Bill Gates Seeks to Link All Kenyan Banks with Single Software

United States billionaire Bill Gates is seeking to link all Kenyan banks and mobile cash platforms through a single software platform.

Through the Bill and Melinda Gates Foundation, Gates is seeking Central Bank of Kenya’s (CBK) approval to launch a free software that will connect the banks thus allowing Kenyans to send or receive cash across different banks and mobile money providers.

If approved, the software dubbed Mojaloop would link the six mobile cash providers and the 44 locally registered lenders currently operating in Kenya.

“There needs to be someone in the driving seat to complete this project and traditionally we work with central banks. There are three projects typically driven by central banks in three different African countries looking to deploy Mojaloop on a national scale…we will see pilots this year,” Kosta Peric, Deputy Director for the financial services for the Poor initiative at Bill and Melinda Foundation told the Business Daily.

The foundation says the interoperability will bridge current gaps of financial inclusion for low-income earners. The advantage of Mojaloop is that it’s free hence eliminating operational costs for banks that pay providers for the service.

In April, the Central Bank of Kenya endorsed mobile cash interoperability due to its benefits to customers but expressed concerns over the security and efficiency of such transactions.