Top 10 Mifos Moments of 2018

As 2018 comes to a close, it’s time to look back on the year that was. The growth of our ecosystem, both in scale of outreach and breadth of services and solutions continues to impress us – more than 10,000,000 individuals are now being reached by solutions powered by Mifos and Fineract! We finally began to tell that story on a grander stage, getting the word out at multiple conferences and getting recognized for different awards. While we didn’t ship many official releases, we’re ready to release the newest versions of our mobile wallet and mobile banking apps, the next release of Mifos X and are ready to jumpstart the community around Fineract CN.

As we heads toward 2019, we look to our vibrant ecosystem to help us take the Mifos Initiative to new heights – we’ll be working directly with partners to catalyze new solutions, we’ll be launching an association-based funding model to directly enable partners and users to help with ongoing sustainability, and we’ll begin executing upon our roadmap for Fineract CN, unlocking our vision of Financial Inclusion 2.0.

Here’s our list of the top 10 moments from 2018 in more or less chronological order.

Read more

Mifos selected as Runner-Up for Fintech for Good Award in 2018 Banking Technology Awards

The Mifos Initiative is honored to have been chosen as the Highly Commended runner-up entrant for the Fintech for Good Award in the 2018 Banking Technology Awards led by Fintech Futures.

While Deutsche Bank took home the Fintech for Good Award for its CommunITy Hackathons, we are pleased to have the prestigious honor of being selected as the Highly Commended entry amongst finalists like , , , , , and Banco BNI Europa.

Thank you to Fintech Futures and Comms for Good for hosting the awards and this valuable recognition. We’re proud that the impact of our community and ecosystem got to be recognize on this grand fintech stage and look forward to this as a springboard to further strengthen Mifos/Fineract as a recognizble name for open source banking, digital financial services innovation, cloud-based core banking, and banking the underbanked.

Read more

Ways to Give

As a non-profit organization, donations are key to our success. Whether it be time or money, the generosity of the Mifos community is what allows our initiative to be so successful and steadily work towards a world where everyone has access to basic financial services. Read about the different way you can contribute to Mifos this holiday season!

Mifos Keynotes Linux Foundation Open Source Summit Europe

Mifos President/CEO, Edward Cable, had the honor and privilege of giving a keynote talk at the Open Source Summit Europe hosted by Linux Foundation in Edinburgh, Scotland. His talk titled, Open Source Banking: End Poverty One Line of Code at a Timecan be watched below.

The aim of our keynote was to show developers that they could directly use open source to advance a social good like ending poverty. Apart from motiving developers with our powerful social mission of 3 Billion Maries, we were able to use this massive forum to tell our story around Open Source Banking and the evolution of our community, ecosystem and technology stack culminating in Fineract CN and Financial Inclusion 2.0.  Showing our pioneering efforts in guiding the sector through its evolution from microfinance to digital financial services fit nicely into the conference’s theme of The Evolution of Open.

Read more

Mifos Conference Rundown

One of our goals in 2018 was to be more active at conferences in getting the word out about the Mifos Initiative and the great work our community and ecosystem has been doing. To that end, we’ve had an active presence at a number of conferences this summer and a couple on their way this fall.

ApacheCon North America 2018

Next week I’ll be traveling to Montreal to give a talk at ApacheCon. Check out my separate post on ApacheCon to learn more about the Fineract Fintech track taking place on Tuesday.

Linux Foundation Open Source Summit Europe

In October, I’m going to cross over the pond to Edinburgh, UK to give a keynote at the Linux Foundation’s Open Source Summit Europe. My talk will highlight the massive need to bring financial services to the more than 3 Billion underbanked worldwide and how we can only do that through the game-changing OPEN approach we’ve pioneered that unites open source technology, supported by open community and sustained by open business models.

This will be an awesome chance to promote our initiative and community to the broader tech community in Europe. Thanks to Dave Neary for the introduction and to Angela Brown and Jillian Hall for making this happen.

 

OSCON

We returned to OSCON once again for the 8th time and as is tradition we hosted a booth in the Non Profit Pavilion under the sponsorship of O’Reilly. 

Our booth really helped us capture and experience how big of a fintech presence there was at the conference; as compared to years past, the financial services sector has really been starting to embrace open source.  We were able to tell the story of our ecosystem and the innovation its enabled on top of our open API to representatives of companies including Square, Paypal, American Express, MasterCard, Capital One, Royal Bank of Canada, Farm Credit, Decred, Thomson Reuters, IBM, HyperLedger, Sovrin Foundation, and more. Read more

Fineract Fintech Track at ApacheCon North America 2018

Next week ApacheCon descends upon Montreal – we’ll have a large contingent of our community in  attendance and Fineract will take center stage with PMC VP, Myrle Krantz, giving a keynote entitled Banking on Open Source.

I’ll be giving a similar version of the talk James Dailey and I delivered at OSCON, Open Banking: Fueling Innovation on an Open Source Core Banking Platform. In this talk, I’ll show firsthand what Open Source Banking truly is by presenting four enterprise case studies on Fineract adoption, implementation, and contribution at financial institutions ranging from fintechs to microfinance banks.

This is my first ApacheCon and I’m looking forward to it – for the chance to put faces to names for the many ASF members I’ve interacted with on the lists and to attend sessions to further immerse myself in the Apache Way.  

For any of the Mifos or Fineract community in North America, I’d highly recommend you try to make it the conference because Tuesday, Sept 25, will house the Fineract Fintech track. Thank you to Rich Bowen for making this dedicated track happen.

Myrle Krantz, Apache Fineract VP will kick things off with a keynote that morning entitled “Banking on Open Source”. Next up will be Rajan Maurya sharing his experiences as an intern on Branchless Banking and Promoting Financial Inclusion in the Fragile States.  My talk on Open Source Banking will then follow and later in the day, Gaurav Saini will speaking about building an Offline-First Expense Manager App with Apache CouchDB.  Daniel Ruggeri of Mastercard will be giving his talk, Bringing Enterprise into the Open Source World  that fits nicely into the theme as it chronicles Mastercard’s Open Source contribution journey.

A big thank you also to the Apache Travel Assistance Committee whose generous travel sponsorship is enabling Rajan Maurya, Kumaranath Fernando, and Sanyam Goel to travel all the way from India to attend.

Brady’s First Time at OSCON

For those of you whom I haven’t had the opportunity to meet, my name is Braden McDarment. I am a junior at the University of Washington, Seattle campus, studying Political Economy and Economics.

Just a few weeks ago Ed Cable, James Dailey, and I drove down to Portland for the 20th anniversary of OSCON! The event was hosted at the Oregon Convention Center, where it will be held again next year. At the end of each event day I had the pleasure of meeting and talking with many renowned individuals of the open source community.

During the day Ed and I manned the Mifos Initiative booth. At the booth we informed attendees about our mission and how we go about tackling financial inclusion. The attendees asked several keen questions and were eager to learn more about how they could help our community grow. The discussions helped me broaden my knowledge about Mifos and the open source community.

Many of the attendees we talked to expressed interest in volunteering after learning more, and some even wanted to join the Open Source Fintech Force by donating to Mifos. You can also join the Open Source Fintech Force by donating today! Without your support Mifos won’t be able to reach the millions of people in desperate need of access to financial services. Click the link below to be a supporter.

DONATE NOW

Also at OSCON, I had the chance to attend a few of the talks. The subjects varied from blockchain to open banking. One talk that stood out to me was “Cloud-native Open Source on the Blockchain for Financial Inclusion” by Myrle Krantz. She is the VP of Apache Fineract and has been passionate about financial inclusion ever since she worked at Mifos. She spoke about how 10% of humanity lives on less than $1.90 a day, and how 2 billion people worldwide don’t have access to financial services. Mrs. Krantz discussed how Apache Fineract CN makes it easy for microfinance institutions (MFIs) to be more efficient and successful. Because many MFIs don’t want to host their own database, Apache Fineract CN is a perfect solution to this dilemma. I’m excited to see the impact Apache Fineract has on the world in the coming years.

Ed and James also led a discussion called “Open Banking: Fueling Innovation on an Open Source Core Banking Platform”. I recommend you can take a look at their slides here.

All in all, I thoroughly enjoyed my experiences at OSCON. Being able to meet people at the other booths, as well as at our own, taught me a significant amount about open source and its community. I want to say thank you to O’Reilly Media, Inc. for putting on the event and to the attendees who expressed interest in helping the Mifos Initiative in the future. I can’t wait to see what we can accomplish together.

Cheers!

Meet the 2018 Google Summer of Code Class of Interns

Google Summer of Codegsoc2016-sun-373x373 2018 is well underway so this blog post is admittedly a bit late. GSOC is now in its 13th year and we’re proud to be participating in GSOC once again for the fiftth time as the Mifos Initiative and the seventh year overall. 1264 students from 62 countries are working with a record 206 open source organizations this summer. This year will be our biggest year to date. We were able to select thirteen interns through the Mifos Initiative who are working alongside four interns from the Apache Software Foundation. Our students are working on mobile apps, web apps as well as back-end innovation and new modules on top of Fineract and Fineract CN. As the voice for the financial inclusion community within Apache Fineract, the Mifos Initiative looks forward to participating in GSOC for many years to come to deeply engage with the high number of students interested in Fintech and captivated by our mission.

This year, our interns are coming from five different countries with both India and Cameroon heavily represented and interns from Singapore and Mauritius for the first time. We have six interns working on mobile apps, three interns working on web apps, four interns working on new modules or the back-end for Fineract, and four interns working on the Fineract CN framework.

For our suite of Mifos X Mobile Apps on Fineract, we have three students continuing to extend them. Aksh Gautam, under the mentorship of Tarun Mudgal, will be extending our Android Field Operations App to Version 5.0, adding in additional offline capablities, new features, and enhancing the user experience. Saksham Handu, under the mentorship of Rajan Maurya, will be building out Version 3.0 of our mobile banking app, Mifos Mobile, adding chat/messaging support and additional functionalities. Lastly, Ankur Sharma, under mentorship of Puneet Kohli and Naman Dwivedi, is extending the two applications on top of our mobile wallet framework.

As Fineract CN begins to reach a point of stability, we’re focusing on building out client and user-facing mobile apps. Dilpreet Singh and Mohak Puri are both working with Rajan Maurya to build out Version 2.o of Fineract CN Mobile. Manish Kumar is working on the first client-facing mobile applicaition on top of Fineract CN.

On the back-end for Fineract, we’re looking to wrap up some eagerly awaited projects and release some new Mifos X innovation,Sanyam Goel is completing our much-anticipated Mifos payment gateway providing mobile money integration, under the mentorship of Steve Conrad and Rahul Goel. Kumaranath Fernando with the expertise of Avik Ganguly is tackling scalability enhancements to enable better performance for high client volumes. Dingfan Zhou is experimenting with some bleeding edge fintech applications by building out a chatbot and adapter for Fineract under the guidance of Aleks Vidakovic and Thynn Win. Likewise, Lalit Mohan, is helping us explore Machine Learning for the first time guided by Nayan Ambalia, Avik, and Mark Reynolds.

For the first time, we have students through both Mifos and Apache working with the core Fineract CN framework for the first time. Ebenezer Graham is building out a brand new SMS/email microservice with the mentorship of Isaac Kamga and Myrle Krantz. Courage Angeh is helping enable the rapid deployment of Fineract CN in the cloud through her containerization project with support of Victor Romero & Viswa Ramamoorthy. Ruphine Kengne and Pembe Miriam are developing out group lending and management features in Fineract CN at both the back and front-end with support from Awasum Yannick.

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.

Mobile Apps – Mifos X (Fineract)

Saksham Handu – India

 

 

 

 

  • Mifos Mobile 3.0
  • Mentor: Rajan Maurya & Ed Cable
Ankur Sharma – India

 

 

 

 

  • Mobile Wallet 2.0
  • Mentor: Puneet Kohli & Naman Dwivedi
Aksh Gautam – India 

 

 

 

 

  • Android Field Operations App 5.0
  • Mentor: Tarun Mudgal & Ishan Khanna
 

Mobile Apps – Fineract CN

Dilpreet Singh – India

 

 

 

 

  • Mifos Mobile 3.0
  • Mentor: Rajan Maurya
Mohak Puri – India

 

 

 

 

  • Mobile Wallet 2.0
  • Mentor: Rajan Maurya
Manish Kumar – India 

 

 

 

 

  • Mobile Banking App 1.0
  • Mentor: Rajan Maurya & Ed Cable
 

Mifos X Web Apps

Anwesh Nayak – India

 

 

 

 

  • Web App Rewrite to Angular 6
  • Mentor: Gaurav Saini & Pranjal Goswami
Ankit Ojha – India 

 

 

 

 

  • Online Banking App 2.0
  • Mentor: Raunak Sett
Abhay Chawla – India 

 

 

 

 

  • Self-Service User Admin Portal & Web App Rewrite to Angular 6
  • Mentor: Gaurav Saini & Maulik Soneji
 

Fineract & Mifos X Modules

Sanyam Goel – India 

 

 

 

 

  • Mifos Payment Gateway
  • Mentor: Steve Conrad & Rahul Goel
Dingfan Zhou – Singapore

 

 

 

 

  • Mifos Chatbot
  • Mentor: Aleks Vidakovic & Thynn Win
Kumaranth Fernando – Sri Lanka

 

 

 

 

  • Mifos X Scalability & Performance Enhancements
  • Mentor: Avik Ganguly
Lalit Mohan – India

 

 

 

 

  • Static Analysis of Apache Fineract
  • Mentor: Nayan Ambali & Avik Ganguly
 

Fineract CN

Courage Angeh – Cameroon 

 

 

 

 

  • Containerization & Deployment Using Docker
  • Mentor: Victor Romero & Visa Ramamoorthy
Ebenezer Graham – Mauritius

 

 

 

 

  • SMS/Email Microservice
  • Mentor: Isaac Kamga & Myrle Krantz
Ruphine Kengne – Cameroon

 

 

 

 

  • Group Loan Management Service
  • Mentor: Awasum Yannick & Ed Cable
Pembe Miriam – Cameroon

 

 

 

 

  • New Web UI for Fineract CN
  • Mentor: Awasum Yannick & Gaurav Saini

Read more

Mifos Selected as Finalist for PayTech for Good Award

The Mifos Initiative is excited to announce that we have been selected as one of the finalists for the 2018 PayTech Awards! After entering in the Paytech for Good division, we are among the likes of DCR Strategies Inc, GoodBox, and NetSpend for the winning spot, which will be announced on July 13th in London.

The PayTech Awards, led by Fintech Futures and its renowned Paybefore brand, are used to recognize excellence and innovation in the use of IT in the finance and payment industry worldwide. So that being said, we could not be more thrilled to be short-listed for such a fantastic program!

The specific award that Mifos is up for, PayTech for Good, aims to honor a financial service or technology organization for its outstanding contribution to the community it serves. Just like Mifos, this award celebrates the use of collaboration, connection, and community to make a positive impact in the world.

While we strive to make financial inclusion more efficient and effective through our open source platform, our focus on innovation is what sets us apart from other finalists. We not only provide a world-class solution, but through taking advantage of open source technology, we can invite members of the community to innovate and stack on top of our platform. This way, instead of just creating one amazing solution by ourselves, we can harness the power of our greater community to innovate hundreds of incredible solutions. The unbeatable combination of technology and community creates such a meaningful impact, which then allows us to do as much good in the world as possible.

With an expert panel of judges selecting the winners soon, we can’t wait to see how it turns out! Thank you to the PayTech Awards, Fintech Futures, and Comms for Good for this wonderful opportunity!