Tuesday in Ecuador

Tuesday, July 12th, 2016

The Mifos innovation team saw no lack of action on their second day in Ecuador. After a busy first day, they got right back to work with multiple meetings and interviews scheduled for day 2.
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Javier started the day off presenting to SEPS, a regulator for cooperatives. The members of SEPS were very intrigued by our operational model. Then it was on to the next meeting with Banco Desarrollo to discuss some specifics on how our model is going to tie in perfectly with their financial organizations and cooperatives in place. In particular, our team discussed how nano loans and value-chain financing was going to work with our platform.

Javier had to leave the meeting with Banco Desarrollo early, since he had scheduled interviews he had to attend. He had two interviews on live television and another on the radio with FM Mundo 98.1. You can see Javier in the photo to the right in the middle of his interview!

Soon enough, it was time f20160712_195945or the Mifos Innovation Team to regather and meet with the Ministry of Economic Policy. They met with two high government officials who in turn put us in contact with dozens of other valuable individuals. After talking with them briefly about mobile wallets, the team was off to meet with Level 3, a worldwide provider of data centers. Our team was astounded by the coverage of the data centers and is happy to partner with them to launch the Mifos Financial Inclusion Cloud in Ecuador.

The end of the day came after another brief meeting with IOU Fintech. The team has found that the excitement in Ecuador is contagious. Everyone is on board and ready to announce Financial Inclusion 2.0 in Ecuador. We’ll keep you updated on all that happens in the coming days!

-Jacob Kobzi, Business Development Intern

Monday in Ecuador

Monday, 11 July 2016

The Mifos Innovation team of  Ed Cable, Javier Borkenztain, and Luisa Martínez,  landed in Ecuador today for an exciting week of work. Right off the bat, the team had their schedule booked. To start the day, they met with Carlos Córdova from IOU Fintech to be introduced to his team as  well as briefed for tomorrow’s mCnG1fDOW8AAk_fveeting. Carlos can be seen in the picture to the right presenting his plan for emoney in Ecuador.

After a short break, the team then had two meetings with the Central Bank of Ecuador, one with their technical team and the other with their public relations team.

Finally, the innovation team regrouped at Impacto, the social impact hub for Ecuador. Impacto has doubled in size since the last time the Mifos team visited Ecuador!

Long story short, the process of bringing Financial Inclusion 2.0 to Ecuador has began, yet there is so much more to come. In the following days, Javier, a member of our innovation team, has 8 interviews scheduled about the Mifos Financial Inclusion Cloud. He has 2 on TV, 1 on the radio, and one with the newspaper just tomorrow. There is still much more to be done and we look forward to filling you in with what happens each day of our trip.

-Jacob Kobzi, Business Development Intern

Mifos in Ecuador

Hello Mifos Community,

There are still 2.5 billion people worldwide that do not have access to basic financial services. Financial inclusion is working to bring this number down. However, financial inclusion only works when available. It is costly to implement and difficult to access for many developing countries. This is why the Mifos Initiative has been working to develop Financial Inclusion 2.0, an innovative approach to allow every person access to financial services using just their phone.Mifos in front of Central Bank of Ecuador

Mobile Money in Ecuador

In 2013, Ecuador reported that there were more mobile phone lines than citizens in their country. Yet, 60% of the Ecuadorian population does not have access to financial services, and that number only gets higher in rural areas. Realizing this, the Ecuadorian government saw an opportunity where a mobile electronic payment system could be the answer to their financial inclusion problems. Ecuador implemented the first-ever state-run mobile electronic payment system that is low cost and easy to access for everyone that has a mobile phone. Read more

Mifos Introduces Financial Inclusion 2.0 in the e-MFP Spring 2016 Newsletter

Craig Chelius, Mifos Executive Director, had the opportunity recently to pen this piece for the European Microfinance Platform Spring Newsletter. It outlines what we think is the next path forward to help Financial Inclusion reach the 2 Billion that are still excluded from the formal financial system. Financial Inclusion 2.0 is the fast, low cost, mobile delivery of digital financial services. As an open source pioneer, we are establishing the global open standard to take the industry there. 

Three Countries. Three Conferences. One Common Theme.

Now that the team has safely returned from travel to our three events – our presence at each one has confirmed that our next generation Mifos architecture is the right solution that is needed to guide the world towards Financial Inclusion 2.0. Each stakeholder is ready for this new era – partners building solutions, financial service providers needing greater efficiency to reach their clients, regulators seeking stability and control, and investors seeking transparency and impact.

At TechDays in Amsterdam, the need for the 3rd Generation of Mifos was confirmed by partners new and old. The growth of our partners like Musoni Services and Conflux Technologies showed that they’re reaching a critical point of scale where a new lightweight, cloud-native, and highly scalable architecture is needed. The direct presence of brand new partners confirmed that we are the innovation that powers innovators and that each day new partners are coming our way to build apps that are mobile-first and cloud-enabled.

At the 18th Microcredit Summit in Abu Dhabi, we confirmed the opportunity to set a standard for innovation and be the driving force behind Financial Inclusion 2.0.  The entire industry as a whole is aligning for this to be a reality – financial inclusion providers are ready to go digital and recognize its benefits, national regulators are fostering and advancing an enabling ecosystem, and the technology has evolved with unparalleled computing power available at low cost.

At the Global Microfinance Forum in Berlin, the focus was on investors but they all echoed the pain we’re addressing: costs are too high, access is too hard, innovation is too slow and change is needed. When they gave case studies on examples of successful innovation, they highlighted Musoni Services, one of our gold platform partners that is powered by Mifos X. Meeting these investors and apex organizations was great validation that we are the innovation that powers the innovators.

Craig and Markus will be providing more detailed recaps of our TechDays and the Global Microfinance Forum so I’ll give a more detailed recap on the Microcredit Summit in Abu Dhabi. Read more

Mifos at the Microcredit Summit for the First Time

Mifos Initiative is honored to be a part of the 18th Microcredit Summit in Abu Dhabi. With its theme of Frontier Innovations for Financial Inclusion, it was the perfect time for us to attend and tell the world our story and journey of transformation since we emerged from the Grameen Foundation. We have been a technology pioneer for microfinance, then financial inclusion, and how will the lead way for Financial Inclusion 2.0.

This is personally my first time at a Microcredit Summit event and of course the venue, the Etihad Towers at Jumeirah is impressive but the buzz and energy of 1000 delegates from 60 different countries is indescribable. Read more

Mifos Tech Days 2016 Is Kicking Off

Our technical community has come together for several days of innovation, insight, and collaboration into the next generation of the Mifos technology. It might be cold outside in Amsterdam, but inside it’s warm and energetic as ideas come to life as the brilliant talents and passions in our community unite. Once again it’s great to see many familiar faces from our community along with new innovators that are looking to build impactful solutions on our platform.

As the first gathering of our developers as the Fineract community, we’re eager to introduce the third generation of our Mifos software and catalyze our first partners and contributors in building on it and bringing it to market. We’ll be recording all the sessions from TechDays so stay tuned as we share updates from the event.

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2014 Mifos Annual Report

2014 was a breakthrough year for our community as the Mifos X platform established a foothold around the globe and we proved that a platform-centric and partner-driven approach can achieve tremendous scale and impact. Take a few moments to look back at the major milestones from the past year and all the community members who made these accomplishments possible.

At a glance in 2014

  • 2.6 million clients were reached by 110 financial institutions supported by 40 local tech partners across 33 different countries.
  • 80,000,000 transactions were processed on the platform with more than $791,000,000 in loans being managed.
  • 11,630 downloads of our software from 150 countries

Mifos Events Round-Up

This summer has been a busy one as Mifos team members have travelled around the country educating various sectors on the powerful opportunity to eliminate global poverty through open source technology solutions for financial inclusion. While the audiences have been diverse, ranging from open source developers to credit union executives to FinTech innovators, the message is the same: join our global collaborative community and help us in our mission to bring financial services to the 2 Billion Unbanked.

We wanted to take a quick look back at the conferences we’ve been at and a couple more we’ll be speaking at this upcoming month.

  • SOCAP 15 – San Francisco, CA (coming up!)
  • FinDEVr SF 2015 – San Francisco, CA (coming up!)
  • SpringOne2GX – Washington, DC
  • FinovateFall 2015 – NYC, NY
  • 2015 World Credit Union Conference – Denver, CO
  • OSCON 2015 – Portland, OR

Read more

Mifos, SACCOs and Credit Unions

Mifos, SACCOs and Credit Unions

The Perfect Marriage

If ever two movements were meant to work together, it is the credit union movement and the Mifos initiative.  We have a shared mission to end poverty, we have shared principals, member control, independence and cooperative methodologies. Together we can accomplish a lot.

The Mifos Initiative was honored to host a webinar “Transforming Financial Inclusion: Mifos, SACCOs & Credit Unions” attended by 130 financial inclusion influencers, developers, volunteers and financial institutions – all focused on the same mission – bringing financial services to the 3 billion unbanked in the world.  Cooperative growth and the strong alignment between Mifos & Credit Unions was the main theme of the presentation.

From its very origin, the credit union community has been dedicated to helping one another grow since its German beginnings in the mid 1800s.  Picture1Because of people wanting to help people by pooling their money to make small loans, the credit union movement was born.  Through a spirit of cooperation, credit unions rapidly spread throughout Europe, India, North America, South America, Africa and the rest of the world.

The Mifos platform began with similar humble roots in microfinance providing a free and open source lending platform to reach the unbanked.  Because of people wanting to help people gain effective and afformifos-tag-transparentdable technology, the Mifos Initiative was born.  Today Mifos X has extended its reach to all types of financial service providers – Cooperatives, SACCOs, Credit Unions, Banks and even runs as the core system for sophisticated financial delivery systems.

Today the unserved are in emerging markets around the globe.  These markets are all about digital financial services.  We are witnessing considerable growth in in digital payments, in remittances, and in mobile money.  To be a modern financial institution – even in the most remote parts of the world – we need to have a modern connected core banking system.  Obviously this needs to be VERY inexpensive.  Mifos X being free and open source is that system.

Mifos technology is the future of financial services.  Everyone is moving into this brave new world of digital, cloud based service delivery; when you adopt  Mifos, you will be miles ahead and ready for the challenges of tomorrow.

Take some time to look at the recorded webinar and see how – together – we make impactful change.