Selected
Digital Inclusion

The Mifos Initiative

Scaling Digital Financial Services through Open Source Banking Building Blocks Backed by a Global Community

Team Leader
Edward Cable
Scaling Digital Financial Services through Open Source Banking Building Blocks Backed by a Global Community

The Problem

More than three billion underbanked people worldwide lack access to basic financial services. Financial inclusion is recognized as a proven means of poverty reduction by increasing economic resilience and expanding economic opportunity. We advance meaningful usage of digital financial servcies that go beyond access alone to advance financial health.

The Solution

Mifos provides modern core banking & payments infrastructure delivered as OSS blocks by a global community that can be composed into financial services of any form. These building blocks recognized as DPGs, make core banking commoditized infrastructure, empowering organizations anywhere to embed financial services to customers via any channel. Fully OSS and in the cloud, the platform is delivered via APIs and reference apps to enable creating customers; managing wallets, savings, loan accounts, orchestrating payments, and maintaining financial ledgers and reports. We enable institutions of any size to digitally transform, lower costs, operate efficiently, innovate rapidly, and use data-driven insights to serve their customers effectively. Our global community/ecosystem of local partners is critical to reaching the 3B underbanked. We unlock a virtuous cycle of commercial companies, collectively contributing upstream while building/supporting solutions locally. This lowers the cost of developing, maintaining, and innovating new software, enableing focused investment on innovation.

Stats

The Mifos Initiative's open source software has facilitated financial services for approximately 75 million people.

What is the name of your organization?
Mifos Initiative
What is the name of your solution?
The Mifos Initiative
Provide a one-line summary or tagline for your solution.
Scaling Digital Financial Services through Open Source Banking Building Blocks Backed by a Global Community
In what city, town, or region is your solution team headquartered?
Crescent City, CA
In what country is your solution team headquartered?
—
What type of organization is your solution team?
Nonprofit
Film your elevator pitch.
—
What specific problem are you solving?
More than three billion underbanked people worldwide lack access to basic financial services. Financial inclusion is recognized as a proven means of poverty reduction by increasing economic resilience and expanding economic opportunity. We advance meaningful usage of digital financial servcies that go beyond access alone to advance financial health.
What is your solution?
Mifos provides modern core banking & payments infrastructure delivered as OSS blocks by a global community that can be composed into financial services of any form. These building blocks recognized as DPGs, make core banking commoditized infrastructure, empowering organizations anywhere to embed financial services to customers via any channel. Fully OSS and in the cloud, the platform is delivered via APIs and reference apps to enable creating customers; managing wallets, savings, loan accounts, orchestrating payments, and maintaining financial ledgers and reports. We enable institutions of any size to digitally transform, lower costs, operate efficiently, innovate rapidly, and use data-driven insights to serve their customers effectively. Our global community/ecosystem of local partners is critical to reaching the 3B underbanked. We unlock a virtuous cycle of commercial companies, collectively contributing upstream while building/supporting solutions locally. This lowers the cost of developing, maintaining, and innovating new software, enableing focused investment on innovation.
Who does your solution serve, and in what ways will the solution impact their lives?
Our solution powers the operations of the fintechs and brick and mortar financial inclusion providers, that deliver financial services to the 3 billion underbanked. They primarily focus on women who utilize access to credit and secure places to save to benefit their entire household.Our solution directly targets the financial institutions that are focused on the base of the pyramid. These are typically more informal financial institutions like Microfinance Institutions, Savings and Credit Cooperatives (SACCOs), Savings Groups, etc but also include digital-first fintechs that are socially motivated and aiming to reach the unbanked in a responsible manner.

Organization Type:
Nonprofit

Headquarters:
Crescent City, CA, United States

Stage:
Scale

Working In:
India, Global (operating in 10+ countries)

Solution Website:
https://mifos.org

Solution Team:
Edward Cable
Edward Cable
President/CEO
Godfrey Kutumela
Godfrey Kutumela
VP of Diversity, Inclusion and Belonging