This past week we had the honor of being one of the more than sixty organizations participating in Financial Inclusion Week, a week of global conversation convened by the Center for Financial Inclusion on the most important steps to advance financial inclusion.
The Mifos Initiative hosted a webinar on November 3 titled Fueling Open Innovation on top of the Digital Rails. We were able to share our story as an open source pioneer and the stories of our innovators with more than 50 attendees, leaving them with tangible ways for them to innovate on top of our open source platforms.
As financial inclusion and the banking sector at large now just start to move towards “open banking,” we wanted to chronicle the journey we’ve been on the past decade as a pioneer of open source platforms for microfinance, financial inclusion, and now digital financial services. The most impactful way to tell this story was to put our ecosystem on center stage. From fintech startups to financial institutions serving millions, our vibrant partner ecosystem has been able to focus on customer-facing innovation by building apps and not banking infrastructure. To make these lessons actionable and guide financial inclusion providers, banks, and fintech companies on their own journey to open innovation, we showcased our suite of mobile and web apps on top of our platform along with our forthcoming Generation 3 architecture Mifos I/O, soon to be released as Apache Fineract CN.
The most lasting takeway from the event was the chance to hear firsthand from our community on how they were able to use Mifos X and the Apache Fineract platform to dramatically accelerate the rollout of innovative digital financial services. Both Fiinlab of Gentera and RuPie were able to leverage a common technology platform and an open transparent community to focus on unique innovation for their customers.