Edward Cable

Digital Public Good Alliance Launches Five Year Strategy

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The Digital Public Goods Alliance (DGPA) is launching its flagship 5 year strategy that guides not only the Alliance itself, but lays the groundwork for collaboration with  governments, industry, the UN, civil society, and more. The DPGA is a globally distributed, multi-stakeholder alliance working to accelerate the attainment of the sustainable development goals in low- and middle-income countries by facilitating the discovery, development, use of, and investment in digital public goods.

“DPGs represent an unprecedented opportunity to fundamentally alter power balances and knowledge asymmetries by enabling countries to access cutting edge features by default, drive their own digital transformation processes, and grow their local ecosystems to derive value.”

Liv Marte Nordhaug from the Norwegian Agency for International Development Cooperation and Lucy Harris from UNICEF’s Office of Innovation, co-leads of  the DPGA Secretariat, the Alliance’s central coordinating body, have penned a blog post sharing their vision for the DPGA and will be launching this during a Zoom webinar on June 29 at 830am EDT.

This past December we announced that Mifos and Fineract had been recognized as Highlighted Digital Public Goods as part of the Financial Inclusion Community of Practice. Throughout the course of 2021, we’ve had the honor of participating in monthly roundtables with the other DPGs and are pleased to have Mifos and Fineract included in the Financial Inclusion DPGs Digital Public Infrastructures Final Report that is also being formally published at this event.

Since our origins nearly two decades ago, Mifos has been a pioneer in a humanitarian free and open source software. We’ve been honored to a be a part of the Digital Public Goods Alliance and the tremendous work it’s doing to define digital public goods, align development sector focus around them, cultivate the ecosystem for them to flourish, and catalyze new innovation by leveraging them as foundational infrastructure. 

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Matthew Marzano

Meet the 2021 Google Summer of Code Interns for Apache Fineract

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After the long and difficult year that 2020 provided us with, we are excited to announce some positive news as we are kicking off our 2021 Google Summer of Code! Our community is grateful to be participating in this exceptional 18 year old program for the 10th year. This year, we will have a class of 5 extraordinary interns participating in GSOC as a sub-organization under the umbrella of the Apache Software Foundation. The Mifos Initiative looks forward to participating in GSOC directly in 2022. Although our class is smaller than previous years, the talent and knowledge they provide is unmatched. These 5 GSOC interns will be focusing their time and efforts on Fineract and Fineract CN.

This year is a little bit different since we have a smaller group of interns and a new streamlined version of GSOC that Google is testing out, but don’t let that fool you on the amount of quality work they can get done. Working with a smaller intern class will allow us to work closer with the interns, and provide them with a greater deal of attention and feedback. That being said, we are beyond excited to see the improvements they will be making this summer that we can incorporate within our own work here at the Mifos Initiative. This year, we will have two interns working on our mobile apps for Fineract CN – Fineract CN Mobile and Mobile Wallet for Fineract CN, one intern working on our machine learning credit scorecard, one intern working on the Android SDK for Fineract 1.x, and one intern working on the Fineract backlog and collateral management module.

First, we will have 2 steller interns working to improve different aspects of some of the mobile apps. Varun Jain will be working on functional enhancements to the Fineract CN Mobile app. Specifics on the project include integrating the Payment Hub to enable the disbursement, making use of the GSMA Mobile Money API, adding a task management feature to the app, implementing UI and functionality for creating new accounts and tellers and displaying those detail, improving the offline functionality of the application via Couchbase database support, and improving the GIS features in the app such as location tracking. Varun will be supported in his efforts by his mentors, Ahmad Jawid Muhammadi and Rajan Maurya. Our other mobile app intern for Fineract CN, Kinar Sharma, will be building out a version of the mobile wallet that natively connects to Fineract CN. With support from his mobile development mentors, Devansh Aggarwal, Garvit Agarwal, and Shivansh Tiwari, he’ll be working with the Fintecheando team who will be adding additional APIs in Fineract CN to provide secure self-service operations that can be directly consumed by the new mobile wallet app.

Our next intern, Danish Jamal, will be working on the Android SDK and Fineract Client Project under the mentorship of  Chinmay Kulkarni and Shashank Priyadarshi. The project focuses on simplifying and automating the post processes of SDK generation, such as adding moustache templates to configure the code and add the missing utils and service files automatically. Some plans Danish has for the project include updating the client SDK release using Fineract 1.5.0, improving documentation of the SDK, and then integrating the SDK in the Mifos android-client application.

For our Machine Learning and Credit Scorecard project, we will have our impressive intern, Yemdjih Nasser, focusing his time and efforts improving the credit score system from the previous years. During  the summer, Nasser will be refactoring and patching work from previous years, productionizing the scorecard module, integrating the scorecard in Fineract 1.x/Mifos, implementing credit risk scoring with H20.ai, and then documenting the scorecard service. Nasser will be helped this summer by a team of mentors including Lalit Mohan, Aaashish Sawhney, Abhijit Ramesh, Jeremy Engelbrecht and Rahul Goel. 

Our last phenomenal intern, Benura Abeywardena, will be working on a number of tasks related to making Fineract more performant and robust by tackling issues in the Fineract backlog.  He has already been churning out fixes for a number of functionalities across the loan, client and accounting module but will dedicated most of his project around the long-awaited collateral management module. Benura will be working under the mentorship of Bharath Gowda and Chaitanya Nuthalapati on the functional side and Manthan Surkar and Sanyam Goel on technical side.

Read on for a brief professional intro for each intern and their project and stay tuned for our second round of posts introducing some fun facts about each intern. Feel free to find them on the lists or Gitter and welcome them to the community. Throughout the summer, we’ll have showcases of their work during the community meetings. 

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Edward Cable

Mifos Participates in ISO 20022 Hackathon for Cross-Border Payments

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This past week, we had the pleasure of participating in the ISO 20022 Hackathon for Cross-Border Payments hosted by the BIS Innovation Hub & Swift. Thanks to Istvan Molnar and the team from DPC along with Godfrey Kutumela for their participation. 

While our submission, Enabling Last-Mile Cross-Border Payments through Mojaloop and Mifos Payment Hub, wasn’t selected as a winner, pulling it together helped us further crystallize our positioning and long-term vision for how our end to end open source stack with open APIs at the infrastructure and application layers can fuel vibrant digital economies. Our articulation showed how far our Payment Hub EE and our integration with Mojaloop has come since we embarked on the initial project led by DIAL. 

At the heart of our solution for the hackathon was our open source Payment Hub EE which provides the bridge and orchestration engine which transforms messages from the ISO 20022 standard to the Mojaloop format, providing an API-driven architecture that can use ISO 20022 protocols in collaboration with mobile money for last-mile delivery of payments.  

 

Our demonstration showcased a remittance flow from a Payer on a SEPA Instant network into the Payee at a bank in Africa that participates in both networks. From there, using the rich data of ISO 20022 standard and the interoperability of the Mojaloop API, one can envision advanced use cases like for-purpose remittances, merchant, biller and MFI requests to pay, and bulk G2P payments with recourse and confirmation to the beneficiary. 

 

Our congratulations go out to the Mojaloop team that was one of the three winners of the hackathon. We’re eager to see how this recognition of Mojaloop can help accelerate their efforts to harmonize the Mojaloop API protocols with the data-rich ISO 20022 messaging standards. 

Payment Hub EE is under active development and we look forward to adoption and contribution across the Mifos, Mojaloop and ISO 20022 communities. There is great potential in building upon this open stack and utilizing these globally adopted APIs and standards. With Mifos, Fineract, Mojaloop, and OpenG2P all recognized by the Digital Public Goods Alliance as foundational digital public goods for the Financial Inclusion Community of Practice, we’re eager to identify organizations that would like to be a part of a reference implementation of these building blocks. 

Edward Cable

Mifos 2020 Year in Review

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Take a look at back at some highlights from 2020 as we positioned Mifos and Fineract as foundational digital public goods, providing open building blocks to help rapidly mobilize accounts and payments amidst the response to COVID-19.

Edward Cable

Mifos and Fineract selected as UN Digital Public Goods

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The Mifos and Fineract communities are honored to have Mifos and Fineract be nominated and selected as Digital Public Goods by the UN-supported Digital Public Goods Alliance (DPGA). Additionally, both Mifos and Fineract along with OpenG2P, Mojaloop, and MOSIP were selected as part of the 7 key projects by the DPG Alliance’s Financial Inclusion Community of Practice (CoP) to help advance the Secretary General’s digital cooperation roadmap to achieve greater financial inclusion and meet the sustainable development goals by 2030.

The DPGA convenes expert Communities of Practice (CoPs) to support the discovery, assessment and advancement of digital public goods with high potential for addressing critical development needs in low- and middle-income countries. The Financial Inclusion CoP spent the last few months identifying and shortlisting technologies that, in a given country, can be used by a range of service providers and innovators. These technologies can be built on across sectors and have features that can allow countries to freely adopt and iterate them to meet local needs.

The DPGA along with a growing international consensus has recognized digitization of public financing as a key driver of financial inclusion at scale with government payments estimated at $220-$320 billion annually by the IMF. The COVID-19 pandemic has heightened this need to equip governments with the ability to rapidly provide accounts and disburse payments to weather the economic impact of the health crisis.

Mifos and Fineract have long aimed to provide a common set of open source building blocks for composable financial services and are happy to see the sector recognize the need to reduce duplicative efforts and formally identify and make discoverable a set of Digital Public Goods and enable collaboration and innovation around them.This critical recognition and endorsement of Mifos and Fineract as these foundational digital public goods will help us in advocating for the adoption and deployment of Mifos for G2P scenarios as countries across the globe stabilize and rebound from the pandemic.

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Edward Cable

Mifos and DSTI launch OpenG2P

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Cross-posted from the DSTI Blog on November 18, 2020: 

The UN-based Digital Public Goods Alliance adds OpenG2P as a digital public good in alignment with the Digital Public Goods Standard.   Bootstrapped by a dynamic group of innovators at the Directorate of Science, Technology and Innovation (DSTI), Government of Sierra Leone, “OpenG2P” emerged out of the 2014-2016 Sierra Leone Ebola Payments Program, and is developed as a set of open-source building blocks to help Governments worldwide digitize their social protection programs.

In today’s Covid-19 pandemic, accelerating cash transfers is the single most important response to getting assistance in the hands of frontline workers and vulnerable groups in a timely and transparent manner.  However, many governments across the world are hampered by limited interoperability within their nascent digital infrastructures such as identity, payment ecosystem, and social protection enrollment systems. OpenG2P creates a framework to digitize cash transfer programs through a set of open source, free to use, digital solutions that build on existing infrastructures to address country-specific gaps.

Dr. David Sengeh, Chief Innovation Officer of DSTI and one of the architects of OpenG2P said; “Mobilizing cash transfers and payment of beneficiaries through digital bank accounts and mobile wallets is not the singular magic potion that solves governments’ Covid-19-related social protection challenges. But it is a critical step to ensuring that the right people get the resources they need in a transparent way. This is why today we are proud to be recognized for our work within government and the entrepreneurial ecosystem.”

The ultimate goal of OpenG2P is to provide a seamless solution that helps governments increase the efficacy of their economic relief, maximize choice for their citizens, and improve financial inclusion while protecting their right to data privacy and informed consent.

“These complexities around implementation will be solved by building a collaborative cross-sectoral ecosystem that can continually verify, enroll and pay with improved transparency, accountability, and choice for citizens,” said Mr Salton Massally who is the technical lead and architect of OpenG2P.

OpenG2P is also selected as one of the 7 key projects along with MojaLoop, Mifos, and MOSIP by the Alliance’s Financial Inclusion Community of Practice to help advance the Secretary General’s digital cooperation roadmap to achieve greater financial inclusion and meet the sustainable development goals by 2030. As such, Paul Maritz, a seasoned early stage open source investor, will provide catalytic co-funding for the reference implementation of OpenG2P in Sierra Leone through the Digital Inclusion Foundation.

DSTI collaborated with key partners Mifos, DIAL and iDT Labs on OpenG2P through voluntary non-financial contributions of James Dailey and Ed Cable of Mifos, Salton Massally and Keyzom Ngodup Massally as independent advisors.

 

 

Edward Cable

Mifos Recognized as 2020 Benzinga Fintech Listmaker for Best API

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Mifos, the global fintech thought leader and pioneer of innovative open source banking technology for consumer financial services, has been recognized as a 2020 Benzinga Global Fintech Listmaker for Best API.

The official Benzinga Fintech Listmakers comprises 250 carefully vetted and renowned companies and executives who are striving to revolutionize the fintech industry. From deeply established companies to the newest startups, this group is impacting sectors like payments, banking, investing, technology and financial literacy.

Mifos originated the concept of Open Source Banking through a core banking platform that is open source from the ground up with a full set of APIs to build from. As the DNA of financial services that can be expressed in many ways, Mifos and Apache Fineract provide a set of open source building blocks that can be composed into financial services of any form. Read more

Edward Cable

Roadmap for the Future of Fineract at ApacheCon @Home

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This month marks nearly five years since The Mifos Initiative began the process of donating the Mifos X software to the Apache Software Foundation leading to the formation of the top-level project, Apache Fineract. We’re proud to see how the community has continued to grow and evolve with the first ever Fineract track taking place at this year’s ApacheCon, which is going completely virtual this year as ApacheCon @Home.

Throughout this time the Mifos Initiative has continued to act as a thought leader for democratizing financial services while stewarding the ecosystem of companies developing solutions and contributing to the upstream development on Apache Fineract. Members of the Mifos team will be leading a number of talks and moderating several panels which will showcase this ecosystem and the roadmap we’re advancing to position Apache Fineract as both a foundational digital public good and disruptive open source core banking platform. 

ApacheCon @Home is completely virtual this year and will be held September 29 to October 2 from xyz to xyz. View the Fineract track agenda for details on each session and register for the conference, here: https://hopin.to/events/apachecon-home. During the three day Fineract track, spearheaded by Javier Borkenztain from Fiter, there will be a range of talks and panels highlighting the past, present, and future of Fineract.

 

James Dailey, the current chairman of the Mifos board and the visionary behind Apache Fineract which originally started out as MOAP, the microbanking architecture project nearly two decades ago, will moderate a panel looking at The Present of Fineract and will give a glimpse into the future by participating in a panel envisioning Fineract in 2030 and leading a talk on Open Source as a Counterweight to PlatFins.

 

Michael Vorburger, longtime Mifos and Fineract volunteer who recently joined the Mifos Initiative board, will share his efforts in catalyzing upstream development across the community during his Fineract: Reinvigorating Community Talk which has been made possible through the development infrastructure he built out and will showcase during his Running Fineract.dev like a Cloud Native SRE session. 

 

President/CEO of the Mifos Initiative, Edward Cable, will moderate a number of different panels which showcase the expertise of our ecosystem, the breadth of use cases for which they’ve deployed Fineract, and the roadmap of how Mifos will help to guide the ecosystem in evolving Fineract as an end to end open source architecture for composable financial services.

Apache Fineract, as a flexible and scalable account and wallet management platform is the critical foundation for enabling real-time payments adoption, fueling mobile innovation at both a consumer as well as delivery channel level, helping governments digitize large scale cash transfers, and leveraging the power of data science to deliver more impactful financial services. 

  • AI for All: Democratizing Data Science for Financial Inclusion
    • Jeremy Engelbrecht of Softidoc and Lalit Mohan of IDRBT will share with you the Mifos vision of AI for All – our roadmap for enabling widespread adoption of data science tools made evident by the innovations built by our community and ecosystem. 
  • Digital Field Applications: Exploring the Spectrum of Apps to Truly Reach the Last Mile 
    • Avik Ganguly of Fynarfin will present and showcase the wide range of mobility and field force enablement applications that can be powered by Fineract to support widespread operations in the field and branchless delivery channels. 
  • To Infinity and Beyond: Scaling Fineract for the Enterprise
    • Istvan Molnar of DPC Consulting, Victor Romero of Fintecheando and Avik Ganguly of Fynarfin will share how they achieved massive scalability of Fineract for institutions ranging from Fortune 500 banks to national government-led banks to leading fintech mobile wallet providers. 
  • OpenG2P: Open Source Building Blocks for Digitizing Large Scale Cash Transfers
    • Steve Conrad of DIAL and Keyzom and Salton Massally will introduce to the Fineract community, the OpenG2P framework, an emerging coalition and reference architecture of composable digital public goods for digitizing cash transfers. 
  • Real-Time Payments: Enabling a Connected, Cashless, and Inclusive Society
    • Godfrey Kutumela representing High Touch Consulting and the Mojaloop community along with Istvan Molnar of DPC Consulting will highlight the growing adoption of national real-time payment systems guided by standards like the Level One Principles and how the Fineract community can leverage the recently developed Payment Hub EE to accelerate connection to real-time payment systems like Mojaloop. 
  • Open Banking: a Revolutionary Democratizing Force for Financial Services Innovation
    • Our panel consisting of Matt Millar of Updraft from the UK, Victor Romero of Fintecheando in Mexico and Ali Hussein Kassim of Kipochi from Nairobi will give insight into the transformative innovation for consumers being enabled by Open Banking standards emerging around the globe.

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Edward Cable

Meet the 2020 Google Summer of Code and Outreachy Interns

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This past week we kicked off the 2020 Google Summer of Code. This year marks the 16th year for GSOC with Mifos participating for the 7th time independently and 9th year overall. As our stack of open source building blocks for financial services continues to grow, so does our class of interns – this year will be our largest class to date with 17 interns participating in GSOC through the Mifos Initiative along with three GSOC interns under the Apache Software Foundation working on Fineract and one Outreachy Intern for Mifos sponsored by DIAL to work on Apache Fineract. 

Working with an intern class of this size across all the projects and repositories between Mifos and Fineract will be a challenge that requires the effective participation of our community in helping to welcome these interns, provide feedback on their work, and to review and merge the contributions they are making. We are eager to incorporate the enhancements they’ll be making to our existing repositories and the new projects they will be starting but most importantly being able to pass the torch onto the next generation of our open source fintech force, who will become the future leaders of our community and fintech innovators blazing new trails. We will have eight interns working on our suite of mobile apps, five interns working on our web apps, four interns working on integration and new plugins/modules, and four interns working directly on Fineract 1.x. 

For our mobile apps, the primary focus areas will be integrating our customer-facing apps via Open Banking APIs and an API Gateway, enhancing functionality and user experience, deepening the integration with Payment Hub EE, along with rewriting apps into Kotlin to enable cross-platform development, and even abstracting out common code into an SDK and building a brand new app for third-party fintechs. Shashank Priyadarshi, will be working under the mentorship of Abhilash Gunasegaran and Saransh Sharma on our Android Client 7.0 while Ahmad Jawid Muhammadi will be working with support from Rajan Maurya on Fineract CN Mobile 4.0. Chinmay Kulkarni will also be working on our Android field operations apps by abstracting out common features into an SDK with support from Ishan Khanna. For our customer-facing apps, Shivangi Singh will be working on Mifos Mobile 5.0 under the mentorship of Sashank Mishra and Saksham Handu. Garvit Agarwal will be working on Mifos Mobile CN 3.0 with Abhijit Ramesh as his mentor. Ashwin Ramakrishnan will also be working on our customer-facing apps but converting them to Kotlin. Devansh Aggarwal will be working on our Mobile Wallet 4.0 with Shivansh Tiwari and Naman Dwivedi as his mentors. Ankur Sharma, a returning GSOC intern, will work on building brand new open banking fintech app with Naman, Rajan, and Istvan Molnar as his mentors. 

On the web front, we will aim to complete the rewrite of our web-app, build a more polished and streamlined reference UI for Fineract CN, enhance our online banking app, and build a configuration wizard and extend our Operations UI for Payment Hub EE. Two interns, Karan Takalkar and Muskan Khedia, working with Abhay Chawla and Jivjyot Singh, will be focused on completing the remaining 40% of our new web app in Angular and getting all the testing coverage in place to make sure it’s production-ready. Manish Kumar, another returning GSOC intern, will work under Ankit Ohja on our Online Banking App 4.0. Ashutosh Sharma will split his focus on two sub-projects, a self-guided configuration wizard on the new web-app with support from Bharath Gowda, and adding new screens and functionalities to the Operations UI for Payment Hub EE with support from Adam Saghy. Abhijeet Khangarot will be working on a brand new reference UI for Fineract CN focused on digital and challenger banks with support from Pranjal Goswami, Gaurav Saini, and Giorgio Zoppi. 

On integrations and additional modules for Fineract, we’ll continue to deepen our payments integration, explore more concepts in machine learning and build out more components for decisioning and origination. Subham Pramanik will be building out the Payment Hub EE connector for the GSMA Mobile Money API under the mentorship of Avik Ganguly and Rahul Goel. Finalizing our credit bureau integration module, will be Rahul Pawar, with mentors, Nikhil Pawar and Manoj VM, to guide him. Mehul Arora, will be completing our Machine Learning Credit Scorecards project under the guidance of Lalit Mohan. Yash Khare will be working with Nayan Ambali as his mentor on completing the Vision PPI project. 

We have a stellar class of GSOC interns from ASF and Outreachy working on some critical upgrades, enhancements, and testing improvements to Fineract 1.x to make core platform more stable and and production-ready to be a rock-solid upstream codebase for others to continue to innovate from.  Manthan Surkar will be tackling the expansive code refactoring across the platform along with completing Swagger API documentation and addressing issues in our backlog under the mentorship of long-time and returning mentor, Michael Vorburger. Yemdjih Kaze Nasser is surmounting the much-needed migration of our ORM from OpenJPA to Eclipselink with support from Awasum Yannick, Courage Angeh, and Sanyam Goel. Percy Ashu with the guidance of Awasum will be addressing vulnerability found in code scanning along with improving testing coverage of the platform. Natasha Narajan, part of the Outreachy program that we’re participating in with support from DIAL, is being mentored by Michael Vorburger and focusing on completing numerous tasks and issues from our backlog related to strengthening and hardening Fineract 1.x.

Read on for a brief professional intro for each intern and their project and stay tuned for our second round of posts introducing some fun facts about each intern. Feel free to find them on the lists or Gitter and welcome them to the community. Throughout the summer, we’ll have showcases of their work during the community meetings. 

Mobile Apps

  • Chinmay Kulkarni
    • Android SDK
    • Mentor(s): Ishan Khanna & Rajan Maurya
  • Devansh Aggarwal 
    • Mobile Wallet 5.0
    • Mentors: Shivansh Tiwari, Naman Dwivedi, Rahul Jha
  • Ankur Sharma
    • Open Banking Fintech App
    • Mentors: Shivansh, Naman, Rajan, Istvan Molnar
  • Shashank Priyadarshi
    • Android Client 7.0
    • Mentors: Abhilash Gunasegaran and Saransh Sharma
  • Ashwin Ramakrishnan
    • Convert Customer-Facing Apps to Kotlin
    • Mentors: Rajan Maurya, Ishan Khanna
  • Garvit Agarwal
    • Mifos Mobile CN 3.0
    • Mentors: Abhijit Ramesh
  • Shivangi Singh
    • Mifos Mobile 5.0
    • Mentors: Saksham Handu, Sashank Misra 
  • Ahmad Jawid Muhammadi 
    • Fineract CN Mobile 3.0
    • Mentors: Rajan Maurya

Web Apps

  • Karan Takalkar
    • Web App Rewrite
    • Mentor(s): Abhay Chawla & Jivjyot Singh 
  • Ashutosh Sharma
    • Configuration Wizard and Operations UI for Payment Hub EE
    • Mentors: Bharath Gowda & Adam Saghy
  • Abhijeet Khangarot
    • Digital Bank UI for Fineract CN
    • Mentors: Pranjal Goswami, Gaurav Saini, Giorgio Zoppi 
  • Muskan Khedia
    • Web App Rewrite
    • Mentor(s): Abhay Chawla & Jivjyot Singh 
  • Manish Kumar 
    • Online Banking App 4.0
    • Mentors: Ankit Ohja & Gaurav Saini

Fineract Integrations & Modules

  • Subham Pramanik
    • GSMA Mobile Money API Connector for Payment Hub EE
    • Mentor(s): Avik Ganguly and Rahul Goel 
  • Mehul Arora 
    • Machine Learning Credit Scorecards
    • Mentors: Lalit Mohan
  • Yash Khare
    • Vision PPI 
    • Mentor(s): Nayan Ambali
  • Rahul Pawar
    • Credit Bureau Integration 3.0
    • Mentors: Manoj VM & Nikhil Pawar

Apache Fineract 

  • Manthan Surkar (ASF)
    • Code Refactoring & Swagger API Documentation
    • Mentor(s): Michael Vorburger 
  •  Yemdjih Kaze Nasser (ASF)
    • Migrate ORM to Eclipselink
    • Mentors: Awasum Yannick, Courage Angeh, Sanyam Goel 
  • Percy Ashu (ASF)
    • Improving Code Quality & Testing Coverage
    • Mentor(s): Awasum Yannick 
  • Natasha Natarajan (Outreachy)
    • Strengthening and Hardening Fineract 1.x
    • Mentors: Michael Vorburger

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Edward Cable

Enabling Inclusive Fintech to Respond to COVID-19

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As countries around the world begin to emerge out of lockdown and economies attempt to recover, the response to the informal economy will be ever more critical as the underbanked are more severely impacted and technology-enabled financial inclusion will be fundamental in helping soften the impact of COVID-19. We have created a special section on Mifos.org (https://mifos.org/take-action/covid-19/) to highlight how our open building blocks for digital financial servies and global community can help the Base of the Pyramid absorb the severe economic shock of the pandemic through the innovation of inclusive fintech enabling the rapid delivery of G2P benefits, flexible and streamlined operations, and an accelerated transformation towards digital payments and branchless channels.

You can explore these building blocks, our APIs and reference mobile apps, and even sign up for a sandbox in the cloud.

Our COVID-19 response also includes links to resources and knowledgebases compiled by BFA Global, CGAP, and the Center for Financial Inclusion on COVID-19 and Financial Inclusion . We’ll also be adding a section showcasing how partners across our community have been helping their local fintechs and financial institutions swiftly respond to the emerging needs of their customers.

James Dailey, Mifos founder and Chairman of our Board, has been championing how the sector can use our open building blocks for digital financial services to rapidly deploy accounts and enable G2P payments in the cloud. He showcased this in the tech demo below he gave at the 2020 Global Digital Development Forum and detailed out the challenges and opportunities that will be faced in helping the informal economy recover in article he co-authored with Jill Shemin on NextBillion.net.