The Interledger Foundation has announced 12 recipients of its 2022 financial services research and development grants.
Of the 12 beneficiaries, 5 are in Africa.
The Interledger Protocol is an open protocol that allows frictionless payments and micropayments across coins and ledgers, enabling opportunities for wider global financial inclusion.
Funded projects range from a coalition of credit unions in rural Mexico to micro-credit solutions in Kenya for low-income women in Kenya.
We are pleased to announce our newest group of beneficiaries. 12 companies in 10 countries will receive funding to conduct 6-month research of the Interledger Protocol network and activate financial nodes to increase financial inclusion. https://t.co/RRsu7utcwk pic.twitter.com/5GDtCbOmLd
— Interledger Foundation (@Interledger) October 10, 2022
According to the Interledger Foundation:
“To build on our mission and goals, we’ll need more people to experiment and innovate on the network enabled by Interledger, so we’re excited to announce twelve recipients of our Financial Services Awards. These twelve projects will receive funding to cover 6 months of research to explore compelling use cases for ILP-enabled digital wallets, neobanks and community platforms.
We were thrilled by the response we had to this awards program and are excited to support these projects as they learn, grow and build. It is important that we expand the ILP network and activate nodes across the globe, which will open up new opportunities to expand financial inclusion. I’m proud that these projects demonstrate the diversity in our ecosystem and support our core belief that we need people who experience problems to imagine solutions.”
Successful grantees came from 10 different countries, and proposals were reviewed by a global panel of judges comprised of ILP staff and Interledger Foundation partners.
The 12 projects include:
- Paytreme (USA) – A payment streaming platform that enables users to pay in real time for services. Users can send payments per second as they consume services such as mobile phone coverage, broadband internet, pay TV and content streaming platforms
- BessPay (Jamaica) -An affordable subscription-based content monetization and hassle-free payment service for creators in Jamaica and beyond in the Caribbean. It connects creators to platforms and services enabled by the Interledger Protocol through mobile Carrier Billing and other local digital payment solutions
- Spread it (Kenya) – A solution that provides the general public with access to micro-credit facilities by exposing microfinance institutions and cooperative societies to global Web3 lending resources with off-chain collateralization and credit scores
- NEW OTC Storage – An FX liquidity market infrastructure that eases the pain points of cross-border payments by digitizing the process
- Snake nation (South Africa) – A Tier 1 ILP-capable portfolio in Africa that increases the financial literacy of M2 banked, underserved and unbanked communities of the Global South
- People’s Clearing House (Mexico) – A social innovation project to benefit the rural and indigenous population organized in cooperatives by connecting small rural cooperatives with the Mexican Central Bank through the Interconnection Protocol
- ThitsaWorks (Myanmar) – A solution that connects Tier 2 and Tier 3 financial institutions, including microfinance institutions, non-banks, mobile money and rural banks, with an interoperable real-time payment network
- Cheery (USA) – An impact financing solution that makes automated refunds based on impact metrics by exchanging social, environmental and other common good impacts for currencies including fiat and crypto
See also
- Cult (Brazil) – An open source digital portfolio that integrates with the Kult social platform for curated movies, TV series, books, podcasts and songs that promote diverse cultural exchanges between communities. The wallet will be integrated with the PIX structure – an instant and free electronic payment system from the Central Bank of Brazil – to earn money from people online
- Universal Wallet (Uganda) – A single digital wallet that addresses the problems of delays, inefficiencies and inadequacies of existing programs in loyalty and rewards programs
- Cool Lion Fi (Ivory Coast) – A node in the Interledget Network to facilitate cross-border business equipment loans with foreign fiat and crypto lenders to reach businesses in Francophone Africa
- AgnostiPay (Netherlands) – An open source solution that enables developers to develop self-sovereign payments for end users that can be used in e-commerce, mobile applications and fintech infrastructures
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