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Mifos

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The Mifos Initiative
Organisation general information
Organisation name: 
The Mifos Initiative
Founding year: 
2011
Country: 
United States
Total number of staff: 
5
Resources dedicated to microfinance: 
5
Percentage of microfinance activities: 
100%
Type of organisation: 
Non profit
 
Tech company for open source financial inclusion
Organisation's contact person
Contact person: 
Edward Cable
Address: 
19330 83rd Place West
WA 98026
Edmonds
United States
Email:
edcable@mifos.org
Website:
www.mifos.org
Phone: 
+1-484-477-8649
Organisation summary
Mission: 

To speed the elimination of poverty by coordinating a global community that builds, supports, and uses Mifos X, a free and open source platform that enables financial service providers to more effectively and efficiently deliver responsible financial services to the  world’s 2.5 billion poor and unbanked.

Type of intervention: 
  • Loans
  • Guarantees
  • Subsidies in staff time (e.g. technical assistance/capacity building, evaluation)
  • Subsidies in staff time (e.g. research / information dissemination)
  • Subsidies in staff time (e.g. policy advice / development / lobby)
Countries of intervention: 
Africa
Asia
Europe
South America
Areas of intervention: 
  • Macro level: Supporting networks and associations, Strengthening national/regional microfinance support sector, Capacity building (focused on all MFIs)
  • Intermediate level: Community-based finance solutions, Rural finance, Value chain development, Microfinance investment vehicules, Post-conflict/disaster microfinance, Business development services, Social impact/performance, Environmental microfinance, Urban finance
  • Micro level: Financial product development and innovation, Delivery models (group, indiv.), Performance (financial and social), MFI operations (e.g. general management, governance, finance and accounting, staff training, recuiting)
Main competences: 

Mifos X is an open source technology platform helping financial institutions deliver services to the world’s 2.5 billion poor & unbanked. It solves the current challenges the poor face of core banking systems that are too expensive, too complex, and/or lack support from local stakeholders and institutions.

The Mifos X project brings together the collective expertise of partners from our global community, each of who provide unique skills to lead this initiative.

  • The Mifos core group that drives the development process;
  • The Certified Partners that deploy the systems and contribute code back to the community; and
  • A very strong volunteer network that contributes code, documentation and marketing assistance.

Together, these three groups collaborate to build and execute the most effective platform possible in a given community. Our Certified Mifos Partners are typically indigenous businesses working on the ground to provide technology and consulting services for financial inclusion. Serving as the direct connection to the end user, these partners lead the adoption of Mifos X and build new market-driven financial solutions tailored to a community’s individual needs. They perform operational analyses, advise on best business practices and deploy Mifos X within participating financial institutions.

Please indicate any innovations in your microfinance program planned for the coming year: 

We have made a commitment to implement full social Performance and Project Out of Poverty reporting native to the core Mifos X platform.

The Mifos Initiative's picture