FINABIEN wins Future of Government Award for Open Source Re-Use

March 28, 2025/in Uncategorized/by Edward Cable

FINABIEN wins Future of Government Award for Open Source Re-Use of Mifos X for Créditos para El Bienestar

FINABIEN was recently selected as the winner of the prestigious 2025 Future of Government Award for Open Source Reuse of Mifos X for its Créditos para el Bienestar program providing fully digitized loans to the most vulnerable MSMEs throughout all of Mexico.

We’re honored it received this distinction amidst other powerful solutions that were shortlisted as highly commended for the award including the VENEEM Burkina Faso project for its use of OpenCRVS, deployment and integration of Mojaloop for inclusive payment system across Africa led by ThitsaWorks Pte Ltd and the SpeedyMesh solution built on top of the Digital One Health Platform

Mifos had the pleasure of nominating the pioneering team at FINABIEN which powered it’s innovative last-mile lending program on top of Mifos X with the support of Infotec and local Mifos Partner Fintecheando. Thank you to Public Digital, AWS, and UNDP and the selection committee for this well-deserved recognition that showcases how core banking and loan management can be a powerful DPI uniting the public and private sector to disseminate support to individuals and MSMEs.

Since integrating Mifos X, Mexico’s Créditos para el Bienestar (‘Credits for wellbeing’) program has been able to make a fully digitised, self-service lending process available to the poorest, unbanked people in Mexico.

The biggest blockers to the Mexican government administering aid to vulnerable groups through loans has been the lack of systems and distribution channels available. However, the reuse and adaptation of Mifos X has provided a robust system that has increased visibility and reduced corruption.

Its easy integration and customisation has ensured quick delivery in line with Mexico’s policies for security, accountability and traceability.

Open source reuse is when a creation that was designed, built, written and then shared by one team, is reconfigured or adapted by another team so it can be used in a different context. We want to celebrate those in the public sector who are building on shared knowledge because working in this way leads to less duplication of time, effort and money, and allows quicker delivery and impact.
Definition of Open Source Re-Use Category

Benefits of Open Source Reuse

By re-using and adapting a proven open source core banking solution like Mifos X, FINABIEN was able to achieve the following benefits including scalability to support millions of loans, lower costs, reduced corruption ensuring aid to recipients, improved speed & quality of service to beneficiaries, agile aid in times of disaster, and a re-usable lending platform for other agencies.

Fully Digitized Lending Process – FINABIEN was able to focus on building a digitized self-service lending process on top of Mifos X with a paperless online application with loans disbursed onto the FINABIEN card or at one of the 1700+ branches all fully connected with a an electronic loan folder.
Scale & Rapid Deployment: Given Mifos X is battle-tested by governments, banks & fintechs worldwide, the government could rapidly implement its feature set, deploy at scale & maintain the system in production 24×7 for 1.8 million existing active loans & 135,822 new loans.
Reduced Cost – Mifos’ virtuous cycle of upstream development across its global community enabled the government to deliver the solution quickly for the needs of the people and aligned with policies for security, accountability & traceability. Thousands of development hours saved & reduced licensing cost enabled investment for tech and knowledge for societal benefits including educational programs for careers for OSS software developers.
Sovereignty of the Solution – Re-using OSS also enabled sovereignty of the solution as it’s hosted within the Mexican federal government’s own data center.

Loan Management & Core Banking as DPI

Mexico is unique in that the government can directly administer aid via loans to vulnerable populations without commercial banks as intermediaries. Key barriers prohibiting governments from doing this have typically been a lack of systems & distribution channels and corruption. Re-using OSS addressed these by providing a robust system connecting the 1700+ branches, reducing corruption via the electronic loan account folder viewable across branches enabling this fully digitized self-service lending process with disbursement on the Finabien card and accessible via the FINABIEN app.

The ability to power multiple lending use cases for a variety of different departments and ministries has been evident in a number of different ways as lending has expanded beyond just the Tandas para el Bienestar program. The government has a robust loan management system to rapidly administer aid like Esperanza loans for Hurricane Otis & via innovative programs like its recent loan product offering for EV cars to speed up adoption of Electric Vehicles (EVs) for micromobility produced in Mexico.

If you are a country that would like to build out DPI to enable inclusive lending on top of Mifos DPGs, please email DPI@mifos.org

Video of the Virtual Awards Ceremony

FINABIEN in the News

https://youtu.be/vguAyMCkt_s?si=3Rnhq5o8pTzE3sNx&t=482 https://www.youtube.com/watch?v=ymlwLMxI-Wc

Revolutionising T&T’s Credit Unions with Cutting-Edge FinTech Solutions

January 22, 2025/in Company News, Frontpage Article/by Edward Cable

Mifos is pleased to announce the signing of our Memorandum of Understanding (MoU) with Trinidad and Tobago International Financial Centre (TTIFC) to work together in delivering a transfomative Core Account Management Platform (CAMP) to the Cooperative Credit Union League of Trinidad and Tobago (CCULTT) to boost the efficiency and effectiveness of credit unions, which collectively serve over 700,000 members in Trinidad and Tobago

Port of Spain, January 22, 2025: The Cooperative Credit Union League of Trinidad and Tobago (CCULTT) kicked off 2025 with an ambitious initiative poised to reshape the business landscape and enhance the membership experience for credit unions across the country. During the opening ceremony of its 2025 Calendar of Events, CCULTT announced a strategic partnership with the Trinidad and Tobago International Financial Centre (TTIFC). This collaboration aims to integrate advanced digital core banking and payment systems through the TTIFC’s relationship with The Mifos Initiative.

This transformative programme will introduce a Core Account Management Platform (CAMP) designed to boost the efficiency and effectiveness of credit unions, which collectively serve over 700,000 members in Trinidad and Tobago. As the credit union sector grapples with rising competition, economic shifts, an ageing membership, and evolving member needs, there is a pressing necessity to modernise service delivery and expand accessibility. This move sets out to overhaul antiquated payment and account management systems, providing members with seamless digital payment capabilities accessible from anywhere.

Joseph Remy, President of CCULTT, expressed enthusiasm for the partnership: “We are delighted to strengthen our collaboration with the TTIFC and to tap into the wealth of expertise they have made available to the credit union movement through their partnership with The Mifos Initiative. Our members expect us to take the necessary steps to modernise credit union operations and member experience. This relationship and future projects will enable credit unions to offer a higher level of service while contributing to our sustainability.”

Two pivotal strategic partnerships underpin this transformation in the credit union sector. The first is TTIFC’s collaboration with The Mifos Initiative, a global leader in open-source technology and financial inclusion. In December 2024, TTIFC entered a Memorandum of Understanding (MoU) with Mifos, known for its extensive experience and successful track record in advancing financial inclusion worldwide, with a client base of over 65 million.

This partnership seeks to foster seamless interactions and boost economic engagement by integrating local financial systems into a unified ecosystem. Additionally, the incorporation of Mifos’ MACH architecture (Microservices, API-first, Cloud-native, and Headless), the partnership aims to provide a scalable and standardised core banking platform, improving compatibility, reducing costs, and enhancing interoperability across financial institutions.

Edward Cable, President and CEO of The Mifos Initiative, hailed the collaboration, stating, “Our shared commitment to democratising financial services will unlock opportunities for millions, fostering financial resilience and sustainable growth. This partnership enables us to enhance the financial technology infrastructure in Caribbean nations like Trinidad and Tobago, driving significant advancements within their communities. We are honored to work with The League to help advance the financial health of all its members.”

Through the application of Mifos’ open-source infrastructure, TTIFC anticipates enhancing access to financial solutions while attracting foreign investment for widespread deployment. This cooperation will also encourage engagement with regional financial institutions, technology providers, and community stakeholders to ensure solutions align with international standards for interoperability and accessibility. Mifos plans to leverage its expertise to uphold best practices in core banking and digital payments, while promoting the integration of digital public goods to increase societal impact.

CCULTT and TTIFC formalised their commitment by signing an MoU during the January opening ceremony at the Radisson Hotel. TTIFC will offer technical support and advisory services to CCULTT as it works towards establishing a unified FinTech core for its member credit unions. In addition to providing training for credit union staff and capacity-building programmes on using the CAMP and other pertinent technologies, this initiative promises to drive a significant shift in the delivery of financial services, ensuring a more inclusive and accessible future for Trinidad and Tobago’s credit unions.

In a statement at the opening ceremony, TTIFC’s CEO, John Outridge said: “We at the TTIFC are very proud to have realised these partnerships, as we believe they have the potential to profoundly impact the credit union movement, which has served as a symbol of financial access since the 1940s. It is crucial that we support this sector in maintaining its legacy, especially as we aim to create more options for providing quality and affordable financial services to the 25% of the population in Trinidad and Tobago that is currently financially excluded. This statistic needs to change, and I believe that this initiative to enhance the adoption of FinTech within the credit union system will be very effective.”

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About The Mifos Initiative

The Mifos Initiative is a global 501(c)3 fintech non-profit leveraging the cloud, mobile & open source community to democratize financial services worldwide and digitally transform the world’s 3 billion poor and underbanked. Its mission is to scale the development and impact of inclusive fintech through an open source community and ecosystem that builds and maintains its digital public goods for core banking and payment orchestration. Mifos has pioneered open source core banking technology for the past fifteen years, transforming the entire sector at each major stage of evolution from microfinance to financial inclusion to digital financial services, and now embedded finance. More than 65 million clients are reached by 500+ financial institutions across 70 countries using solutions powered by its APIs.

About the Trinidad and Tobago International Financial Centre (TTIFC)

The TTIFC is at the forefront of financial services innovation in Trinidad and Tobago. We are committed to connecting our stakeholders and fellow citizens to a wider range of payment options and financial services. We work with the government, industry partners, associations, and underserved communities to promote digital financial services and literacy to establish a thriving financial landscape in which everyone can benefit from the power of FinTech and formal financial services.

Mifos and INFOTEC Renew Joint Scientific and Technological Cooperation Agreement

January 20, 2025/in Company News, Frontpage Article/by Edward Cable

Mifos is pleased to announce the renewal of the ongoing collaboration we’ve had with INFOTEC since the start of January 2021. Collectively with INFOTEC and the support of our local Mifos partner, Fintecheando, we have been able to make significant progress in the development and adoption of digital public infrastructure to deliver financial inclusion at scale to the underbanked across Mexico.

For INFOTEC and Mifos, the development of innovative solutions that accelerate and enable the financial inclusion of the most vulnerable people constitute fundamental elements of their mission and vision that coincide in the application of public policies aligned with the benefit of Mexican society as a whole.

The collaboration between both Institutions has allowed the Digital Transformation of Development Banking Institutions in Mexico through the training of Mexican talent in the development and adaptation of open source financial software that allows it to adapt to the reality of Public Institutions and the Beneficiaries of social programs.

The understanding and application of open source software technology in Financial Inclusion, entrepreneurship, research and resolution of national problems have been fundamental pillars in the transfer of knowledge through the scientific and technological cooperation agreement between INFOTEC and Mifos.

Recently, The Mifos logo has been unveiled on the Infotec Collaborators Wall of the Infotec Headquarters in Mexico City, in which it visually recognizes the Institutions that have allowed us to achieve the established objectives that have been resolved with high ethical values and through the application of specialized knowledge by national and foreign professionals.

With great expectations for the future, INFOTEC remains committed to promoting the development of information technologies in Mexico. Through the adoption of emerging technologies, it seeks to position the country as a leader in innovation, while continuing to promote financial inclusion and economic and social mobility of the Mexican population through the collaboration agreement with Mifos, which has been recognized as a strategic collaborator to continue complying with the orders of the Mexican Federal Government.