Mifos

March 8, 2016

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Cost-effective software system to operate microfinance institutions.

About

The Mifos project was formally launched by Grameen Foundation in 2006 to provide a cost-effective software system to operate microfinance institutions and help them more efficiently and effectively deliver financial services to the poor. As one of the initial projects of the Seattle-based Grameen Technology Center, Mifos was a crucial part of Grameen Foundation’s dual vision of combating poverty through technology and microfinance. For five years, Mifos was at the intersection of these two programs, developing into an award-winning, industry-renowned software system for microfinance.

Challenge

As the first open-source project for microfinance, Grameen Foundation pioneered a new model for the development, delivery, and support of technology in this industry. They incubated a global community of users, specialists, and volunteers that collaborate online and in-person across multiple time zones to achieve our vision. This user base, contributor community, and support ecosystem lie at the heart of the community-driven movement that COSM is leading to take the Mifos platform forward.

Solution

Our employees commit countless hours of their time, energy, and knowledge into building and extending the Mifos platform to make it accessible to microfinance institutions serving the poor. We added a lot of new features to the project and also built a mobile application.

Our competences in the Mifos project:

Requirements and Specifications
Architecture Design
Implementation and Testing
Software validation and Integration
Maintenance

Result

Mifos has become a functionally rich operational platform for microfinance that is flexible and scalable enough to suit the needs of MFIs large and small. The Mifos software is in use by 45 organizations worldwide serving more than 1,100,000 clients in MFIs as small as 25 clients and as large as 450,000 clients.

Mifos Android Client is a mobile version of Mifos – management information system which provides functionality for microfinance institutions: client management, portfolio management, loan repayment tracking, fee and savings transactions, and reporting. The mobile client allows the user to view the most important information about the customers and accounts and to perform the basic financial operations. Android client is directly connected to the full Mifos version, so every change performed in the mobile application is automatically reflected in the Mifos system.