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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

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2015 Winter Outreachy Intern Wrapup

As we look towards bringing on a full class of Google Summer of Code interns, let’s reflect on our recent group of interns who completed our Winter 2015 Outreachy program with Mifos for the first time.  Outreachy was a journey for both our interns and our mentors as it brought home many lessons in communications and collaboration across an open source community as  our three interns collectively worked on our Android field operations app. After their contributions we now have a refactored and redesigned app, a wide range of new functionalities for field officers, and a mobile UI for capturing surveys.  Join us in giving a big thank you to Olya, Nelly, and Nasim, and their mentors, Ishan, Gaurav, and Markus. Read on to learn more about what they built and what their most lasting experiences from their internship were.

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Announcing Mifos X 16.01: Loan Rescheduling, Loan Loss Provisioning, Floating Interest Rates, Variable Installments & Self-Service APIs

We’re delighted to formally announce the new functionality that’s been made available in Mifos X over the past several release cycles culminating in the Mifos 16.01 release shipped on January 12, 2016. We’ve added major new features which expand the breadth of our loan product offerings, improve risk management and monitoring of your portfolio, and enable your clients to take control of their financial services through self-service channels.

Read on below for a glimpse into the major new features including:

  • Loan Rescheduling
  • Loan Loss Provisioning
  • Floating interest rate loans
  • Variable Installment Loans
  • Self-Service APIs
  • OAuth/HTTPs toggling

In case you missed our 2016 Roadmap Webinar, check it out to learn more about what’s scheduled for development in 2016. For few details on the all the bugs and enhancements from this and the 15.12 releases, view the release notes.

Many thanks go out to all the contributors who made this release possible – especially our core team, partners like Musoni Services, as well as a number of new features that were worked on by volunteers in the community.
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2014 Mifos Annual Report

2014 was a breakthrough year for our community as the Mifos X platform established a foothold around the globe and we proved that a platform-centric and partner-driven approach can achieve tremendous scale and impact. Take a few moments to look back at the major milestones from the past year and all the community members who made these accomplishments possible.

At a glance in 2014

  • 2.6 million clients were reached by 110 financial institutions supported by 40 local tech partners across 33 different countries.
  • 80,000,000 transactions were processed on the platform with more than $791,000,000 in loans being managed.
  • 11,630 downloads of our software from 150 countries

Mifos Events Round-Up

This summer has been a busy one as Mifos team members have travelled around the country educating various sectors on the powerful opportunity to eliminate global poverty through open source technology solutions for financial inclusion. While the audiences have been diverse, ranging from open source developers to credit union executives to FinTech innovators, the message is the same: join our global collaborative community and help us in our mission to bring financial services to the 2 Billion Unbanked.

We wanted to take a quick look back at the conferences we’ve been at and a couple more we’ll be speaking at this upcoming month.

  • SOCAP 15 – San Francisco, CA (coming up!)
  • FinDEVr SF 2015 – San Francisco, CA (coming up!)
  • SpringOne2GX – Washington, DC
  • FinovateFall 2015 – NYC, NY
  • 2015 World Credit Union Conference – Denver, CO
  • OSCON 2015 – Portland, OR

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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.

Announcing Mifos X 15.03: Mandatory Savings, Individual Collection Sheets, OAuth 2 Support, Context-Sensitive Help

On April 06, 2015 we shipped our first major release for 2015, Mifos X 15.03. With the release, we’ve adopted the new release numbering framework identified by the year-month of the date of the scheduled release. Mifos X 15.03 contained a great deal of new technical and security enhancements, functional improvements to the loans and accounting module, as well as some improved usability. OAuth 2 Support as well as stricter password configuration policies will provide more robust authentication mechanisms. Bulk Collection Sheet Entry for Individual Loans as well as Mandatory Savings accounts are not supported. The loans module now allows for fixed loan product parameters, configurable working days, multiple options for interest calculation on pre-closure, greater flexibility during the approval and disbursal process for multi-tranche loans, and improved rounding off rules for EMI repayments. For the accounting module, one can now migrate opening balances as well as configure fees to be mapped to liability accounts. Last but not least, Mifos X 15.03 now has a significant amount of context-sensitive help including tooltips and dynamic help menu links.  Please view the Mifos X 15.03 release notes for full details.

UPDATE: On May 18, 2015, we shipped the first service pack or hotfix release, Mifos 15.03.1. This released contained new functionality such as a loan products that support a compounding period that is independent from the rest frequency period, improved filtering and searchability on client/groups/center listings, and nearly three dozen bug fixes and UI enhancements. Please view the Mifos X 15.03.1 release notes for full details.

Many thanks go out to all the contributors who made this release possible – especially our core team, partners like Conflux Technologies and Musoni Services, as well as a number of new features that were worked on the high school students who participated in our Google Code-In projects.

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Global Mifos Summit Wrap-Ups

Our Global Mifos Summit in Sharjah has come and gone in a flash yet once again it was an incredibly invigorating time and exciting to see all the new opportunities and momentum that is building across the community.

We’ll be posting photos, notes, and major takeaways from each of the sessions but we thought the best way to share the summit with those who weren’t able to attend is through a firsthand look from the attendees of our summit. We’ll start with a series of blog posts from our staff but welcome any community members to write a blog post and share.
In the meantime, if you did attend the summit and haven’t filled out your feedback form, please click here to do it now. It will only take a few minutes and help us to make our future events more valuable and effective for all in attendance.
We don’t want all the wonderful ideas or fruitful discussion to get lost so please post your notes to the Summit Hackpad.
If you took photos, please share them on our Google+ event page.

Vishwas Babu – Winner of the 2015 Pizzigati Prize

tides-pizzigati-tony-2It’s rare to meet individuals like Vishwas Babu who are so intelligent and gifted yet so dedicated and devoted to helping others. Vishwas has an enormous heart and a brilliant mind yet is so truly humble in all his actions. We are so excited to announce that he’s been selected as the 2015 Pizzigati Prize Winner by the Tides Foundation.

Join us in congratulating Vishwas Babu of Conflux Technologies for this well-deserved recognition for his visionary leadership and his tireless commitment to customers. Read more

Announcing Mifos X 1.26: Improved Guarantor Management, Teller Cash Management, Configurable Account Prefixes and more

Just in time for the new year, we shipped the latest release, Mifos X 1.26.0, on December 23 which provides a range of new functionalities across our suite of lending and savings products as well as a number of usability enhancements and bug fixes. Major new features include support for capturing guarantee requirements for loans and blocking/holding funds on guarantor accounts, a beta version of our teller cash management module, new statuses for client life cycle, the ability to map liability accounts to fees, ability to update deposit amounts for active recurring deposits, support for capture client images from a linked webcam, and functionality to configure account prefixes on client, loan and savings accounts. With the range of bug fixes and UI enhancements, there are more than 75 tickets fixed in this release. Download Mifos X 1.26 now or request a trial instance to try it out for your organization. Read more