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Partcipants from 11 Countries Converge at the MIFOS Summit in Bangalore

Bangalore, 16th Oct 2012

Members from over 11 countries converged at the ongoing MIFOS Summit in Bangalore, held by the Community for Open Source Microfinance (COSM) in association with Grameen Financial Services Private Limited (GFSPL), a Non Banking Financial Company based out of Bangalore. In attendance at the 3 day summit are delegates from different countries like USA, Lebanon, Kenya, Australia, Nigeria, Mozambique, Namibia, Ireland, Poland and Uganda among others. MIFOS (Micro Finance Open Source) is the financial software developed for microfinance institutions as an initiative of Grameen Foundation Technology Centre, USA and is currently being managed by COSM. MIFOS was developed to provide functional support for client management, portfolio management, loan repayment, tracking, fee and saving transactions and reporting functionalities for microfinance institutions. As per June 2011 figures, MIFOS has been deployed by around 28 microfinance institutions with a combined client strength of over 8,50,000 clients. The primary focus of the MIFOS Summit is to seek out ways and means to cater better to the MIS needs of the microfinance industry.  The inaugural day had Mr. Suresh Krishna, Managing Director of GFSPL, speak about the challenges that MIFOS needs to resolve in order to adapt to the ever evolving technology landscape. At the introductory session, Mr. Krishna also pointed out that “MIFOS as a solution was low cost and offered flexibility and that was one of the reasons why Grameen Koota stumbled into MIFOS.” Craig Chelius, Executive Director, Community for Open Source Microfinance, moderating the sessions at the MIFOS Summit believes that this landmark summit could bring forward different opinions from different industry stakeholders including technology specialists, software developers and technology users in Microfinance on ways to improve the current MIFOS systems and make it more user-friendly and build a roadmap for the future of MIFOS. He added, “The focus is to bring about such systems that can be customized and be easy to deploy.” The summit was held from 16th-18th October in Bangalore. 

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