Mifos Initiative Launches Mifos X Platform for Financial Inclusion

Free and Open Source Software for Financial Institutions Bringing Financial Services to the Poor in Developing Countries

SAN FRANCISCO, June 13, 2014 /PRNewswire-USNewswire/ — The Mifos Initiative today launched its Mifos X Platform for Financial Inclusion. The Mifos X Platform is a free and open source core banking system for responsible financial services organizations bringing financial services to the 3 billion unbanked poor globally – the proven method to lift the poor permanently out of poverty.

Developed and supported by a global ecosystem of volunteers, donors, and technology partners, Mifos X is used by microfinance institutions, credit cooperatives, and savings institutions in developing markets.

Mifos X is free and open source – allowing financial services providers and technology partners to spend money on their poverty elimination mission and not on license fees.

Built around a modern API-centric, cloud-based architecture, the Mifos X platform is easy and inexpensive to deploy, while being readily adaptable to the varied regional needs of financial services for the world’s poorest.

“The launch of the Mifos X Platform represents two years of effort to create a state of the art platform for financial inclusion “stated Paul Maritz, CEO of Pivotal Software Inc. and Chairman of the Mifos Initiative. “The realized goal of the development effort has been to make the software easy to extend and be supported by our Mifos community; to be cloud-based by design; and to support mobile client delivery and mobile payments to extend the reach of financial inclusion”, Maritz added.

“As a result of the hard work provided by Mifos volunteers and partners, and the small team at the Mifos Initiative, Mifos X is experiencing strong interest from partners globally, including third-party solution providers who extend the Mifos X Platform with companion solutions such as credit scoring and mobile banking”, said Craig Chelius, Executive Director of the Mifos Initiative.

About the MIFOS Initiative The Mifos Initiative is a US-based 501c3 non-profit that stewards the development of the open source Mifos X Platform for Financial Inclusion and its global ecosystem of volunteers and donors, technology partners and client financial institutions. Its mission is to empower financial institutions in developing countries to bring affordable, responsible financial services to the nearly 3 billion people on the planet who currently do not have formal access.

For more information, please visit: www.mifos.org

Media Contact: Craig Chelius
Executive Director

SOURCE Mifos Initiative