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Status
colour Green title Complete

  - completed feature that has already been developed as part of the platform (or a module/service connecting to that platform) and shipped as a public release.

Status
colour Yellow title In Development

 - feature that is actively being developed and will be shipped in the next 1-2 release cycles.

Status
title Scheduled in Roadmap

 - feature of high priority that has been scheduled as part of the product roadmap and will be developed.

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Loan Products

Individual Lending - Use Mifos X to create individual loans that can be configured to be either secured on unsecured. A full range of fixed term and installment loans can be defined for individuals including collateral-backed loans, variable installment loans, floating interest rate loans, and top-up loans. 

Group Lending - On top of individual loans, Mifos X has been designed to fully support the various group lending methodologies including Grameen-style group loans, joint liability group loans which are all tracked in our loan cycle counter. Group loans are a single loan to an entire group with a common amount while joint liability group loans are individual loans amongst a member of a group with a collective guarantee. Group repayment of common amount is supported with Mifos X.

SME Lending - Lending to small and medium sized enterprises is supported through Mifos X.

Business Loans - The user can create loans that are designed to stimulate and support business growth.

Agricultural Loans - Through Mifos X, agricultural loans can be assigned and even structured around the harvest season.

JLGL (Joint Liability Group Lending) - Joint Liability Group Lending, which is the process of individual loans amongst a member of a group with collective guarantee, is backed by Mifos X.

Incremental Disbursement Loans - These loans are typically used for home construction or a project where certain goals must be met to obtain the next loan amount. They are supported by Mifos X.

Open End Lending - Mifos X offers the ability to approve a client for a particular sum and grant him/her access to the loan for a specific period of time.

Variable Installment Loans - Fully configurable repayment schedule for agricultural loans in which to define installment amounts and the period of time between installments.

Custom Loan Program -  Mifos X allows the user to fully configure loan products to customize names, rates, and repayment methods.

Guarantor Management

Collateral - With Mifos X, the organization may establish collateral parameters by loan type or by individual client.

Loan Guarantors - Other account holders can use funds to guarantee loans. The percentages and amounts are dependent upon the individual financial institution’s policies.

Automatic Loan Payment Transfers - Payments are set as Standing Instruction to pay from the guarantor’s account or the borrower’s account.

Loan Tools

Collection Sheets - Use the collection tool for group or individual lending at group or center levels. The Mifos X platform supports bulk entry of repayment data for most efficient operations.

Bulk Loan Reassignment -  Use Mifos X to reassign loans from one loan officer to another.

Delinquency Control -  Use tools such as account aging, account notes and calendaring to identify and collect bad debt.

Reassign Loans Between Branches -  Reassign loans from one branch or center to another. Active or inactive, individually or in bulk.

Payment Types - Use this loan tool to configure the accepted forms of payment and posting rules.

Loan Frequency Rescheduling - Payment dates and frequency can be rescheduled within Mifos X.

Loan Cycle Tracking - Graduate clients to more advanced loan products by specifying the amount, rate, and term per loan cycle.  

Floating Interest Rates -  Mifos X offers support for variable interest rates by defining a base lending rate and interest rate differentials to raise or lower the rate.

Amortization - Fixed payment, declining interest, and early repayment practices are all offered within the Mifos X platform.

Automated Loan Payment -  Use Mifos X to configure automated loan payments from standing instruction.

Manage Holidays - Set holidays and repayment rules to fit your national calendar and represent days of no business.

Loan Loss Provisioning -  The Mifos X user can define and set up four categories for provisioning of bad debts by defining the number of days in arrears and the percentage of the overdue amount that gets automatically provisioned into the respective loan loss general ledger accounts.

Loan Rescheduling/Refinancing - Reschedule or refinance loans in one of four ways - extend the loan term, change the installment dates, provide a moratorium or grace period, or provide a new interest rate.

Manage Non-Performing Assets - Define the number of days in which an asset becomes non-performing and gets automatically moved to the appropriate general ledger account.

Savings Products

Basic Savings Accounts - Mifos X supports basic savings accounts.

Passbook Savings - Passbook savings accounts are supported by Mifos X.

Mandatory Savings - Required recurring deposits are configurable.

Interest Bearing Savings - Interest on daily balance or average daily balance can be configured to compound daily, monthly, quarterly, semi-annually or annually.

Term Deposits - 

Recurring Deposit Term Accounts - 

Share Accounts - Designed specifically for financial co-operatives, share accounts can be configured based on the requirements of the business/organization.  

Custom Savings Programs - The savings programs need to fit the financial institution and its clients. So, savings products are configurable to the organization’s strategic goals and objectives.

Savings Tools

Recurring Deposit - Recurring deposit features can be added, multiplied, or deactivated within the Mifos X platform.

Standing Instructions -  Use standing instructions to automatically make loan payments or account transactions.

Interest Calculation -  Interest can be calculated on average daily balance or daily balance and paid with selected frequency.

Dividend Calculation - Mifos X offers full support for financial cooperatives to calculate and pay share dividends based on shares of equity owned.

Receipt Printing - Use this tool to print savings transaction receipts.

Dormant Account Management - Manage dormant savings accounts by defining the number of days for dormant and inactive status and have the balance moved into an escheated account.

Amount-Interest Rate Charts - The Mifos X user can set up bands to define the interest rate applicable for an account based on the amount of the account balance.

Transactional Accounts

Current/Checking Accounts - The Mifos X platform currently supports checking accounts.

Overdraft Automatic Transfer - Overdraft privileges can be configured on current accounts with the ability to define overdraft limits and charge interest on the balance.

Client Management

Client Identification (KYC) 

Status
colour Green title Complete

- 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.

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Unlimited Individual Patrons (Members)

Status
colour Green title Complete

 - 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.

Unlimited Hierarchy -  Mifos X supports unlimited Groups, Centers, and Organizations for a single complex operation or a multi-organization support structure.

Branch Management

Status
colour Green title Complete

 - 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.

Reporting

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Reporting - Standard reports are included in the Mifos X platform. All are customizable using flexible reporting engines - Pentaho and Stretchy reports.

Customizable Fields - With Mifos X, fields can be customized to accurately reflect the organization including product names, account numbers, and required fields.

Manage Reports - Add new reports to the system, and classify/arrange pre-existing reports into specified groups.

Statement Generation - The Mifos X user can generate customer statements that have the ability to either be printed or emailed.

Accounting

Accrual & Cash Based Accounting - Mifos X supports both accrual accounting and cash accounting following best business practice.

General Ledger Integration - Mifos X offers full integration with the portfolio for automated and rule-based postings.

Journal Voucher Support - Full GL and journal voucher entry supported by Mifos X.

Chart of Accounts Management - A standard Chart of Accounts is shipped with Mifos X.  This can be customized for the specific needs of the financial institution.

Flexible Accounting Classifications - Fees can be integrated with liability or expense accounts to facilitate the collection of premiums and other charges.

Account Number Preferences - Mifos X supports preference for generating account numbers for client, loan, and savings accounts.

Business Rules and Workflows

User Permissions - Fully customizable user permissions by position and by individual. Mifos X allows the admin to restrict operations to users unqualified for specific operations and tasks.

Workflows (Entity Data Table Checks) - Define simple approval workflows for clients, loans, and savings by the ability to define and require data tables to be captured at specific lifecycle stages.

Cash Management

Cash Management - Mifos X allows the user to track cash flow from the central bank, branch to branch, and even vault to cashier.

Funds Transfer - With Mifos X different internal branches have the ability to transfer funds amongst each other.

Funds Management - The Mifos X user can manage funds associated with their loans. Integration with the full general ledger is supported.

Central Product Configuration

Loan Configurator - Configure due dates, amortization methods, terms, repayment strategies, loan due dates, product names, currency, maturity, fees, and grace periods all with Mifos X.

Savings Products Configurator - Use Mifos X to configure the Product name, currency, terms, minimum balance, lock-in, interest, fees, and compounding periods.

Account Number Preferences - Generate unique account numbers for client, loan and savings accounts with Mifos X.

Fees and Charges

Membership Fee - Mifos X supports one-time membership fees.

Late Fees & Automatic Penalties - Mifos X allows the user to charge late fees and automatic penalties when necessary.

Recurring Fees - Recurring fees can be configured to the financial institution's desire. Allowing them to charge clients on a regular basis.

One-Time Fees - Non-recurring fees such as a loan application fee or a processing fees are easily configured.

Flexible Accounting Classifications - Mifos X allows fees to be integrated with liability or expense accounts to facilitate the collection of premiums and other charges.

Define Charges - Clearly define charges and penalties for the products your financial institution offers.

VAT Tax Withholding - Support assessing and collecting tax as a percentage of interest by defining tax components and tax groups and attaching as charges.

Internationalization

Multi Currency

Status
colour Green title Complete

 - Mifos X support regional currencies and can support mixed currencies.

Multi Language

Status
colour Green title Complete

 

Status
colour Yellow title In Development

 - Mifos X currently supports: Spanish, English, Georgian, French, Portuguese, Vietnamese, Chinese, Lao, and Hindi. Additional translations are in development.

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Security

Access - oAUTH data protection, granular role-based or individual based permissions and maker & checker (4-eyes) capabilities all within Mifos X.

Authorization - Authorization can be configured by the individuals within the financial institution. Abilities can be customizable by job and by user .

Audit - Audit trails are maintained and multiple audit reports are included in the core platform.

Client Messaging & Self-Service Operations

Event-Based SMS Messaging - Send automated event-based messages (meeting/payment reminders/receipts) to clients triggered by web hooks.

SMS Campaigns - Set up, send, and manage the delivery and receipt of bulk SMS campaigns to segmented groups based on simple business rules and filters.

Self-Service APIs - Full set of self-service APIs to support the creation of client-facing web and mobile banking apps. Clients can authenticate themselves and perform the following operations: view own savings/loan account details, transfer funds between their own accounts, transfer funds to other clients at same organization, apply for new loan accounts, and repay loans.

Mobile Field Tools & Processes

Android Field Operations App - The mobile application is designed for field officers to interact with the Mifos X platform from the field.

Mobile Field Operations Via Tablet - Mifos X functionality on for field operations in the most remote areas.

On-line / Off-line (Store & Forward Capability) - For field officers heading to remote areas, they can sync their handheld device at the office, and then head out to the field to conduct business and sync upon their return to the office.

Mobile Money Integration - Through its modular architecture, Mifos X supports mobile money integrations.

System Migration & Configuration Tools

Entity to Entity Mapping - With Mifos X, the user can define or modify old entities to new ones.

Manage Hooks - 

Account Number Preferences - 

Global Configurations - 

Scheduler Jobs - 

Manage Data Tables - 

Manage Codes -