IBM has partnered with Grameen Foundation to launch a collaborative project to help microfinance institutions (MFIs) to better serve poor communities around the world by expanding Mifos, Grameen Foundation’s ground-breaking open source microfinance software platform.
The project will allow MFIs to access new and world-class software, which streamlines the lending process and significantly reduces operational and technology costs. Currently, five MFIs are deploying Mifos in India, Kenya, Tunisia, and Honduras. MFIs will provide small loans who are below poverty line to establish or expand very small, self-supporting businesses. MFIs will also provide other financial services like saving accounts, micro-insurance, and social services such as education and healthcare. The benefits of the new Mifos platform will include (1) access to world-class software for all microfinance institutions; (2) global standards in management and reporting; and (3) sharing and scaling of technology innovation.