According to reports, Orange Group and MTN Group, the two largest mobile money providers and mobile operators in Africa, have launched a partnership venture, called Mowali. Mowali is a mobile wallet that is interoperabily set to service more than 100 Million mobile money operations and mobile money accounts in at least 22 of sub-Saharan African’s 46 markets.
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The Mowali Wallet survives on the Bill & Melinda Gates Foundation’s Mojaloop. This an open-source software initiated by financial services firms, and government regulators, as well as others facing the issue of financial interoperability and inclusion.
The software is powered by Ripple’s Interledger Protocol. Mojaloop has since been innovated with collaborations from Dwolla, Ripple (XRP), ModusBox, Crosslake Technologies, and Software Group, both financed by The Bill & Melinda Gates Foundation via The Level One Project.
Users Will Be Able to Access Interoperable Payments Across the African Continent
Mowali now makes it a lot easier for mobile users to gain access to interoperable payments throughout Africa. The new wallet will ensure that its possible for people to move money across mobile money accounts in a fast and less expensive way. The service will be offered to MTN Mobile Money customers and Orange Money customers.
Although, there is a plan that ensures that the service is made available to other digital financial services providers. This move will make sure that the service is extended to 338 million mobile money accounts belonging to the two operators across the continent.
Mowali Will be Available for any Mobile Money Providers in Africa
According to the two top mobile operators in Africa, Mowali, is designed to function as a “digital payment infrastructure” offered to mobile money providers in Africa. Although the main goal of Mowali is to heighten the utilization of mobile money by consumers and merchants, it will help Africa and extend the excellent services provided by The Bill & Melinda Gate Foundation to the continent.
Kosta Peric, the DP (deputy director) of Financial Services for the Poor, under the Bill & Melinda Gates Foundation had this to say when he spoke about this new development:
“Interoperability when it comes to digital payments has so far been the toughest hurdle to pass for the financial services sector, supporting financial inclusion. “With Mowali, MTN and Orange are delivering a solution that will allow them, and other firms, to scale digital the financial services sector in Africa. Making it faster, regarding everyone including the poor.”
Mowali Will Make Mobile Money the Universal Payment Format in Africa
Meanwhile, the Chairman and CEO of Orange Group, Stéphane Richard, added:
“By offering full interoperability between financial platforms, Mowali will give an important step forward that allows mobile money become a universal form of payment in the African peninsula. “Increasing financial inclusion with digital technology is a paramount element in boosting the economic development of Africa, especially in more isolated communities.”
Rob Shuter, MTN’s Group President and CEO, said:
“Co-operation and partnerships which helps accelerate the speed of development and overcome several the scale, scope and complexity of the challenges that the society faces is key.”