The underbanked and members of the informal economy were already vulnerable but the COVID-19 pandemic has had an even more devastating impact on them and their ability to sustain their livelihoods while maintaining proper health.
With economies on lockdown and traditional forms of financial inclusion constrained, there is a critical need to:
- Rapidly transfer cash and benefit payments directly to individuals
- Extend additional credit to micro, small and medium enterprises.
- Ease the existing debt burden of individuals
- Reduce the amount of physical contact and usage of cash in delivering financial services.
Financial Inclusion can be a bedrock of this response, our open building blocks and global community enables inclusive fintech that:
- Enable governments to rapidly open up bank accounts in the cloud through Mifos and make transfer payments via interoperable digital rails like Mojaloop
- Digitize operations and increase the capacity and lower the costs of providing credit to MSMEs.
- Utilize the flexibility of Mifos to nimbly respond to the needs of borrowers by rescheduling loans and putting moratoriums on payments
- Go digital by enabling cashless transactions via mobile money and branchless operations via self-service channels via mobile and online.
Mifos can enable the rapid deployment of bank accounts across an entire country providing a modern, cost-effective, and highly connected banking infrastructure to reach the underbanked.
Opening these accounts and disbursing benefits is just the beginning as our digital financial services platform provides the foundation for a thriving FinTech ecosystem delivering innovative financial services. Each individual can be reached through a single point of integration via Open APIs.
Mifos Community in Action
Across our global community, our Mifos partners have been nimbly able to help the fintechs and financial institutions they support respond to the challenges of their customers by leveraging the configurability, extensibility, and ability to extend the Mifos codebase and data model.