Announcing Mifos X 16.01: Loan Rescheduling, Loan Loss Provisioning, Floating Interest Rates, Variable Installments & Self-Service APIs

We’re delighted to formally announce the new functionality that’s been made available in Mifos X over the past several release cycles culminating in the Mifos 16.01 release shipped on January 12, 2016. We’ve added major new features which expand the breadth of our loan product offerings, improve risk management and monitoring of your portfolio, and enable your clients to take control of their financial services through self-service channels.

Read on below for a glimpse into the major new features including:

  • Loan Rescheduling
  • Loan Loss Provisioning
  • Floating interest rate loans
  • Variable Installment Loans
  • Self-Service APIs
  • OAuth/HTTPs toggling

In case you missed our 2016 Roadmap Webinar, check it out to learn more about what’s scheduled for development in 2016. For few details on the all the bugs and enhancements from this and the 15.12 releases, view the release notes.

Many thanks go out to all the contributors who made this release possible – especially our core team, partners like Musoni Services, as well as a number of new features that were worked on by volunteers in the community.
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Announcing Mifos X 15.03: Mandatory Savings, Individual Collection Sheets, OAuth 2 Support, Context-Sensitive Help

On April 06, 2015 we shipped our first major release for 2015, Mifos X 15.03. With the release, we’ve adopted the new release numbering framework identified by the year-month of the date of the scheduled release. Mifos X 15.03 contained a great deal of new technical and security enhancements, functional improvements to the loans and accounting module, as well as some improved usability. OAuth 2 Support as well as stricter password configuration policies will provide more robust authentication mechanisms. Bulk Collection Sheet Entry for Individual Loans as well as Mandatory Savings accounts are not supported. The loans module now allows for fixed loan product parameters, configurable working days, multiple options for interest calculation on pre-closure, greater flexibility during the approval and disbursal process for multi-tranche loans, and improved rounding off rules for EMI repayments. For the accounting module, one can now migrate opening balances as well as configure fees to be mapped to liability accounts. Last but not least, Mifos X 15.03 now has a significant amount of context-sensitive help including tooltips and dynamic help menu links.  Please view the Mifos X 15.03 release notes for full details.

UPDATE: On May 18, 2015, we shipped the first service pack or hotfix release, Mifos 15.03.1. This released contained new functionality such as a loan products that support a compounding period that is independent from the rest frequency period, improved filtering and searchability on client/groups/center listings, and nearly three dozen bug fixes and UI enhancements. Please view the Mifos X 15.03.1 release notes for full details.

Many thanks go out to all the contributors who made this release possible – especially our core team, partners like Conflux Technologies and Musoni Services, as well as a number of new features that were worked on the high school students who participated in our Google Code-In projects.

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Announcing Mifos X 1.26: Improved Guarantor Management, Teller Cash Management, Configurable Account Prefixes and more

Just in time for the new year, we shipped the latest release, Mifos X 1.26.0, on December 23 which provides a range of new functionalities across our suite of lending and savings products as well as a number of usability enhancements and bug fixes. Major new features include support for capturing guarantee requirements for loans and blocking/holding funds on guarantor accounts, a beta version of our teller cash management module, new statuses for client life cycle, the ability to map liability accounts to fees, ability to update deposit amounts for active recurring deposits, support for capture client images from a linked webcam, and functionality to configure account prefixes on client, loan and savings accounts. With the range of bug fixes and UI enhancements, there are more than 75 tickets fixed in this release. Download Mifos X 1.26 now or request a trial instance to try it out for your organization. Read more

You Asked, We’ve Listened

One of the big challenges after Mifos X is installed and configured is how to train the end user. Thanks to an energetic group of volunteers, we have a great start to a four-part end-user deployment tool kit to help solve this challenge.

Like everything else we do, the end-user tool kit is open source. There is a set of operational policies that will help the financial institution implement best business practice right at the start of using Mifos X. The policy samples are located on the wiki pages – https://mifosforge.jira.com/wiki/display/docs/Operational+Policy+Samples+for+Financial+Institutions and can be downloaded and customized for each organization.

The next part of the tool kit is a set of operational procedures. This documentation is intended for the end user and will walk an employee through the organization’s steps for customer service from greeting the customer, accepting an application, keying in the appropriate information in Mifos X and closing out at the end of the day. All of these are available for download so that they can be customized for the financial institution. https://mifosforge.jira.com/wiki/display/docs/Create+Savings+Account

To accompany the operational procedures, we have uploaded sample forms that the organization may require. Like all pieces of the tool kit, these forms can be downloaded and customized for quick implementation. The forms include Loan Application, Membership Application, Loan Guarantee Agreement, Adverse Action, Cash Balancing and more.   https://mifosforge.jira.com/wiki/display/docs/Operational+Sample+Forms+for+the+Financial+Institution

And finally, our Google Code-In 2014 participants have been doing a great job creating a set of training slides that can be used by deployment partners and financial institution training staff to get end users up to speed in using Mifos X in their daily work. https://mifosforge.jira.com/wiki/display/docs/Training+Slides

The Operational Tool Kit is 95% complete at this reading. All pieces will be in place by the end of this year. The Mifos Initiative is a thought leader for technology-enabled financial inclusion. We are committed to achieving our mission by delivering accessible technology designed to service the Base of the Pyramid by providing tools and best practices for responsible financial inclusion and endorsing standards for openness and transparency. The Mifos Initiative provides the only open source core banking system and, It is the only organization that builds a suite of support around this system.

To learn more about our Operational Tool Kit or to offer suggestions to improve it, contact Dayna Harp, Director of Strategic Initiatives. She will coordinate your questions and suggestions to make sure we provide the best tools for financial inclusion.

Announcing Mifos X 1.25: WebHooks, Accrual Accounting, Declining Balance with Interest Recalculation

The core team and community have been hard at work at continuing to broaden the functionality of Mifos X and make the platform more extensible for our ecosystem of partners. This release delivers on some must-have financial and accounting features with support for perodic accrual accounting with point-in-time accruals, true declining balance with interest recalculation with support for configurable rest periods and compounding settings, the ability to pre-pay loans, bulk JLG loan applications, and a whole range of usability enhancements.  On the architectural side, we’ve built out a WebHooks framework with a proof-of-concept Twilio SMS integration, shipped our Batch APIs for improved performance, and an Executable WAR for quick installation of Mifos X. Download Mifos X 1.25 now or request a trial instance to try it out for your organization. Read more

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Corent Delivers Mifos X as “SaaS in a Box”

Corent recently announced that Mifos X is now available on their SurPaaS platform which will allow Mifos partners to easily deploy and operate localized versions of the Mifos X Platform “as a service” and efficiently support large numbers of local and regional financial institutions. 

Corent will be hosting a webinar on July 2 at 1400 GMT via GoToTraining to showcase Mifos X on the SurPaaS platform.  Read more

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mLite – First Community-Built App on the Mifos X Platform

During our previous user meetup on June 27, Cameron and Sander from Musoni BV demonstrated mLite, the first application built by a community member on top of the Mifos X platform.

Having launched the world’s first “cashless” microfinance institution at Musoni Kenya, they were looking to scale and replicate that innovative process model worldwide. Having chosen the Mifos X platform as the foundation for their MIS, they built a front-end PHP-based web interface with dashboards, custom reporting, a custom user interfaced and carefully streamlined workflows.  It’s been a pleasure to work with the team at Musoni; as winners of the Global Microfinance Achievement Award for Most Innovative Use of Technology in 2011, their input and contributiosn will help push the horizon of innovation on Mifos X.

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COSM ships Mifos X Platform 1.0

Mifos X Platform 1.0 is the first official release of the completely re-architected and re-written codebase that the Community for Open Source Microfinance has been working on since the transition of Mifos from the Grameen Foundation. As the next generation of the Mifos software, we are building off of everything we learned as the industry’s first web-based and open source software. We’re pleased to release the first open source platform for technology-enabled financial inclusion.

The Mifos X Platform is at the forefront of COSM’s strategy to scale Mifos through a community-driven development model and a network of local Specialists all contributing to a global cycle of innovation.

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Mifos 2.6 (Esha K) is Live

As we close out 2012 and bring in 2013, we are excited to roll out the final major release on top of the Mifos 2.x codebase.  With its fourth major release, SolDevelo has wrapped up Esha K, our Mifos 2.6 release. The theme of Mifos 2.6 was to fill any major outstanding gaps and make Mifos 2.6 be the most polished and well-rounded application for group lending before we transition development to our lighter, more flexible, next-generation platform Mifos X. Major new functionalities include support for daily loans and savings accounts, the ability to upload and attach files to loans and clients, a user interface for modifying the chart of the accounts, a dashboard of key business metrics on the homepage, and enhancements to importing data in Mifos.

Apart from these many new features, more than 45 bugs were also fixed by the SolDevelo team.  We will also soon be shipping as separate releases enhancements to accounting and reporting – Hugo Technologies has completed a range of enhancements to the Mifos-ACC accounting module and Conflux Technologies will be delivering a few additional standard reports to our Business Intelligence Suite. Please join us in thanking Lukasz C, Natalia, Kasia, Kamil, Wojciech, Pawel, Grzegorz, Marcin, Jakub P, Jakub W, Lukasz W and the rest of the SolDevelo team who led the development of these new features and helped to review incoming contributions.

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Announcing the Esha K Release

Development is underway on the final major functional release on the Mifos 2.0 codebase. Since this will be the last feature development before before we transition development over to Mifos X, we wanted this to be a big release that closes many existing gaps. This is definitely the case as we’re tackling a number of areas across the product.

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