The Grameen Foundation, an independent non-profit organization, has announced that it will add functionality to Mifos, a microfinance institution (MFI) management software package that is open source, meaning that it is free software that can be changed by users. The new functionality includes enhancing the software’s connectivity to mobile payment systems and improving its integration with the Progress Out of Poverty Index (PPI), a poverty assessment tool that aids in targeting and tracking microfinance clients. The Cisco Foundation, the charitable arm of the American computer technology company, will provide a grant of USD 500,000 to support these efforts. The MasterCard Foundation, a private Canadian foundation that supports microfinance, will also provide a grant of USD 1.23 million in an effort to help MFIs use Mifos to reach 100 million new clients in the next 10 years. This effort will start with the formation of the Mifos Consortium, which will attempt to “develop a benchmark for successful technology management.” The consortium, which will be geared toward MFIs with up to one million clients, will aim to help these MFIs each gain at least 300,000 additional clients through Mifos in the next two years. Some of the inaugural members will include Grameen Koota of India, enda inter-arabe of Tunisia, Al Majmoua of Lebanon, KEEF of Kenya and KMBI of the Philippines.
By Christopher Maggio, Research Assistant
About
Grameen Foundation
Description
The foundation aims to help microfinance institutions throughout the world replicate the microfinance model of the Grameen Bank. It provides financial, technological and managerial support for local organizations and intends to provide new business opportunities and telecommunication services to the rural poor. The Grameen Foundation works with microfinance institutions (MFIs) in about 37 countries worldwide. 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.
About
MasterCard Foundation
Description
Based in Canada, the MasterCard Foundation is an independent, private foundation with over CAD 3 billion (the equivalent of USD 2.9 billion) in assets. The foundation’s goal is to enable people living in poverty to improve their lives with increased access to microfinance and education. The Foundation was established in 2006 by a gift of shares of MasterCard Worldwide during the company’s initial public offering.
About
Grameen Koota
Description
Grameen Koota is a microfinance institution (MFI) based in Bangalore, India, that was founded in 1999. It is a division of Grameen Financial Services Private Limited and began its operation with funding from Grameen Trust, a non-governmental organization that supports microfinance globally through funding, training and technical assistance. As of December 12, 2009, Grameen Koota provides credit to low-income households through 117 branches in Karnataka and Maharashtra. It is one of the first MFIs in the world to use Mifos, an open source management information system that aids in the monitoring of borrowers and portfolios.
– Country of Incorporation: India
– Year Founded: 1999
– Legal Status: Non-Banking Financial Company
– Outstanding Loan Portfolio: USD 33.3 million (as of 12/December/2009)
– Area of Operation: India
– Participant(s)/Backer(s)/Investor(s): Grameen Financial Services Private Limited, Grameen Trust, MicroVentures SpA, MicroVentures Investments, Incofin, Aavishkaar Goodwell, ACCION International
– Currency: INR
– Director: Vinatha M Reddy
Additional Resources:
Grameen Foundation press release entitled ‘Grameen Foundation Expanding Technology for Microfinance Initiative; Working with support from The MasterCard and Cisco Foundations’: http://www.grameenfoundation.org/press-releases/grameen-foundation-expanding-technology-microfinance-initiative-working-support-maste
MicroCapital’s Microfinance Universe profile: Grameen Foundation
MicroCapital’s Microfinance Universe profile: MasterCard Foundation
MicroCapital’s Microfinance Universe profile: Grameen Koota
Mifos: http://www.mifos.org/
Progress Out of Poverty: http://progressoutofpoverty.org/
Browse the MicroCapital Universe and add your entry to our wiki at https://www.microcapital.org/microfinanceuniverse/
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