DFS Lab, a digital commerce investor and accelerator that partners with early-stage startups in Sub-Saharan Africa, announced it will host a virtual hackathon from January 13 to 15. The hackathon, supported by the Gates Foundation, will offer participants an in-depth look at Mojaloop, an open-source software for financial services companies, government regulators, and others taking on the challenges of interoperability and financial inclusion.
Interested applicants can apply on the DFS Lab website here before the December 15 deadline.
Last year’s bootcamp included teams from recently acquired Paystack, Carbon, JUMO, and the recently acquired Beyonic, among others.
“We saw exciting use cases developed during the first DFS Lab Mojaloop hackathon in 2019 that solved real business challenges and we are confident that the next cohort of tech companies will contribute in big ways to the future of interoperability,” Stephen Deng, Partner at DFS Lab.
Fintech and digital commerce companies will not only explore how they can evolve their product in the coming interoperable, real time payments world but will also meet the team behind Mojaloop including Gates Foundation and Google; give their product developers and engineers scope to explore next generation product features with experts; give their engineers a creative outlet to join the open source movement that is rethinking real time interoperable payments; and they will earn publicity.
Mojaloop was created by the Gates Foundation’s Level One Project, which is aimed at leveling the economic playing field by crowding in expertise and resources to build inclusive payment models to benefit the world’s poor.
Hear from Carbon’s lead software engineer who shared more about Mojaloop after exploring it at the last bootcamp.
“We’re excited to host this hackathon and have the opportunity to work with some of the region’s most exciting fintech founders,” said Jake Kendall, Executive Director of DFS Lab. “The problems the Mojaloop Foundation are looking to solve could not be more important. By helping organizations build interoperable payment systems, we can bring more underserved communities into the digital economy, increasing opportunities and financial inclusion.”
About DFS Lab
DFS Lab is an early-stage investor and accelerator that supports entrepreneurs to refine, grow, and launch ground-breaking digital commerce ventures in developing countries. DFS Lab provides the highest level of mentorship and strategic advice to start-ups. This support helps to build business models that transform the lives of the poorest, profitably, and at scale.
Mojaloop (building off the Swahili word “Moja,” which means “one”) was created in partnership with fintech developers Ripple, Dwolla, ModusBox, Crosslake Technologies, and Software Group, using cutting-edge technology for settling funds among multiple providers across their systems. It is the first model that can help extend interoperability from mobile money providers to any bank, merchant, or government institution in a customer’s economy in a way that specifically meets the needs of the poor. It is managed by the Mojaloop Foundation.