Grameen Foundation’s Mifos® Earns High Ratings in CGAP Review of Software for Microfinance Institutions

Receives Perfect Score in Technology and Professional Services

May 27, 2010 - Grameen Foundation today announced that Mifos®, its open source technology solution, has earned high marks in its first rating on the Microfinance Software Listings and Reviews [1] published by the Consultative Group to Assist the Poor (CGAP).   The leading resource for information on microfinance software products, it gave Mifos maximum points for technical capabilities and for its suite of professional services.  The reviews are conducted by independent evaluators with feedback from users.

Launched in 2006, Mifos provides microfinance institutions (MFIs) with both a centralized, web-enabled platform and an online hosted model (“Mifos Cloud”).  Its high-level security features, connectivity, flexibility and overall architecture earned Mifos the highest marks for technical capabilities.  Additionally, it received 4 out of 4 stars for the comprehensive implementation, training and support provided by Grameen Foundation and its specialists in the various regions. 

Recognizing the full spectrum of MFIs’ needs, Grameen Foundation provides a complete solution that includes strategic IT planning and business optimization for technology use across a MFI’s operations. This is enhanced by very strong support from the Mifos open source community.

”Service and support of microfinance backend systems tend to be one of the hardest, and most poorly executed, components of a technology implementation so we are particularly pleased with our score in that area,” said George Conard, executive director of Grameen Foundation’s Technology for Microfinance Initiative.  “This is a huge testament to our focus on customer satisfaction and impact and the strength of our field team.”  Grameen Foundation currently has specialists in South and East Asia and East Africa for installation, training and support services.

Mifos also received high marks for being easy to use and for its functionality which fulfills the core business requirements of MFIs and can be extended with more advanced modules to meet their specific needs. In the coming years, Grameen Foundation will focus on making it easier to connect Mifos to systems and applications that support a frictionless flow of information and capital to MFIs.

The CGAP reviews compare the different software against generally accepted industry standards and not against each other.  The reviews are a product of CGAP’s Information Systems Program, a joint initiative of CGAP and the EU/ACP Microfinance Programme.

Mifos is currently being used by microfinance institutions across India, Tunisia, Kenya, Philippines and Senegal serving more than 600,000 clients. It is spearheaded by the Technology for Microfinance Initiative based at Grameen Foundation’s Technology Center in Seattle. For more information, please visit www.mifos.org [2].

About Grameen Foundation
Grameen Foundation, a global nonprofit organization, helps the world’s poorest people access financial services and technology solutions by providing financing, technology support and management strategies to the local organizations that serve them. It also spearheads technology initiatives that create new microbusiness opportunities for the poor, provide telecommunications access for the world's rural poor, and improve their access to health and agriculture information and other services.  Founded in 1997, Grameen Foundation has offices in Washington, D.C., Seattle, Washington, Hong Kong, Ghana, the Philippines and Uganda. Dr. Muhammad Yunus, the founder of Grameen Bank and the 2006 Nobel Peace Prize Laureate, is a founding member of its board of directors, and now serves as director emeritus.  For more information, please visit www.grameenfoundation.org [3].