Mifos is a 2021 MIT Solver Team!

I’m delighted to announce that Mifos has been selected as one of the seven Solver Teams for the 2021 MIT Solve Global Challenge for Digital Inclusion. 

The digital inclusion category was one of the most competitive ones with 430 applicants from 74 countries so recognition from MIT and the esteemed panel of judges is great validation of our approach guiding a community delivering open source banking building blocks to enable financial services to be embedded everywhere and anywhere. 

As a member of the Solver community, MIT will be connecting us with a wide range of resources and showcasing our solution to a broad audience of potential funders and strategic partners so we are eager to see all doors this will help to open up and the scale we can unlock. 

Already in just the first week, the in-kind resources have helped us start pursuing some additional opportunities and several valuable introductions leading to potentially fruitful partnerships have been made. 

We are looking forward to the collaboration and collective growth Mifos and our fellow cohorts will embark on through the program. Members of our cohort are working on “exciting solutions that provide access to the internet for the billions who remain disconnected, access to financial tools for businesses and entrepreneurs around the world, and culturally relevant digital literacy tools to enable participation in the digital economy.” 

The 2021 Solver Class for Digital Inclusion includes: 

Watch our finalist pitch here!

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Mifos is a Finalist for the 2021 MIT Solve Global Challenge

We’re pleased to announce that Mifos has been selected as a finalist out of more than 1800 applicants for the 2021 MIT Solve Global Challenge for Digital Inclusion. 

Register and attend the Virtual Solve Challenge Finals livestream where the panel of judges will complete their evaluations of the pitches from the finalists and announce the 2021 Solver class on September 17. 

Recognition as a finalist is great validation of our approach to bring financial services to 3 billion underbanked by providing a set of open source banking building blocks to enable financial services to be embedded anywhere and everywhere. 

However being selected as a Solver would open the doors to new partnerships and give us access to resources and strategic advisors that would help unlock new scale and potential for our initiative. 

Check out our submission on MIT Solve and take a minute of your time to vote for Mifos as the Community Award winner – voting closes September 17 at 130pm ET.

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Mifos Participates in ISO 20022 Hackathon for Cross-Border Payments

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. 

Mifos and Fineract selected as UN Digital Public Goods

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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Mifos and DSTI launch OpenG2P

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.

 

 

Mifos Recognized as 2020 Benzinga Fintech Listmaker for Best API

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

My Google Code In Experience – Chirag Gupta

With the start of Google Code In this Tuesday, we wanted to share the experience of Chirag Gupta, one of our Mifos community members and GCI participants who went on the trip to Google headquarters in San Francisco after being selected as one of the winners of last year’s Google Code In. Read his incredible story below:

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October 16, 2014 Take a Moment to Applaud Financial Co-Operatives

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Join nearly 208 million credit union members in 103 countries who recognize and celebrate the credit union difference by taking a moment to reflect on the financial co-operatives history and to ponder its achievements.

International Credit Union (ICU) Day® has been celebrated on the third Thursday of October since 1948. The day is recognized to honor those who have dedicated their lives to financial inclusion, recognize the hard work of those working in the credit union / SACCO / Co-Operative community and show members appreciation.

This year’s ICU Day will take place on Oct. 16, 2014. Its theme, “Local Service. Global Good,” emphasizes credit unions’ positive impact in their communities and around the world.

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