...
An invaluable reference guide to understand the various products and services and policies and processes to effectively deliver financial inclusion is the New Microfinance Handbook published by CGAP. Download it here.
Feature List
Client Management
Client Identification (KYC)
- Mifos X fully supports KYC requirements, allowing you to store customer photos and signatures and upload a range of identity documents which can be searched and catalogued by their unique identifiers. Personal data is protected through strong KYC tools, layered account verification and the security built into the architecture of the platform itself. Fully compliant with any country’s Know Your Customer rules and regulations.Status colour Green title Complete
Client Relationship Management
- Any type of additional information for a client can be capture via our data tables or surveys modules. Data tables allows you to create custom forms to capture any type of data for any entity within Mifos X. Surveys including the PPI and other SPM frameworks can be defined and captured within Mifos X. Notes are supported within each client. Currently on our roadmap is basic CRM functionality for complaints handling and case management. Accounts and loans will tie into master client account.Status colour Green title Complete
Client Risk Analysis
- Use tools such as Client Monitoring, Credit Scoring, Document Templates, and Product Mix to analyze the risk your client poses. Review new customer applications prior to opening accounts with a customer approval process and blacklist clients no longer eligible for services with the Customer Blacklist tool. With the Client Risk Analysis tool, the user has the ability to track client behaviors to identify potential risk areas.Status colour Green title Complete
Client Education
- Throughout our community, numerous Partners have built mobile applications which directly foster financial education. Status colour Green title Complete
Client Protection
- Personal data is protected through strong KYC tools, layered account verification and the security built into the architecture of the platform itself. Better protect and manage your clients with tools such as online photographs, online signatures, online identification documents, online document storage, and data tables. Status colour Green title Complete
Client Management
...
Social Performance Management
...
- Surveys including the PPI and other SPM frameworks can be defined and captured within Mifos X. Integration with the Progress out of Poverty Index (PPI) scorecard available for all countries. Use the MPAT (Multidimensional Poverty Assessment Tool), which provides measurable data analytics and client insight to assess the impact Mifos X makes in financial inclusion.Status colour Green title Complete
Unlimited Individual Patrons (Members)
- We wanted Mifos X to be scaleable to have the ability to support extremely large financial institutions. So, with Mifos X, there is no restriction on the number of accounts you can create. The user can configure unlimited savings, loans, and share accounts. Don’t let your business be restricted by an un-scaleable platform, instead, grow your business with Mifos X.Status colour Green title Complete
Unlimited Group Patrons
- Status colour Green title Complete
Patron Approval Process
...
Patron Closure & Blacklists
Branch Management
...
- Mifos X full supports the review of new customer applications prior to opening accounts.Status colour Green title Complete
...
Duplicate Patron Verification
...
- Status colour Green title Complete
Document Attachment (
...
Multi Language
Multi Currency
Mobile Delivery & Enablement
...
Photos, Applications, IDs)
- ID card, passport, driver's license can be captured with supporting image. Application, decision documents, account agreements upload and tie to the client.Status colour Green title Complete
Multi Language Status colour Green title Complete
- Mifos X currently supports: Spanish, English, Georgian, French, Portuguese, Vietnamese, Chinese, Lao, and Hindi. Additional translations are in development.Status colour Yellow title In Development
Multi Currency
- Mifos X support regional currencies and can support mixed currencies.Status colour Green title Complete
Mobile Delivery & Enablement
Continued Development of Android App : According to the Gates Foundation, “In wealthier countries, people conduct most of their financial activities in digital form, and value is stored virtually and transferred instantaneously. The global revolution in mobile communications, along with rapid advances in digital payment systems, is creating opportunities to connect poor households to affordable and reliable financial tools through mobile phones and other digital interfaces. In fact, research has shown that the most effective way to significantly expand poor people’s access to formal financial services is through digital means. In addition to cost savings, digital financial services offer a wide array of benefits
...
".
Mobile Field Tools & Processes
Mobile Financial Services and Products (Micro-savings) -
Mobile Payments, Transfers, and Remittances (M-Pesa)
Mobile Delivery Channels (Agents & Correspondents)
Mobile Field Operations Via Tablet or Smartphone
- The Android Field Operations App is designed for field officers to interact with the Mifos X platform from the field. Mifos X functionality on for field operations in the most remote areas with Tablet.Status colour Green title Complete
Transaction Network Interface
Store and Forward Capability
Email Support
Bulk Loan Assignment
Bulk Collections Assignment
Open API For Easy Customization
Business Management
institutional Management (Office Hiearchy)
- Mifos X supports office hierarchy up to an unlimited depth of levels to support a single complex operation or multi-organization support structure. Customize user permissions by both position and individual. Restrict those from performing tasks they are not qualified for, and allow administrative access to higher ranking positionsStatus colour Green title Complete
Branch Management
- With Mifos X, the user can manage branch offices, groups, and banking centers with ease. The system is centrally administered such that new products and system-wide changes can be rolled out in real-time. The architecture of the Mifos X platform is fully multi-tenant such that one can achieve economies of scale by running off of one instance of the application with separate databases.Status colour Green title Complete
Center Management
- Mifos X fully manages the group structure of an organization. The platform offers support for Center & Group Hierarchy with ability to track attendance, accounts, membership, and calendars at each level.Status colour Green title Complete
Multi-Functional Institution Support
- Mifos X can be deployed for the use of a variety of financial institutions. The platform supports a broad range of entities or operational methodologies – Banks, Credit Unions, SACCOs, Cooperatives, Credit Societies, Microfinance Institutions, Savings Groups, Peer to Peer Lenders, and Asset Financers. No matter your means of operation, Mifos X is easily customizable to fit the needs of your financial institution.Status colour Green title Complete
Entity Mapping
- Products are available to all offices or can be mapped to specific branches or offices via our entity mapping module. Mifos X supports Groups, Centers, Organizations in an unlimited hierarchy allowing for multiple organizations to run on one platform or multiple branches. Assign availability of loan products, savings products, and charges to specific offices and/or roles.Status colour Green title Complete
Reporting & Business Intelligence
...
- Reconciliation will still be a gap – Dayna has communicated these gaps and features into the feature spec.
Status colour Blue title Future Enhancements
Loan Collections
Off Balance Sheet Collateral tracking has been requested as a system feature. This is useful to those organizations that use gold or investment instruments as collateral for loans.
| Status | ||||
|---|---|---|---|---|
|
Check Management & Printing. This will require system enhancement to keep track of checks printed and track the numbers. This has not come up as a client requirement and will remain low on the enhancement priority list.
| Status | ||||
|---|---|---|---|---|
|
Business Process and Rules
Client Approval & Processes
Business Management
Chart of Accounts Management
...
Statement Generation
Cash ManagementSocial Performance Tracking
Customizable User Permissions
...