The Mifos Initiative

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.