Mojaloop is open-source software for financial services companies, government regulators, and others taking on the challenges of interoperability and financial inclusion. Its main purpose is to send digital payments to anyone, regardless of what kind of account or service they use.
As a project funded by The Bill and Melinda Gates Foundation, after every 10 weeks the Mojaloop team conduct a community meeting and invite stakeholders in financial services, mobile technology and payment industry to share ideas on the improvement of its codes by discussing on different business cases that could be. The seventh community meeting was held in Arusha, Tanzania. Singo Africa Limited was one of the invitees to join many other companies from outside the country that attended and some other companies from Tanzania that attended the meeting were Bank of Tanzania and Umoja Switch.
The meeting was also attended by the president of The Mifos Initiative, partners of Singo Africa Limited on their core banking platform that the Amala App Suite is built on. On the separate meeting between the President of The Mifos Initiative, Mr Edward Cable and Director of Product Development, Ms. Mexina Daniel from Singo Africa Limited, among the things that was discussed was how they can collaborate exploring on the possibilities of integrating Mojaloop with Amala App Suite with the support from Bank of Tanzania as regulator of financial sector in Tanzania so as to facilitate digital payments through the system and enable unbanked people in microfinance and to get this service.
“Singo Africa Limited is the only reliable and active partner in Tanzania and one of the few in the world, together we can support the microfinance and SACCOs by improving our system and providing all the features that their business will need“, said Mr Edward Cable on discussing on the partnership between the Mifos Initiative and Singo Africa Limited. Ms Mexina elaborated how the team has managed to ensure they work closely with the microfinance and SACCOs in Tanzania to understand well their requirements so that, Amala App Suites becomes the top preferred solution for them. Also, the meeting couldn’t end without discussing the follow-up of Singo Africa Limited on the Microfinance Act of 2018, it was made clear by Ms Mexina that they made a close follow up on it to ensure everything needed to be supported by the Amala App Suite. “The system can provide what the law requires and it will be a huge support on microfinance and SACCOs to comply with the law, we are engaging more MFI and SACCOs so that they comply before the transition period ends, as you know reaching November 2019, all financial providers should have systems that can help them to provide all information the regulator will need. “ said Ms Mexina.
Singo Africa Limited and The Mifos Initiatives have been partners since 2015 and development team of Singo Africa are active contributors in developing Mifos and Apache Fineract (the core banking platform for Mifos X and Amala App Suite for Singo Africa). Since then there have been several deployments of the system done by the team of Singo Africa to microfinance, SACCOs and VICOBA and customization of additional features that were requested.
We invite you to contact our team to discuss how you can leverage the system to support your business. We have worked with the large, medium and small institution, we are sure we can work with you too. Choose the world class and best solution upon your decision on complying with the law.