The Bill & Melinda Gates Foundation will release free and open source software to address the lack of interoperability between financial service providers and payments platforms. The code is called Mojaloop, building on the Swahili word moja, which means one. The Gates Foundation expects the code will serve as a reference model for payment operability across Africa and Asia. The service aims

...to enable as many of the 2 billion unbanked today to be connected. We also hope to establish in developing countries economies that are inclusive — that benefit everyone when they include everyone.

The lack of interoperability between digital financial services and payment platforms has held back progress in reaching people who lack bank accounts, Peric said. This code aims to reduce the complexity and cost of building payment platforms to extend these financial services to the poor.

Read the full article by Catherine Cheney at Devex International Development