MICROCAPITAL BRIEF: Grameen Foundation Releases Updated Microfinance Management Information Software (MIS) Mifos 2.0

The Grameen Foundation, a nonprofit based in Washington, DC, that aims to help microfinance institutions (MFIs) replicate the microfinance model of Grameen Bank, has announced the release of Mifos 2.0, the latest version of its management information software (MIS) for microfinance. The new software incorporates the Progress out of Poverty Index (PPI), a measure for tracking changes in clients’ living conditions over time. PPI was commissioned by CGAP (Consultative Group to Assist the Poor), the Ford Foundation and Microfinance Risk Management LLC and is available in 34 countries.

Mifos 2.0 is also designed to be compatible with M-Pesa, Kenya’s mobile-to-mobile money transfer service, which enables microborrowers to make payments and deposits using mobile phones. Mifos 2.0 was made widely available to MFIs on December 21, 2010, as a cloud service, and 80 MFIs reportedly use the new software as of December 2010 [1]. The Grameen Foundation reported total assets of USD 33.1 million as of March 31, 2010 [1].

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. It provides financial, technological and managerial support to provide new business opportunities and telecommunication services for 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.

About Grameen Bank: Grameen Bank is a Bangladeshi microfinance institution that provides collateral-free loans to poor entrepreneurs in rural areas. It was founded in the late 1970’s by Muhammad Yunus, who, along with Grameen Bank, won the 2006 Nobel Peace Prize for their work in developing the concept of microfinance. As of February 2010, it reports 8 million borrowers, 97 percent of whom are women. With 2,563 branches, Grameen Bank provides services to 81,343 villages. Grameen Bank has the equivalent of USD 1.4 billion in assets as of 2009 as indicated on the Microfinance Information Exchange (MIX), the microfinance information clearinghouse.

About CGAP (Consultative Group to Assist the Poor): Housed at the World Bank Group, CGAP (Consultative Group to Assist the Poor) is an independent policy and research center dedicated to facilitating the provision of financial access to poor people worldwide. CGAP is supported by approximately thirty development agencies and private foundations. Its mission is to provide market intelligence, to promote standards and to offer advisory services to governments, microfinance providers, donors and investors.

[1] Grameen Foundation. “Grameen Foundation to Release Mifos 2.0” December 2010

http://www.grameenfoundation.org/press-releases/grameen-foundation-release-mifos%C2%AE-20

MicroCapital. “MICROCAPITAL BRIEF: Grameen Foundation Launches Upgraded Mifos Cloud Service for Microfinance Institutions (MFIs) in India” by John Howard-Smith, 24 November 2010

https://www.microcapital.org/microcapital-brief-grameen-foundation-launches-upgraded-mifos-cloud-service-for-microfinance-institutions-mfis-in-india/

MicroCapital’s Microfinance Universe profile: Grameen Foundation

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MicroCapital’s Microfinance Universe profile: Grameen Bank

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