Organization connected to mobile money network.

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Partner Spotlight – Flexibility

This regular blog series will shine the light on some of our top Partners. Not only do we want to recognize them for their accomplishments, we want others to learn from the approach they’ve taken to promote and implement Mifos.

Mifos Partners are one of the most crucial links in our community – they are the driving force that is promoting and supporting Mifos worldwide.  Aside from championing our product and bringing the Mifos technology to new markets, they act as the fundamental bridge feeding in MFI requirements to be developed by the community. Partners don’t stop there as many are also developing and localizing the product to fit their local market.  For all these reasons, we focus our full energy on making Partners successful – they are the primary channel to market, the eyes and ears on the ground, and the entrepreneurial force that will help us sustainably scale. We’d love to recognize your partner organization in this monthly spotlight so please reach out if you’d like to be featured.

Flexibility was one of our first Mifos partners in Latin America. They have championed Mifos all throughout South and Central America. They have been an active part of our online and local community, speaking at regional events and participating at our first Latam Partner Summit. We look forward to working with them and their highly professional team as they take on new opportunities throughout the region.

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Partner Spotlight – Singo Africa

This regular blog series will shine the light on some of our top Partners. Not only do we want to recognize them for their accomplishments, we want others to learn from the approach they’ve taken to promote and implement Mifos.

Mifos Partners are one of the most crucial links in our community – they are the driving force that is promoting and supporting Mifos worldwide.  Aside from championing our product and bringing the Mifos technology to new markets, they act as the fundamental bridge feeding in MFI requirements to be developed by the community. Partners don’t stop there as many are also developing and localizing the product to fit their local market.  For all these reasons, we focus our full energy on making Partners successful – they are the primary channel to market, the eyes and ears on the ground, and the entrepreneurial force that will help us sustainably scale. We’d love to recognize your partner organization in this monthly spotlight so please reach out if you’d like to be featured.

Singo Africa Limited has been a Mifos partner since August of 2015, bringing their experience deploying IT solutions in the banking and manufacturing industries to the microfinance and SACCO sector. In that time, they’ve quickly made Mifos a recognizable name in Tanzania, promoting the system to more than 70% of the market. They were recently certified by the Registrar of Cooperatives as a Certified Service Provider to the Cooperative Societies with Mifos as the audited solution.

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2016 Google Summer of Code Wrap-Up

Google Summer of Code has come and gone in a flash…of brilliance that is. It seems like it was only yesterday that we were flooded with applicants for GSOC – now that we’ve concluded, our seven interns did not disappoint in their contributions throughout the summer. This marked our fifth year as a mentoring organization and each year GSOC continues to unite and grow our community in different ways. Once again, we received incredibly valuable contributions to our Mifos X web and mobile clients this summer; most importantly we have cultivated numerous passionate contributors that will be a part of our community long into the future. This year’s program also taught us many valuable lessons of how we can improve our communications and collaboration to realize the full potential of each of our interns.

imag7587Before we recap the new features that the community will soon be able to benefit from, a round of thank you’s:

  • Thank You to our GSOC Interns – persistence, patience, and passion were all critical factors needed along with your programming skills to help you succeed in navigating the complex FinTech domain. You have used cutting edge technologies to develop valuable innovation to help move millions out of poverty
  • Thank You to our Mentors – thanks to Nayan, Ashok, Pranjal, Antony, Ayuk, Ishan and Gaurav – you are the lifeblood of GSOC – your tireless commitment, your wise advice and your visionary insight have helped shape this next generation of open source contributors. We welcomed five new mentors this year including 2 of our former GSOC participants – Ishan and Gaurav.
  • Thank You to Google Open Source Programs – thanks to Stephanie, Cat, Joshua, Mary, and the entire team. Year after year, you continue to make the program more effective including the rollout of a brand new program website this year. We appreciate the attention and commitment you give to the hundreds of orgs and thousands of students you impact in so many ways.

Here’s a brief recap on what the interns worked on over the summer followed by a closing interview on their experiences over the summer.

Want to see all of the brand new features and innovation in action? Register and attend our GSOC Demo Day for a showcase of all their work via GoToTraining. GSOC Demo Day is Thursday September 15 at 1400GMT.

 

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Luisa’s Extended Stay in Ecuador


After the Mifos Innovation Team finished their week in Ecuador, Luisa had the opportunity to stay in Pindal to hold a couple more meetings. Pindal is a small town in Ecuador that borders Peru. Even though it is composed of just 6000 people, it produces 90% of the corn in Ecuador. Luisa was joined by the Assistant Director of Banco Desarrollo, Juan Carlos Aguirre, to experience first-hand the effect that the Electronic Money system wo20160719_125711uld have on these rural areas.

Luisa and Juan first met with Pablo Saritama, the manager of Banco Desarrollo in Pindal. They discussed the various types of loans that would be implemented using Mifos, similar to the conversation that the team had at the Banco Desarrollo headquarters.

After the meeting with Banco Desarrollo, Luisa and Juan then met with the Corn Producers Association. They were able to answer questions and gain valuable insight from the corn producers regarding what kind of loans were needed and which loans work best. Luisa and Juan were able to explain Mifos and the Electronic Money System and everyone there seemed excited and willing to embrace this new system.

Signing off,

Jacob Kobzi, Business Development Intern

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Friday in Ecuador

Friday, July 15th, 2016

IMG_0332After a week of work, the Mifos Innovation team has seen it’s last day in Ecuador.

The team met with the Dinero Electronico team in order to discuss regulations. Dinero Electronico saw eye-to-eye on the prospect of providing nano loans as a financial service. They also directed us to the right people to talk to next.

That was the last meeting for the team’s week in Ecuador. The Mifos Initiative is extremely excited for what the future holds and we are looking forward to making the vision of Financial Inclusion 2.0 a reality.

-Jacob Kobzi, Business Development Intern

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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

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Summiting the Silicon Mountain in Cameroon

ayukThis a guest post from Ayuk Etta Akum, the CEO and Founder of Skylabase which is an IT Company in Cameroon, Africa that provides technologies for financial inclusion.

A year ago, I discovered financial inclusion, the movement to end poverty in the world. Then I decided to build my company on this movement. The beauty of financial inclusion is the ability to make a very large change in the world in a very critical sector with the least technology possible. For us to embark on this journey we needed years of experience from experts and key players in this movement and we discovered this in the Mifos Initiative, a key player in the world today for the financial inclusion movement. They opened to us a door of experience to meet people with over 50 years experience in the credit union movement, finance experts, banking experts, and a complete banking engine to start from.

The hard part was for us to be open and join the movement by seriously engaging in the community, and from this came Smartfinance which is a centralized and extendable banking platform for credit unions, microfinance institutions, and banks. Our goal and vision of smartfinance is for it to be the microfinance platform for Cameroon and CEMAC region of Africa and ultimately move across Africa. Our partnership with the Mifos Initiative helped us to come out with a platform that will be the future of finance management in Cameroon and the CEMAC region in Africa. We are integrating into this platform mobile money, money transfer, USSD connectors, all the features to make Smartfinance a full-fledged banking platform while giving back to the Mifos Initiative community. 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. 

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Meet the 2016 Google Summer of Code Class of Interns

Google Summer of Codegsoc2016-sun-373x373 2016 is officially underway. GSOC is now in its 12th year and we’re proud to be participating in GSOC once again for the third time as the Mifos Initiative and the fifth year overall. This year was our most selective year ever with an acceptance rate of 6.08%. We received 115 proposals and had to choose amongst many exceptional candidates to allocate our seven slots. Selecting our top candidates that balanced with the highest priority needs of our community was a difficult process but we’re delighted to be working with a stellar team of interns from three continents who will be working on mobile apps, our community app, and new modules and integrations.

On the mobile front, Vishwajeet will be building out our first client-facing app – an Android self-service banking app. Rajan will be evolving our Android field operations app to Version 3.0. Our community app won’t be recognizable after this summer with Duplex working on refactoring and re-skinning it, Mohit adding in browser-based offline access and Adhyan adding in actionable notifications and status alerts. On top of the Fineract platform, Daniel will be adding in a module for mobile money integration and Nikhil working on credit bureau integration.

Given we had to be so selective and turn away so many candidates who had impressive applications and meaningful contributions, we’re pushing to run our own Mifos Summer of Code in parallel. We are launching a crowdfunding campaign to raise money to provide stipends to the students we couldn’t choose but have high-priority projects along with seasoned mentors ready to guide them. Stay tuned for more on Mifos Summer of Code.

Our Google Summer of Code students started their first day of coding on Monday so please welcome them and send a word of encouragement to our mailing lists. As we do each year, here’s a brief intro on each of our interns and stay tuned for a follow-up post with some fun facts on each of them.

 

Duplex Kamdjou – Cameroon

  • Refactor & Re-Skin AngularJS Community App
  • Mentor: Pranjal Goswami & Gaurav Saini
Mohit Bajoria – India

Adhyan Srivastava – India

  • Actionable Notifications & Status Alerts
  • Mentor: Gaurav Saini & Pranjal Goswami
Vishwajeet Srivastava – India

  • Mifos Self-Service Android App
  • Mentor: Ishan Khanna & Swapnil
Rajan Maurya – India

  • Mifos Android Field Operations App Version 3.0
  • Mentor: Ishan Khanna and Satya Naryan
Daniel Carlson – Cameroon 

Nikhil Pawar – USA

  • Credit Bureau Integration
  • Mentor: Nayan Ambali and Ashok Auty

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Accion Assesses Musoni App

Powered by Mifos, Musoni Receives High Praise

Musoni Systems worked closely with Accion’s Channels and Technology group on a comprehensive impact assessment of the Musoni App.  The app is designed to improve loan officer efficiency by digitalising the client registration, group registration and loan application processes. The app works in online and offline mode, and can also be used to view reports or to carry out PPI surveys. So far the app has been used to register over 40,000 clients and a similar number of loans.

While the app has always received positive feedback from end users, this was the first rigorous study into the impact the app has had on loan officer performance, branch cost savings and improved client experiences. We’re pleased to say that on all three of these, the app has proved itself an unqualified success.

Key findings of the case study were:

  1. Business Case: Digitalising operations resulted in the MFI realising an increase in income of $86,620 in the first year. As a result of this, launching the Musoni App resulted in a postive ROI in under 12 months
  2. Improved efficiency: Using the Musoni App increased the case load per loan officer by 68% while simultaneously reducing turnaround time (TAT) from 72 hours to 6 hours
  3. Cost Savings: The MFI realised cost savings of $27,246 in the first year of launching the app, achieved by promoting data entry staff into other roles and reduced stationary/printing costs
  4. Improved client experiences: Faster loan disbursements, no need to provide photos or ID photocopies and reduced potential for fraud all resulted in overwhelmingly positive feedback from clients
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Musoni Field Officer Registers Client

The Musoni App is provided as standard to any MFI licensing the Musoni System, alongside the mobile money integration, SMS module and system itself, providing a one-stop shop to any MFI looking to benefit from the latest technology.

On average, the five main branches recorded a 68 percent increase in loan officer caseload from January 2013 (pre-DFA) to December 2014 (one year after full rollout).”

Please click on this link, or the button below if you’d like to download the full Accion Case Study into the Musoni App. You can also learn more on the Accion CFI blog where they explain some of the benefits they’ve seen in other MFIs using tablets in the field.

To learn more about Musoni – visit their website.  See the impact these innovating people are making with their app built on top of the Mifos X platform.  As of this writing, Musoni serves more than 150,000 clients in 38 Financial Institutions in 9 Countries.  This count grows every day.  Impactful.

Congratulations on a job well done.