Grameen Foundation recently released the latest version of Mifos, its open source software platform for microfinance institutions. The new version, Mifos 1.4, will feature support for: Spanish; application programming interface (API) technology; scalability; and Firefox 3.0, an open source web browser. The platform was conceived of by engineers at Grameen Foundation’s Technology Center in Seattle, Washington State, working closely with corporate volunteers from SunGard Technology Services, Bank of America, Merrill Lynch and Catholic Relief Services.
“This open approach is central to our vision for advancing technology across the industry and supports our goal of reaching 100 million new poor clients through the Mifos platform,” said George Conard, Executive Director of Grameen Foundation’s Technology for Microfinance Initiative.
The launch of the Spanish version of Mifos makes it more accessible to microfinance institutions (MFIs) operating in Latin America and the Caribbean. Translations into Arabic, Khmer Script, Indonesian and Mandarin are currently underway. The new application programming interface (API) enables users to import bank transactions from other software such as Microsoft Excel. This new feature facilitates the flow of information between Mifos and other systems and external payment networks. The greater scalability support will enhance the transaction processing for up to hundreds of thousands of microfinance clients.
By Jay Kumar, Research Assistant
About Grameen Foundation:
The Grameen Foundation, founded in 1997, is a non-profit organization based in Washington, D.C. Though the Grameen Foundation is independent of the Grameen Bank, Muhammad Yunus, the founder of the Grameen Bank, serves on the foundation’s Board of Directors. The foundation aims to help microfinance institutions throughout the world replicate the microfinance model of the Grameen Bank. It provides financial, technological, and managerial support for local organizations and intends to provide new business opportunities and telecommunication services to the rural poor. The Grameen Foundation works with MFIs in about 37 countries worldwide.
Additional Sources:
1.) http://www.grameenfoundation.org/press-releases/grameen-foundation-relea…
2.) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gra…
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