Mifos

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Mifos
Mifos.jpg
Developer(s) Community for Open Source Microfinance
Initial release October 2006 (2006-10)
Stable release 2.6.0 / December 21, 2012; 18 months ago (2012-12-21)
Written in Java
Operating system Cross-platform
Size 75.5 MB
Available in English, translated into Spanish, French, Portuguese, Chinese Hungarian, Georgian
Type Micro Finance
License Apache License v2.0
Website Mifos

Mifos is an initiative of the Grameen Foundation [1] and the financial software that it produces for the microfinance industry. The software provides key functionality for microfinance institutions: client management, portfolio management, loan repayment tracking, fee and savings transactions, and reporting. The product is supporting more than 1.1M microfinance clients across 45 microfinance institutions as of June 2014.

History[edit]

Initiated by Grameen Foundation[edit]

Development of the software began as an initiative of the Grameen Foundation in 2004. At the Grameen Foundation, James Dailey and Tapan Parikh realized that the software being used by most microfinance institutions (MFIs) was outdated, expensive or otherwise fell short.[2] James and Tapan brainstormed something new: an open-source software that launched as Mifos in 2006. The name "MIFOS" originally came from an acronym "MIcro Finance Open Source", but is now used as the brand, rather than an acronym. Mifos existed within Grameen Foundation until 2011, when it was decided that Mifos would split off to be an independent, open-source entity.

Transitioned to its own community[edit]

On June 1, 2011, Grameen Foundation announced that it would be ending its direct involvement with the MIFOS Initiative and transitioning the project to its own organization, the Community for Open Source Microfinance (COSM), which now controls the MIFOS and MIFOS-X projects.[3][4]

New Platform Created: MIFOS X[edit]

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.[5]

Features[edit]

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
  • Reports

Users[edit]

India

  • Grameen Koota (with approx 450,000 members)
  • Nirantara
  • Adhikar

Qualifications and prizes[edit]

  • Mifos earns high ratings on CGAP Software Listings [6]
  • Mifos won a Duke's Choice Award in 2009 for "Java Technology for the Open Source Community" [7]

Partnerships[edit]

  • IBM Partners With Grameen Foundation to Expand Its Open Source Microfinance Banking Platform and Help Eradicate Poverty[10]
  • Grameen Foundation and ThoughtWorks Partner to Extend Microfinance Technology Platform to Global Communities[11]
  • 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[12]
  • Grameen Foundation and SunGard Join Forces to Support Technology Advancement in Microfinance[13]

References[edit]

External links[edit]