises to improve the interoperability of payment systems and make sending and receiving money easier and more affordable, especially in emerging markets. Ripple has been involved in the foundation since its inception in 2017, providing technical advice and technical support.
Today Ripple joins the Mojaloop Foundation as a sponsor. We are proud to continue our partnership with the Bill & Melinda Gates Foundation and to work with other Mojaloop sponsor members such as Coil Technologies and Google to work towards a more inclusive future where everyone, everywhere can access digital financial services that are available to the Connections to the world economy are required.
Ending financial exclusion can be achieved through a combination of innovative technology, market-based solutions and cross-sector partnerships. A thriving ecosystem of developers working to expand access to financial services – and market-based incentives to stimulate them – is also a necessary ingredient. The Mojaloop Foundation is committed to working with stakeholders in places where we can make the most impact.
We look forward to joining the foundation’s efforts to engage and involve local developers and entrepreneurs – and to work with central banks, financial institutions, and non-governmental organizations (NGOs) – to harness the power of the Mojaloop platform to improve payment ecosystems.