...
The Mifos X project spun out of the Grameen Foundation in 2011 and, thanks to generous support from Silicon Valley, The Mifos Initiative was revitalized as a U.S. based 503(c)3. Originally launched in 2006, the software was the industry’s first web-based and open source information system and was well-received winning the Duke’s Choice Award for Best Java Technology for The Open Source Community. Redesigned and built around an API-centric, cloud-based software architecture, the Mifos X Platform is a modern, connected core banking system for responsible financial services organizations bringing basic financial services to the poor globally.
System Core Features
As of September 2014, The Mifos Platform is used by 106 organizations around the globe serving approximately 2.5 million accounts. Installations can be found in Mali, Tanzania, Uganda, Kenya, Zimbabwe, Rwanda, Ghana, Philippines, India, Myanmar, Cambodia, Nigeria, Belize, Pakistan, Argentina, Peru, Mexico, Haiti, Laos and Morocco. The largest is BTPN in Indonesia serving more than 1,000,000 clients. Detailed features can be found on the Mifos X Product Requirements page. Feature highlights are below:
...
Mifos X – Core Banking for Financial Inclusion
100% Open Source, Royalty Free, Worldwide, In Perpetuity
...
Client Management
Unlimited Individual Patrons (Members)
Unlimited Group Patrons
Patron Approval Process
Patron Closure & Blacklists
Branch Management
Center Management
Duplicate Patron Verification
New Patron Approval Process
Document Attachment (photos, applications. ID)
Multi Language
Multi Currency
...
Financial Services Product Management
Savings (share) Accounts
Current (checking/share draft) Accounts
Term Deposit Accounts
Collateral Loans
Savings Secured Loans
Agriculture Loans
Open End/Top Up/Line of Credit Loans
Incremental Disbursement Loans
Village/Group Lending
Solidarity Group Lending
Loan Approval Process
...
Mobile Delivery and Transaction Management
Mobile Field Operations Via Tablet or Smartphone
Transaction Network Interface
Store and Forward Capability
Email Support
Bulk Loan Assignment
Bulk Collections Assignment
Open API For Easy Customization
Business Management
Chart of Accounts Management
Accrual Accounting
Statement Generation
Cash Management
Social Performance Tracking
Customizable User Permissions
Customizable Fields
Detailed Audit Trail
Profit & Loss Statement
Trial Balance
...
Mifos X is a globally used platform for all types of financial institutions. See the current platform features here.