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User in Focus – Chaitanya

This regular blog series will shine the light on the financial institutions that are using Mifos or partner-led solutions powered by Mifos? We want to share the impact and benefits Mifos is helping you have on your clients as well as the personal experiences and lessons you learned while deploying your solution.

Chaitanya – Bangalore, India 

Chaitanya is an NBFC serving more than 170,000 rural clients in the states of Karnataka and Maharashtra. Their mission is to improve the lives of low income families through the provision of Financial Services. They are using FinFlux, a core banking solution powered by Mifos built by Conflux Technologies.

Chaitanya has its roots as a local NGO working in the rural parts of Central Karnataka. It was founded in 2004 by the late Mr. Ramesh Paineedi, a school teacher. It started work in chaitanyafinfluxthe area of children’s education and gradually moved into supporting rural microenterprises through its partnership with Small Scale Sustainable Infrastructure Development Fund (S3IDF), a US based NGO. Anand Rao (a Promoter in Chaitanya), built the partnership between the NGO and S3IDF while working with the latter.

The S3IDF and Chaitanya partnership helped create more than 25 microenterprises in rural Karnataka in the area of electricity supply to un-electrified households, Self Help Group (SHG)-owned and operated enterprises and IT based enterprises. Through the partnership, equity support, bank guarantees and debt financing support was provided to these microenterprises. Additionally they also arraned microcredit through the local regional rural bank, Pragathi Grameen Bank, to self help groups for activities such as LPG and electricity connection. Arranging financing for SHGs helped Chaitanya gain experience in the microcredit space and laid the foundation for starting Chaitanya, the MFI, as an NBFC.      

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Chaitanya was incorporated in March 2009 and MFI operations started in October 2009 after obtaining a fresh NBFC license from RBI. The initial promoters of the MFI were Anand Rao and Samit Shetty. As the MFI operations started, the NGO activities were completely wound down.

Chaitanya now reaches 170,000 clients with a portfolio of 3 Billion INR or about $45 Million USD. They hope to grow by 50% CAGR for the next two to three years. Chaitanya focuses on the rural markets, reaching 20 of the 30 districts in the state of Karnataka and 2 districts in the state of Maharashtra. Chaitanya offers a variety of Group Based Credit Products in the form of JLG loans ranging form INR 5,000 to 35,000 and Business and Housing JLG loans from 35,000 to 60,000.  Individual Loans for 2 Wheelers, Housing and Small business loans varying from 100,000 INR to 500,000 INR. Read more

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ThitsaWorks begins Mifos training in Myanmar

The following is a guest post from May Thu Myint, Communications Officer of ThitsaWorks, Inc.

On January 26th, ThitsaWorks began a 2-day Mifos training session for 2 local MFIs. The training was conducted by the team at Conflux Technologies from India. The attendees were taken step-by-step through Mifos’ core functions and capabilities.
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Day 1 covered client management, products and organization management. Day 2 focused on all aspects of accounting.
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Many MFIs in Myanmar still rely on software such as Excel to manage their portfolios, due to lack of funds or lack software and technical support. Some do not use computers at all, relying on paperwork instead.
Win Htet Maung Maung, the managing director of Unique Quality Microfinance, attended the training with some of his senior staff members. Founded in 2013, Unique Quality provides microfinance loans in 6 different townships in Yangon and currently has over 10,000 active clients.

“Now that we have the infrastructure to support technology like this, I have very high hopes for the microfinance sector in Myanmar.” he said. “A system like this will be good not just for MFIs, but also for clients and the quality service we can provide to them. Approval processes will become less time consuming, meaning clients can get loans faster.”266079_30376af55ff247b88f0d1c842812457f-mv2_d_3264_2448_s_4_2

Who we are: ThitsaWorks provides financial technology solutions for microfinance institutions in Myanmar. As Mifos’ first ever partner in Myanmar, ThitsaWorks is dedicated to making basic financial services available to all and empowering people to rise out of poverty and that technology is a key tool in making this happen. With Mifos X, we can help MFIs in Myanmar grow and reach out to the unbanked population. We believe that financial inclusion can put an end to poverty.

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Quito Chapter launches first Mifos Chapter in Latin America

Quito Chapter, first meeting.

Last Tuesday, a group of ten people, from different backgrounds, gathered around to have the first meeting of the Quito Chapter, the first Mifos chapter in Latin America. Mifos Chapters are volunteer-led groups to bring together users, partners, and innovators right within their local communities to share ideas, collaborate, and build a flourishing ecosystem. Fill out our Chapter Startup Form if you’d like to launch a chapter in your city. img_5380

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Mifos at the Aciamericas Summit in Uruguay

The Aciamericas event started Tuesday morning. It was powerful to see the gathering of 1200 people from the cooperatives and credit unions sector.

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The day began with an opening ceremony in which Ramón Imperial Zuñiga, Aciamericas president, shared his objectives and points of view on which the cooperative movement should move forward in the next years; the Sustainable Development Goals are at the foundation of the Aciamericas program.

Mifos had its own booth there. The Latam team, along with Argentinian technological partner Flexibility+Ideas, had the chance to spread the Mifos word, explaining what our community is, networking and sharing experiences. Our booth featured the captivating message: “The system banks envy, free in your co-op”

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In the afternoon, we continued the Latam Partners Summit, in which our Community Director, Edward Cable, did a workshop about the community, resources and showcases.

The partners were very interested in this topics, but most especially the showcases with lots of questions coming up and the assurance of some grand new opportunities will come in the future.

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Mifos Latam Partner Summit, First Edition @Montevideo

Throughout this week, Montevideo will host two major events regarding financial inclusion.

The first one is the Latam Cooperatives Summit, organized by Aciamericas: The International Cooperative Alliance, an independent non-governmental organization that brings together, represents and serves cooperative organizations around the world. Mifos is sponsoring the event but we’ll speak to more of that tomorrow.

The second major event is the First-ever Mifos Latam Partner Summit. For the first time, all technological partners from Latam are gathering in the same place for a time to learn and engage more with our Community, and to discuss and share experiences about themselves and their own projects.

Mifos, Flexibility, iOU FinTech, and Jala Group - attendees of Mifos Latam Partner Summit Read more

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ThitsaWorks Takes Mifos to Myanmar

The following is a guest post from May Thu Myint, Communications Officer of ThitsaWorks, Inc.

Hello Mifos community!

We’d like to take this moment to introduce ourselves. We are ThitsaWorks, the first Mifos partner to be based in Myanmar. We are delighted to be a part of this great community. We’d like to take this moment to tell you about what we’ve been up to lately.

October was a busy month for ThitsaWorks as we began meeting with various organizations to begin formally introducing ourselves to the MFI community here.

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Embracing Electronic Money with the Central Bank of Ecuador

Between the 10th and 15th October, our Latam Team was in Ecuador where many things happened.

Quito’s Chapter is taking form and is preparing to host its first meeting. Ma. Luisa Martínez, our Account Manager for Latin America, worked on this throughout the week with Jorge Moncayo, Central Bank of Ecuador’s Financial Inclusion Director and Chairman of Quito’s Chapter.

They started to set the objectives and mission of the Chapter itself and also invited some potential members.

This Chapter not only will develop and discuss about our platform, but it will be a Social Innovation and Technology Hub, where fintechs, developers, innovators, Academia, and subject matter experts can have a seat at the table to discuss, share experiences, work on solutions, and create papers and case studies about Financial Inclusion, Social Innovation and Technology.

Our Strategic Initiatives Director for Latin America, Javier Borkenztain, was a speaker at the International Seminar “Central Bank challenges in the XXI century” hosted and organized by the Central Bank of Ecuador.

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