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Roadmap for the Future of Fineract at ApacheCon @Home

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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2018 Google Summer of Code Reflections

Hopefully you read our introduction to our 2018 Google Summer of Code interns. If you missed our official recap, take a look to discover what they worked on.  As is tradition, we always ask our our interns a few questions at the end of the summer to reflect back on their experiences and see how they’ve transformed over the summer. Here is what they had to say!

What was your most rewarding experience contributing to Mifos this summer?

Lalit – Learning about the architecture that has been working for smaller financial institutions without fancier servers and tooling. Understanding the importance of scorecards and analytics for banking and coming up with an approach that would help financial institutions to adopt analytics for better risk management.

Ruphine –  Most rewarding experience for me was the software engineering experience I gain by working on cloud native application. It has greatly improve my engineering skills. I also acquire some experience by working in a team and contributing to the community.

Pembe – The fact that I get to work with others and to be able to give account of my daily progress. Also to have mentors who are willing to help me explain the big picture and also to have domain experts which has helped improve my knowledge in terms of financing, working with microservices and improving my coding practices.

Abhay – Interacting with the community members and my mentors was the most rewarding experience for me this summer. I got an opportunity to not only work on the new revamped version of web-app improving my knowledge but also be a part of the decision making process and learn from everyone. I am really thankful to my mentors who always believed in me.

Ankit Interacting with the community members and my mentors was the most rewarding experience for me this summer. I got an opportunity to not only work on the new revamped version of web-app improving my knowledge but also be a part of the decision making process and learn from everyone. I am really thankful to my mentors who always believed in me.

Sanyam: The most rewarding experience for me was interacting with the Mifos Community and my mentors (Steve, Rahul, and Ed ) and also got the hands-on experience on a Fintech backend application and solving problems together and learned a lot in the whole process.

Courage – The most rewarding experience for me was actually working on the whole project. For a while now I have been so excited about cloud computing and with this project, I was opportune to not only work on a cloud-native project but also containerize the project for a production-ready environment and this has helped improve on my skills.

Dingfan – My most rewarding experience was learning about different aspect knowledge including technical and non-technical aspect. In the technical aspect, I learnt a lot about the architecture of Java programming. For example, I knew more about the steps to construct a project under the Spring framework pattern. In non-technical aspect, I learnt how to discuss with other people including peers and seniors.

Ebenezer – The most rewarding experience is the opportunity to build a new microservice from the ground up and to do so in an open source community. I am an open source enthusiast who believes in the potential of open source to help Africa leapfrog into technological advancement and prosperity. And so, I deem this a priceless experience;  to spearhead the development of this project within this conditions. Now, what made it even better is the sense of belonging to such an amazing open source community, and this is a dream come true.

Aksh – Most rewarding experience for me was to learn about the different architectures and how using a good architecture design can be really helpful in the long term for the project. My all personal projects before the summer were built to ‘just’ work, but now I can’t imagine writing a project without at least the MVP architecture.

Saksham – I got to interact with Rajan, Ed, other interns, and other community members, each interaction rewarded me in learning something new.

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Apache Fineract Graduates to Top-Level Project

Over the past year, our entire developer community has transitioned to and worked towards becoming a top-level project of the Apache Software Foundation.  It’s with great pleasure that we can announce that Apache Fineract has now formally graduated from incubation into a top-level project.

Contributing Mifos X to the Apache Software Foundation was a giant step for the maturity and evolution of our project. Becoming a top-level project marks an important transformation to grow our developer community and  achieve our long-term vision of establishing an open standard for financial inclusion innovation.

Here’s a brief excerpt from the press release. Please visit the Apache Software Foundation blog for the full announcement:

“In many ways Fineract broke new grounds as an Incubating project at the ASF,” said Roman Shaposhnik, Apache Fineract Incubator Mentor, Director of Open Source Strategy at Pivotal and Vice President Technology for ODPi at Linux Foundation. It was the first project that was originally developed by a non-profit: Mifos Initiative. It was the first project with an extremely important social agenda in mind: speed up the elimination of poverty. It was the first project that fully embraced the next generation microservices architecture. But there’s one thing that gets me even more excited: how quickly the Fineract community embraced ‘The Apache Way’ of project governance. They truly made my job as a mentor smooth sailing and I wish them to grow by leaps and bounds now that they are a TLP at the ASF.”

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Infrastructure: Mifos X vs. Apache Fineract

As we’ve made the transition to moving development over to our Apache Fineract community, we have added some additional layers of complexity and confusion. We now have multiple mailing lists, multiple issue trackers, and multiple source code repositories. We’ve tried to address these in various webinars and developer meetings but wanted to make clear where you should go to ask questions, where you should go to report issues, and where you should go to grab the source code.

Mifos X versus Apache Fineract

A line of clarity we must first draw is Mifos X vs. Apache Fineract. Prior to the transition to becoming an Apache project, Mifos X was the software platform. From the moment we became an Apache project, Mifos X, the software platform became Apache Fineract. Mifos X now refers to the open source product distribution led by the Mifos Initiative that is built on top of Apache Fineract. Just as Musoni Services provides Musoni System or Conflux Technologies provide Finflux, Mifos X is another distribution on top of Apache Fineract.

The Mifos X distribution is an entire out-of-the-box solution that is a value-added distribution for financial inclusion.  which includes a web app (formerly referred to as community app), a mobile app for field officers, soon a mobile app for clients, reports powered by Pentaho and a data import tool. This distribution is released and available for download via SourceForge from the Mifos.org website. It is directed towards partners and user looking for a readily deployable solution including the Apache Fineract platform, a web user interface, and corresponding mobile apps.

The Apache Fineract is a general core banking system with just the back-end and APIs and no front-end. Developers and Innovators looking to build on Apache Fineract should go directly to GitHub and grab the source code for Apache Fineract (see below).

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