Although the number of digital money solutions
for the unbanked is growing, customers can
currently transact only with others who use the
same service, limiting the reach of mobile money.
Mojaloop is an open-source code that makes it
easier for financial providers to achieve
interoperability, creating one single-payment
platform for end users.
The Level One team has carried out discussions
in multiple countries, and so far Mojaloop has
been well received. The next phase of the project
involves discussions with organizations around
the world to implement the solution; the first
deployment is expected by early 2019.
The main challenge remaining is slow regulatory
approval, especially at the national level. Political
regime changes and lack of a clear regulatory
framework may create lags in implementation,
which may render the solution obsolete if the
commercial market pivots in another direction.