Organization connected to mobile money network.

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Summiting the Silicon Mountain in Cameroon

ayukThis a guest post from Ayuk Etta Akum, the CEO and Founder of Skylabase which is an IT Company in Cameroon, Africa that provides technologies for financial inclusion.

A year ago, I discovered financial inclusion, the movement to end poverty in the world. Then I decided to build my company on this movement. The beauty of financial inclusion is the ability to make a very large change in the world in a very critical sector with the least technology possible. For us to embark on this journey we needed years of experience from experts and key players in this movement and we discovered this in the Mifos Initiative, a key player in the world today for the financial inclusion movement. They opened to us a door of experience to meet people with over 50 years experience in the credit union movement, finance experts, banking experts, and a complete banking engine to start from.

The hard part was for us to be open and join the movement by seriously engaging in the community, and from this came Smartfinance which is a centralized and extendable banking platform for credit unions, microfinance institutions, and banks. Our goal and vision of smartfinance is for it to be the microfinance platform for Cameroon and CEMAC region of Africa and ultimately move across Africa. Our partnership with the Mifos Initiative helped us to come out with a platform that will be the future of finance management in Cameroon and the CEMAC region in Africa. We are integrating into this platform mobile money, money transfer, USSD connectors, all the features to make Smartfinance a full-fledged banking platform while giving back to the Mifos Initiative community. Read more

Mifos Introduces Financial Inclusion 2.0 in the e-MFP Spring 2016 Newsletter

Craig Chelius, Mifos Executive Director, had the opportunity recently to pen this piece for the European Microfinance Platform Spring Newsletter. It outlines what we think is the next path forward to help Financial Inclusion reach the 2 Billion that are still excluded from the formal financial system. Financial Inclusion 2.0 is the fast, low cost, mobile delivery of digital financial services. As an open source pioneer, we are establishing the global open standard to take the industry there. 

Meet the 2016 Google Summer of Code Class of Interns

Google Summer of Codegsoc2016-sun-373x373 2016 is officially underway. GSOC is now in its 12th year and we’re proud to be participating in GSOC once again for the third time as the Mifos Initiative and the fifth year overall. This year was our most selective year ever with an acceptance rate of 6.08%. We received 115 proposals and had to choose amongst many exceptional candidates to allocate our seven slots. Selecting our top candidates that balanced with the highest priority needs of our community was a difficult process but we’re delighted to be working with a stellar team of interns from three continents who will be working on mobile apps, our community app, and new modules and integrations.

On the mobile front, Vishwajeet will be building out our first client-facing app – an Android self-service banking app. Rajan will be evolving our Android field operations app to Version 3.0. Our community app won’t be recognizable after this summer with Duplex working on refactoring and re-skinning it, Mohit adding in browser-based offline access and Adhyan adding in actionable notifications and status alerts. On top of the Fineract platform, Daniel will be adding in a module for mobile money integration and Nikhil working on credit bureau integration.

Given we had to be so selective and turn away so many candidates who had impressive applications and meaningful contributions, we’re pushing to run our own Mifos Summer of Code in parallel. We are launching a crowdfunding campaign to raise money to provide stipends to the students we couldn’t choose but have high-priority projects along with seasoned mentors ready to guide them. Stay tuned for more on Mifos Summer of Code.

Our Google Summer of Code students started their first day of coding on Monday so please welcome them and send a word of encouragement to our mailing lists. 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.

 

Duplex Kamdjou – Cameroon

  • Refactor & Re-Skin AngularJS Community App
  • Mentor: Pranjal Goswami & Gaurav Saini
Mohit Bajoria – India

Adhyan Srivastava – India

  • Actionable Notifications & Status Alerts
  • Mentor: Gaurav Saini & Pranjal Goswami
Vishwajeet Srivastava – India

  • Mifos Self-Service Android App
  • Mentor: Ishan Khanna & Swapnil
Rajan Maurya – India

  • Mifos Android Field Operations App Version 3.0
  • Mentor: Ishan Khanna and Satya Naryan
Daniel Carlson – Cameroon 

Nikhil Pawar – USA

  • Credit Bureau Integration
  • Mentor: Nayan Ambali and Ashok Auty

Read more

Accion Assesses Musoni App

Powered by Mifos, Musoni Receives High Praise

Musoni Systems worked closely with Accion’s Channels and Technology group on a comprehensive impact assessment of the Musoni App.  The app is designed to improve loan officer efficiency by digitalising the client registration, group registration and loan application processes. The app works in online and offline mode, and can also be used to view reports or to carry out PPI surveys. So far the app has been used to register over 40,000 clients and a similar number of loans.

While the app has always received positive feedback from end users, this was the first rigorous study into the impact the app has had on loan officer performance, branch cost savings and improved client experiences. We’re pleased to say that on all three of these, the app has proved itself an unqualified success.

Key findings of the case study were:

  1. Business Case: Digitalising operations resulted in the MFI realising an increase in income of $86,620 in the first year. As a result of this, launching the Musoni App resulted in a postive ROI in under 12 months
  2. Improved efficiency: Using the Musoni App increased the case load per loan officer by 68% while simultaneously reducing turnaround time (TAT) from 72 hours to 6 hours
  3. Cost Savings: The MFI realised cost savings of $27,246 in the first year of launching the app, achieved by promoting data entry staff into other roles and reduced stationary/printing costs
  4. Improved client experiences: Faster loan disbursements, no need to provide photos or ID photocopies and reduced potential for fraud all resulted in overwhelmingly positive feedback from clients
musoni field

Musoni Field Officer Registers Client

The Musoni App is provided as standard to any MFI licensing the Musoni System, alongside the mobile money integration, SMS module and system itself, providing a one-stop shop to any MFI looking to benefit from the latest technology.

On average, the five main branches recorded a 68 percent increase in loan officer caseload from January 2013 (pre-DFA) to December 2014 (one year after full rollout).”

Please click on this link, or the button below if you’d like to download the full Accion Case Study into the Musoni App. You can also learn more on the Accion CFI blog where they explain some of the benefits they’ve seen in other MFIs using tablets in the field.

To learn more about Musoni – visit their website.  See the impact these innovating people are making with their app built on top of the Mifos X platform.  As of this writing, Musoni serves more than 150,000 clients in 38 Financial Institutions in 9 Countries.  This count grows every day.  Impactful.

Congratulations on a job well done.

Talking about Financial Inclusion to Financial Innovators at FinDEVr

James Dailey, board member and Chief Innovation Officer for the Mifos Initiative, spent this week at FinDEVr San Francisco with Vishwas introducing the Mifos X platform to the world of fin-tech innovators. 
This week was terrific. I was able to geek out about financial inclusion for hours, give a presentation about the powerful Platform that the Mifos team has built, learn what other tech is up and coming, and share the narrative of why Mifos as a rallying concept – open source, open APIs, cloud, mobile – is so important for building the financial services that people everywhere deserve.
The FinDEVr conference at UC San Francisco Conference Center was not the typical conference for Mifos. Attendees were representing some of the largest payment networks (Visa, Mastercard, Paypal) and their development efforts were focused on use cases that are quite removed from the world of microfinance or building the basic payment networks in emerging markets.

Read more