Musoni & VisionFund integrate with Mojaloop payment switch

Musoni has been successfully integrated with the Mojaloop payment switch in Myanmar, enabling digital loan repayments to VisionFund Myanmar accounts from any mobile wallet or bank account also integrated with Mojaloop. 

The Mojaloop switch is designed to make it much easier for all MFIs in the country to connect to the digital payment ecosystem. Rather than manage time-consuming integrations with each payment provider or mobile wallet, each MFI can instead integrate once with the payment switch. VisionFund was one of the first MFIs to be integrated with the Mojaloop lab, along with the mobile wallet AyaPay. Read more about how VisionFund use Musoni here.

See below for a short video of a successful payment being made from AyaPay into a VisionFund loan account to show how straightforward the process is for end customers. 

The project was co-funded by VisionFund Myanmar and Musoni and supported by ModusBox. This is the first use case of the ModusBox / UNCDF pilot to demonstrate the potential of interoperable, real-time payments for the five million microfinance customers in the country. 

Speaking about the integration, Tim Tempany, Program Director of VFM, stated: “VisionFund is committed to adding new channels and services for the convenience of our end-customers. We have always appreciated the importance of supporting new digitalisation initiatives in the market and will continue to support the project as we move towards production readiness. This demonstrates how simple an integration can be when all parties are aligned.”

The integration work was managed by a combination of the Musoni and ModusBox teams, and was completed in just six weeks from start to finish. Steve Haley, Economic Development at ModusBox, a Mojaloop Foundation sponsor commented: “Integrating with Musoni was one of the most straightforward integrations we’ve done – including large commercial banks and mobile money platforms. Musoni really demonstrated not only commitment to this project, but as thought leaders in the nuances of global efforts to transform the MFI sector. We appreciate their work as a key partner for both ModusBox and Mojaloop, and look forward to their leadership in the next phases in Myanmar but other markets as well.”

Cameron Goldie-Scot, CEO of Musoni, stated: “Our goal is to help MFIs like VisionFund to digitalise their operations. Standardising the digital payments process has huge benefits for MFIs, end customers and the market in general. This aligns closely with Musoni’s platform approach, making it as easy as possible for MFIs to layer third party solutions on top of the core banking system. The project is another great example of the successful partnership between Musoni and VFM, and demonstrates our shared vision to improve the lives of the unbanked through digitalisation.”

About Mojaloop and the UNCDF / ModusBox Pilot

Mojaloop is the world’s first open source platform for building an interoperable real-time payment network. It is designed to facilitate digital payments between a country’s MFIs, banks, digital payment platforms and end customers. By using a common blueprint, Mojaloop helps to overcome many of the common integration barriers towards digitalisation and financial inclusion. 

In Myanmar, for the last six months ModusBox has worked closely with UNCDF to demonstrate the benefits of the Mojaloop payment switch through a series of use cases. This required integrating a lab environment of Mojaloop with the Musoni core banking system, used by twelve MFIs across the country. The first use case, completed in August 2020 was for a single loan repayment to be made from a digital payments provider (AyaPay), straight into the loan account of an end customer. To learn more about the project we recommend the ModusBox blog post here.

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