Mifos Initiative
{{Short description|American financial software nonprofit}}
{{advert|date=December 2014}}
{{Infobox organization
| name = Mifos Initiative
| logo = Mifos.jpg
| type = 501(c)(3)
| founded_date = October 2011
| location_city = Mountain View, California
| location_country = United States
| origins = Grameen Foundation
| key_people = Ed Cable
{{small|(CEO)}}
| area_served =
| products = Mifos WebApp
PaymentHub
| focus = Microfinance
Financial inclusion
| method =
| num_volunteers =
| num_members =
| homepage = [http://www.mifos.org mifos.org]
| footnotes =
}}
The Mifos Initiative is a U.S.-based non-profit that exists to support and collectively lead the open source Mifos X project. Founded in October 2011, the organization encompasses a community of financial service providers, technology specialists, financial services experts and open source developers working together to grow the Mifos X open source platform for financial services. Its goal is to speed the elimination of poverty by enabling financial service providers to more effectively and efficiently deliver responsible financial services to the world's 2.5 billion poor and unbanked.
History
Development of the software began as an initiative of the Grameen Foundation in 2004. It was initiated by James Dailey and Tapan Parikh,[http://mashable.com/2012/04/18/mifos-microfinance Microfinance: Why Open Source Means Bigger Impact] and launched as open-source software Mifos in 2006. The name "Mifos" originally came from an acronym "Micro Finance Open Source", but is now used as the brand, rather than an acronym. Mifos existed within Grameen Foundation until 2011, when it was decided that Mifos would split off to be an independent, open-source entity.
On June 1, 2011, Grameen Foundation announced that it would be ending its direct involvement with the Mifos Initiative and transitioning the project to a new organization, the Mifos Initiative, which now controls the Mifos and MIfos X projects.[http://mifos.org/community/news/grameen-foundation-transition-mifos-community-led-effort Grameen Foundation to Transition Mifos to Community-Led Effort][http://mifos.org/ MIFOS.org]{{Cite web |last=Baer |first=Natalie |date=2012-03-05 |title=MICROCAPITAL BRIEF: Grameen Foundation Spins Off Mifos Microfinance Institution Software to Open Source Community |url=https://www.microcapital.org/microcapital-brief-grameen-foundation-spins-off-mifos-microfinance-institution-software-to-open-source-community/ |access-date=2024-07-19 |website=MicroCapital |language=en-US}}
In 2015, Mifos contributed the core MifosX platform to Apache Software Foundation and the project is now called Apache Fineract(R). Mifos maintains external components including different User Interfaces, PaymentsHub, and Reports. {{Cite web |date=2017-04-24 |title=Apache Fineract Graduates to Top-Level Project |url=https://mifos.org/blog/apache-fineract-top-level-project/ |access-date=2024-07-19 |website=Mifos Initiative |language=en-US}}
Community
File:Mifosx annual summit at bangalore.jpg
The MifosX community includes developers, implementers, and users from various countries who collaborate through mailing lists, IRC, and annual conferences.
MifosX organizes an annual summit for developers and users with conferences, exhibitions and other audience-oriented events. The 2012 summit was held in Bangalore, and in 2013, it was held at Jaipur in the month of October. Held in Kuampala, Uganda, the 2014 Summit was a four-day event with a large focus on hands-on training for partners and users, collaborative tech sessions for contributors, and educational sessions focussing on fin-tech and the financial inclusion sector.
MifosX has also participated in several other independent events. In 2013, Mifos has participated in Google Summer of Code{{cite web|url=http://www.google-melange.com/gsoc/org/google/gsoc2013/cosm |title=GSoC 2013 - COSM }} as well as Random Hacks of Kindness during RHoK Global December 2012.{{cite web|url=http://www.rhok.org/problems/connecting-clients-their-financial-data-integrating-sms-communications-mifos |title=Financial data integrating using sms communications | publisher=Random Hacks of Kindness}} Moreover, Mifos has been part of the FinDEVr San Francisco 2014 event, acting as a sponsor. One of Mifos' members, James Dailey (board member and Chief Innovation Officer), took the stage to discuss the reinvention of banking. On the first of November, Mifos Initiative also took part in the Global Islamic Microfinance Forum, held in Dubai, UAE.
Management
President/CEO of Mifos Initiative is Edward Cable Mifos About Us page, retrieved Nov 12, 2023, https://mifos.org/about-us/team/
= Board of directors =
Source: Mifos About Us page, retrieved Nov 12, 2023, https://mifos.org/about-us/team/
- Allison Baller
- Zaheda Bhorat
- Min Tha Gyaw
- Shashi Raghunandan
- Edward Cable (Current CEO)
- James Dailey (Emeritus)
Previously serving Board members
- Craig Chelius
- Suresh Krishna (managing director of Grameen Financial Services Private Ltd)
- Paul Maritz (Chairman of the Board and CEO of Pivotal)
- Michael Vorburger
- Dave Neary
Qualifications and prizes
- Mifos earns high ratings on CGAP Software Listings {{cite news |url=http://www.grameenfoundation.org/press-releases/grameen-foundation%E2%80%99s-mifos%C2%AE-earns-high-ratings-cgap-review-software-microfinance-inst |title=Press Release on CGAP listing Mifos}}
- Mifos won a Duke's Choice Award in 2009 for "Java Technology for the Open Source Community" {{cite news |url=https://community.oracle.com/docs/DOC-922315 |title=Congratulations 2009 Duke's Choice Awards Winners!|access-date=2020-01-19|date=2015-10-02}}
- Mifos participated in the Google Summer Of Code 2009,{{cite news |url=http://google-opensource.blogspot.com/2009/09/endless-summer-of-code-google-style.html |title=Open Source at Google, Blog entry about Mifos }} 2010,{{cite news |url=http://news.mifos.org/mifos-gsoc-2010/ |title=Mifos news about GSoC 2010 participants }} 2013, 2014, 2016, 2017, 2018 and 2019.
- Mifos also came as a runner up to the 'Fintech for Good' award, coming second after Deutsche Bank – Community Hackathons.{{cite web |last1=Futures |first1=Fintech |title=banking Technology awards 2018 |url=https://www.bankingtech.com/2018/12/banking-technology-awards-2018-and-the-winners-are/ |website=banking tech |date=17 December 2018 |publisher=Bankingtech |accessdate=17 December 2018}}
References
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