The recent partnership between Africa’s largest mobile operators, MTN and Orange Group has resulted to the launch of a mobile wallet powered by Ripple’s interledger protocol, Mowali (the name of the mobile wallet), built in such a way that they will be able to interact and function between digital financial service providers, thereby, supporting the existing 338 million mobile money accounts in Africa.
The Mowali wallet is built on an open-source software owned by Bill & Melinda Gates Foundation’s Mojaloop, the mobile app has been installed, tested and implemented by financial services firms and so many other government regulators.
Mojaloop is made up of notable companies and firm’s from different sectors of the economy such as; Ripple, Dwolla, ModusBox, Software Group, and Crosslake Technologies, under the sponsorship of Bill & Melinda Gates Foundation.
With the mobile app wallet, Mowali, one can now access interoperable payments across Africa thereby making it possible for people to send money from one mobile money account to another in a fast but yet, low cost.
When asked to say something about the latest development, Kosta Peric, deputy director of Financial Services said:
Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome, in support of financial inclusion. With Mowali, Orange and MTN deliver a solution that will enable them, and other companies, to scale digital financial services across Africa, faster, to everyone – including the poor.
With all these partnership with the Ripple company, it now seems XRP is the next big thing. Although, it’s not a financial advice.