The Interledger Foundation, a global nonprofit foundation and steward of the Interledger Protocol (ILP), has partnered with Kanzu Finance to support microloans for community-based financial institutions in Uganda.
The foundation supports and promotes the Interledger Protocol (ILP) – an open protocol that permits frictionless payments and micropayments across currencies and ledgers, enabling opportunities for broader global financial inclusion.
According to the Interledger Protocol (ILP), the initiative enables the seamless movement of money across networks, much like the internet, allows information to flow freely between different systems. Their efforts are particularly focused on rural and small communities, a mission that has led to active involvement across Africa.
As reported by BitKE, when the foundation revealed 12 grantees of its financial services research and development grants, 5 were African projects.
5 Out of 12 Interledger Protocol (ILP) Foundation Grantees in 2022 are African
Successful grantees came from 10 countries and proposals were reviewed by a global panel of judges made of ILP staff and Interledger Foundation partners.https://t.co/Hl4QggdQsl @Interledger
— BitKE (@BitcoinKE) October 11, 2022
The foundation is also one of the investors in Nigeria’s Chimoney, a global payment solutions provider.
FINTECH AFRICA | Web3-Backed Chimoney Acquires Nigerian Social Payments App, Scrim – CELO, ILP, Ripple, Moonbean + A.i mmmmmhttps://t.co/f86YO3QEwC
— williamtjzhuo 卓廷俊 (@williamtjzhuo) November 25, 2023
Kanzu Finance, a Ugandan-based digital solutions provider and a member of the Celo Alliance for Prosperity, will be leveraging Interledger to boost economic empowerment and entrepreneurship in Uganda.
According to Kanzu, the initiative will drive local economic growth and strengthen community-based financial institutions by enabling automated credit scoring, seamless integration with digital wallets, and fast loan disbursement and repayment.
At its annual conference in South Africa in October 2024, the Interledger Foundation announced plans to provide additional funding for wallet projects, aiming to boost financial inclusion and support African entrepreneurs with innovative ideas to drive innovation.
Briana Marbury, Interledger CEO, discussed the organisation’s plans for Africa on the sidelines of the Summit in Cape Town, South Africa.
The Open Payments Summit brought together experts, politicians, and entrepreneurs working on fintech solutions to address the future of digital financial services.
“We’ve tasked ourselves and our partners with a substantial challenge: build a new financial system that operates like the internet to transcend traditional barriers and create new opportunities,” said Chris Lawrence, Chief Programme Officer at Interledger.
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