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| Mentors | TBD |
| Overview & Objectives | Enable MFIs to automatically generate XBRL format reports - the common reporting standard being adopted by the microfinance industry.
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| Description | XBRL is gradually being adopted as the reporting and data standard for microfinance. This project would involve building out the reports to generate in the necessary XBRL-compliant format as well as an external client needed to map the data in Mifos to the proper XBRL taxonomy. MIX Market is leading adoption of XBRL as a data standard. By having one common reporting format, MFIs can save substantial time in generating end of period reporting to funders, regulators, associations, etc. |
| Helpful Skills | HTML, XML, SQL, Pentaho |
| Impact | MFIs need capital to lend out to their clients. In order for more MFIs to grow and provide more responsible financial services to the poor, they must be able to transparently report to funders and regulators. Adoption of a common reporting format and automation of flow of data will allow MFIs to successfully report their financial, operational and social performance using less of the valuable time of management staff to generate these reports. As well-run, fully transparent, microfinance institutions, they'll then have more readily available access to the funders and sources of capital to expand financial inclusion in their region. |
| Resources |
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Client Scoring Modules
Mentor: TBD
MFIs using Mifos often want to implement a credit scoring/client prospecting analysis tool to help automate the onboarding process for new clients by creating quantifiable measures to assess credit worthinesss. More and more MFIs are moving towards individual lending models where this scoring will be of greater need. Using our Data Tables (Surveys) module and our Mifos Business Intelligence Suite on Pentaho, they can set up questions and define parameters/scores to assess these questions.
Objectives:
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Outbound SMS Integration
| Mentors | TBD | ||||||||
| Overview & Objectives | MFIs have requested the ability for both inbound and outbound SMS communication. This project will focus on outbound notifications, MFIs would like to be able to send out meeting notifications, payment reminders, or other messages. Sending SMS receipts is another important use case that would increase security for both the client and MFI. We will first focus on the simplest use case of sending out an SMS message from the View Client Screen. Outbound SMS integration could be done via integration through the Cloud API of an SMS service like Nexmo or Twilio or any other SMS service -
This project could also look at integration with FrontlineSMS. Integration with FrontlineSMS would offer up a wide array of possible use cases including SMS forms, better management of contacts and more. | ||||||||
| Description | Currently Mifos and the client and portfolio data it contains is only accessed by the staff of the MFI. However, the majority of clients served by MFIs own mobile phones. A simple yet powerful way for them to interact with the data in Mifos is via SMS. MFIs have requested the ability for both inbound and outbound SMS communication to send notifications to their clients and to enable clients to retrieve information about their accounts. When living on less than $2/day, this simple yet timely interaction with their financial accounts is extremely important. | ||||||||
| Helpful Skills | |||||||||
| Impact | When you're living on less than $2/day as many of the microfinance clients are, income often has a volatile flow with many peaks and valleys leading to difficult financial management and a challenge in ensuring smooth consumption flows. Visibility into their limited financial resources is critical. SMS allows staff to more frequently communicate important information to their clients. It gives the clients the security and piece of mind to know how much they have in their savings account or how much they owe on their loan - vitally important pieces of information when trying to live on low yet volatile income streams | ||||||||
| Other Resources |
Client Scoring Modules
| Mentors | TBD |
| Overview & Objectives | Create Client Scoring Tools in Mifos X Objectives:
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| Description | MFIs using Mifos often want to implement a credit scoring/client prospecting analysis tool to help automate the onboarding process for new clients by creating quantifiable measures to assess credit worthinesss. More and more MFIs are moving towards individual lending models where this scoring will be of greater need. Using our Data Tables (Surveys) module and our Mifos Business Intelligence Suite on Pentaho, they can set up questions and define parameters/scores to assess these questions. Mifos X is more optmized for individual lending so client scoring tools become all the more valuable with the rich client data that an MFI is able to track in the system. |
| Helpful Skills | |
| Impact | Minimizing risk is important for running a sustainable microfinance institution. More importantly, many of these client scoring tools go beyond financial and business performance by analyzing social indicators to provide a quantifiable metric at the social impact made on a client. Having tools to capture these data and properly score/analyze it allow MFIs to deliver the strongest and most beneficial services to their clients. |
| Other Resources | See: |
Custom Fantastic Mifos Project
Is there something missing from this ideas list that you want to do? Let us know! Send your project proposal(s) to the developer mailing list.
Other Ideas
Mobile App (if we have specs)
SMS Integration
SMS forms
Timeline
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