|Developer(s)||Community for Open Source Microfinance|
|Initial release||October 2006|
|Stable release||2.6.0 / December 21, 2012|
|Available in||English, translated into Spanish, French, Portuguese, Chinese Hungarian, Georgian|
|License||Apache License v2.0|
The Mifos Initiative is a community of financial service providers, technology specialists, financial services experts and open source developers working together to grow the Mifos open source platform for financial inclusion.
Its mission is to speed the elimination of poverty by enabling financial service providers to more effectively and efficiently deliver responsible financial services to the world’s 2.5 billion poor and unbanked. The software provides key functionality for financial inclusion providers: client management, portfolio management, loan repayment tracking, fee and savings transactions, accounting, internal control, and reporting.
To achieve its goal, the Mifos Initiative is building a global network of specialists and community members to promote and support the deployment of the MifosX platform and other open source financial inclusion technologies.
Mifos was a project of the Grameen Foundation  launched in 2006. In 2011 it spun out of the Grameen Foundation as the Community for Open Source Microfinance and formerly became US-based 501(c)3 charitable organization in 2013. Guided by original members of the team behind the award-winning Mifos software, COSM united the user base of 50 MFIs serving 1.2M clients behind the next generation of Mifos, the Mifos X platform. It completely rewrote Mifos as an open platform for financial inclusion with a suite of simple configurable apps hosted in the cloud, immediately available for deployment worldwide. Its board of directors is chaired by Paul Maritz, the CEO of Pivotal as well as financial inclusion visionaries, Suresh Krishna and James Dailey, and open source experts, Dave Neary and Zaheda Bhorat.
Initiated by Grameen Foundation
Development of the MIFOS software was initiated in 2006 by Grameen Foundation. The name "MIFOS" originally came from an acronym "Micro Finance Open Source", but is now used as the brand, rather than an acronym.
Transitioned to its own community
On June 1, 2011, Grameen Foundation announced that it would be ending its direct involvement with the MIFOS Initiative and transitioning the project to a new independent organization, the Community for Open Source Microfinance (COSM).
New Platform Created: MIFOS X
As part of its stewardship, COSM has developed a completely new architecture for the MIFOS platform, entitled MIFOS X. According to release notes for the MIFOS system published on April 30, 2013, COSM is focusing its development efforts on the new platform, and that they would not release any further official versions of the suite beyond 2.6.x.
COSM becomes 501(c)3 - unifies brand behind Mifos Initiative
In August 2013, COSM received its formal approval as a tax-exempt 501(c)3 charitable organization under the US IRS tax code. With this status, they assumed control over the original Mifos trademarks and copyrights from the Software Freedom Conservancy which had acted as fiscal sponsor to the project during its transition. The organization, formerly known as COSM, will now simply be known as the Mifos Initiative.
Supports different methodologies ( variants of Grameen methodology )
- Client ( Basic profile and custom fields)
- Loan Products & Loan Accounts
- Savings Products & Savings Accounts
- Search & Browse for Client Accounts
- Surveys and Progress out of Poverty Tracking
- Office ( Supports defining hierarchy, Regional, Divisional and Branch Offices )
- System Users, Permissions, and Data Scope
- Setup, Configuration, & Localization
- Financial Transactions & Accounting Support
- Bulk & Batch Processes
- Audit Trails
- Login & Security
- Grameen Koota ( with approx 450,000 members)
Qualifications and prizes
- Mifos earns high ratings on CGAP Software Listings 
- Mifos won a Duke's Choice Award in 2009 for "Java Technology for the Open Source Community" 
- IBM Partners With Grameen Foundation to Expand Its Open Source Microfinance Banking Platform and Help Eradicate Poverty
- Grameen Foundation and ThoughtWorks Partner to Extend Microfinance Technology Platform to Global Communities
- Grameen Microfinance Open Source - Corporate Citizenship Report 2007 says Cisco will help make Mifos software easier to deploy and scale it to serve more institutions and clients
- Grameen Foundation and SunGard Join Forces to Support Technology Advancement in Microfinance
- translatewiki.net, where it's translated.
- "Launch of Mifos Initiative".
- Grameen Foundation to Transition Mifos to Community-Led Effort
- "Mifos 2.6.1 is the first hotfix on the Esha K release".
- "Conservancy and COSM announce Mifos Initiative".
- "Press Release on CGAP listing Mifos".
- "Java Duke's Choice Award 2009".
- "Open Source at Google, Blog entry about Mifos".
- "Mifos news about GSoC 2010 participants".
- "Mifos.org Blog - GSoC 2013 We're Halfway Home".
- "Mifos.org Blog - GSoC 2013 A Team".
- "Mifos.org Blog - Meet the 2013 Google Summer of Code Class of Interns".
- "IBM Press Release on Mifos".
- "ThoughtWorks and Mifos".
- "Cisco Foundation on Mifos".
- "SunGard and MIFOS".