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Group Lending -
SME Lending -
Business Loans -
Agricultural Loans -
JLGL (Joint Liability Group Lending) -
Incremental Disbursement Loans -
Open End Lending -
Variable Installment Loans -
Custom Loan Program -
Guarantor Management
Collateral -
Loan Guarantors -
Automatic Loan Payment Transfers -
Loan Tools
Collection Sheets -
Bulk Loan Reassignment -
Delinquency Control -
Reassign Loans Between Branches -
Payment Types -
Loan Frequency Rescheduling -
Loan Cycle Tracking -
Floating Interest Rates -
Amortization -
Automated Loan Payment -
Manage Holidays -
Loan Loss Provisioning -
Loan Rescheduling/Refinancing -
Manage Non-Performing Assets -
Savings Products
Basic Savings Accounts -
Passbook Savings -
Mandatory Savings -
Interest Bearing Savings -
Term Deposits -
Recurring Deposit Term Accounts -
Share Accounts -
Custom Savings Programs -
Savings Tools
Recurring Deposit -
Standing Instructions -
Interest Calculation -
Dividend Calculation -
Receipt Printing -
Dormant Account Management -
Amount-Interest Rate Charts -
Transactional Accounts
Current/Checking Accounts -
Overdraft Automatic Transfer -
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
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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.Client Education Status colour Green title Complete Status
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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)
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Transaction Network Interface
Store and Forward Capability
Email Support
Bulk Loan Assignment
Bulk Collections Assignment
Open API For Easy Customization
Business Management
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
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 Hierarchy -
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
Reporting
Client Education
- Throughout our community, numerous Partners have built mobile applications which directly foster financial education.Status colour Green title Complete
Patron Approval Process
- Mifos X full supports the review of new customer applications prior to opening accounts.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
Unlimited Group Patrons
- Status colour Green title Complete
Duplicate Patron Verification
- 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
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
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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 positions.Status colour Green title Complete
Reporting & Business Intelligence
Accounting & Financial Control
Internal Control/Audit Features. There are a few best practice features that need to be spec’d out and put into the development flow. These include: Locking employee out of transacting on their personal account and family relationship accounts; logging unsuccessful sign on attempts; allowing user to log on at multiple locations simultaneously (e.g. 3PCs in office, can log on to all three); generating report of supervisory overrides; for those FIs with multiple branches, system should flag “branch hopping” or multiple transactions at different locations;
Cash Management. The system must be able to track teller cash, vault cash, branch cash and organization cash. Cash must be able to be balanced (reconciled) every working day and be assigned to individual system users. The organization’s cash must be reconciled to the monthly bank statement. This enhancement is currently in development and is expected to ship in xxx release.
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Loan Collections
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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.
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Business Process and Rules
Client Approval & Processes
Chart of Accounts Management
Accrual Accounting
Statement Generation
Cash Management
Customizable User Permissions
Customizable Fields
Detailed Audit Trail
Profit & Loss Statement
Trial Balance
Book Closures
Security
Data Scoping
Authentication
Authorization (Permissioning)
Audit
Usability & Navigation (Accessibility)
In-app help. This is a good volunteer opportunity to build tool-tips and content-sensitive help within MIFOS X. The help can point to existing user documentation.
Bulk Processes
Off-line (store and forward)
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