MICROCAPITAL BRIEF: Grameen Foundation Launches Upgraded Mifos Cloud Service For Microfinance Institutions (MFIs) in India

Grameen Foundation, a US-based nonprofit, announced at the recent Microfinance Leadership Summit on Technology in Manila, Philippines, that it has launched a hosted version of its Mifos management information system, Mifos Cloud, that is available for a fee to microfinance institutions (MFIs) in India. Unlike Mifos Cloud, which runs off-site, a version of the service has been available for free to MFIs around the world to run on their own hardware since 2006.

With Mifos Cloud, Grameen hopes to lower costs, increase business transparency and streamline data management for MFIs. Mifos offers businesses the ability to analyze client data, track market information and designers believe Mifos Cloud can particularly streamline operations such as bulk loan approval and new product rollout.

Rajiv Jain, Managing Director of Digamber Capfin Limited, an MFI in India, reportedly hopes that the new Mifos Cloud will be “the next wave of technology for us to grow our outreach and impact to the poor.  At any moment, I can log into Mifos Cloud and know how we are performing financially, operationally, and socially [1].”

By John Howard-Smith, Research Associate

About Grameen Foundation: The Grameen Foundation, a nonprofit based in Washington, DC, aims to help microfinance institutions throughout the world replicate the microfinance model of the Grameen Bank https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gra…. It provides financial, technological and managerial support to provide new business opportunities and telecommunication services to poor people in rural areas. Though the Grameen Foundation is independent of the Grameen Bank, Muhammad Yunus, the founder of the Grameen Bank, serves on the foundation’s Board of Directors. Grameen Foundation reported total assets of USD 33.1 million as of March 31, 2010.

[1] Grameen Foundation Press Release: “Mifos® Cloud Launches in India”, http://www.grameenfoundation.org/press-releases/mifos%C2%AE-cloud-launches-india

MicroCapital.org story, August 27, 2010: “MICROCAPITAL BRIEF: Grameen Foundation Partners with Sungard Global Services to Support Mifos Technology Platform”, https://www.microcapital.org/microcapital-brief-grameen-foundation-partners-with-sungard-global-services-to-support-mifos-technology-platform/

MicroCapital.org story, August 20, 2010: “MICROCAPITAL BRIEF: Grameen Foundation Announces Official Launch of Mifos.com to Promote Microfinance Institution Management Software”, https://www.microcapital.org/microcapital-brief-grameen-foundation-announces-official-launch-of-mifos-com-to-promote-microfinance-institution-management-software/

MicroCapital.org story, July 29, 2010: “MICROCAPITAL BRIEF: ThoughtWorks to Provide Software Services in Support of The Grameen Foundation’s Mifos Microfinance Technology Platform”, https://www.microcapital.org/microcapital-brief-thoughtworks-to-provide-software-services-in-support-of-the-grameen-foundation%E2%80%99s-mifos-microfinance-technology-platform/

MicroCapital’s Microfinance Universe Profile: Grameen Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Foundation

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/tiki-index.php

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