RedCompass Labs joins the Mojaloop Foundation

RedCompass Labs is a specialised technology-enabled payments consultancy focused on both the good and bad sides of payments. “We believe that payments underpin commerce,” says Tom Hewson, “and when commerce is inclusive, prosperity increases for all. Prosperity must be fairly accessed, and when it is, it brings stability to society and nation-states. Therefore, payments and financial inclusion are key pillars of a fair, peaceful, prosperous society.”

These objectives align perfectly with Mojaloop Foundation’s mission to increase financial inclusion. It seeks to achieve this by empowering organisations to create interoperable payments systems with Mojaloop open source software, in turn enabling digital financial services for all. Mojaloop acts as an accelerator for instant push payments interoperability infrastructure, empowering nations to make their payment models more inclusive by connecting all – central banks, digital financial providers, merchants and citizens – to the digital economy.

As part of the Mojaloop community, RedCompass Labs will work to allow banks, mobile network operators (MNOs), microfinance institutions (MFIs), and payment service providers to leverage Mojaloop to develop inclusive, accessible and affordable payment systems and services.

Comment from Tom Hewson, Partner of RedCompass Labs:

“With RedCompass Labs’ mission “to open the door of finance to all”, partnering with Mojaloop was a fantastic opportunity to both support a like-minded organisation and actually fulfil our mission in a tangible manner. Mojaloop’s vision to develop technology that drives financial inclusion through payments system interoperability across telecoms, blockchain and bank payments is truly innovative and practical. And that is why we decided to sponsor Mojaloop and also dedicate some of our best payments expert to the open-source project, convinced that their deep expertise and experience can accelerate the delivery of Mojaloop’s product and make it future-proof. We are very excited by this partnership and our experts can’t wait to roll up their sleeves and get going!”

Comment from Paula Hunter, Mojaloop Foundation Executive Director:

“We are very pleased to welcome RedCompass Labs. We look forward to working with them to advance Mojaloop as a digital public good in support of financial inclusion,” said Mojaloop Foundation Executive Director Paula Hunter. “Our collaborative work will enable emerging economies to provide important financial tools to more of their population.”