The US-based Grameen Foundation has announced that the latest version (1.4) of Mifos is now available for download. For those who are not aware about Mifos and its advantages, we take this opportunity to discuss a bit about it.
Grameen Foundation’s Technology Center first launched Mifos in 2006 as part of its mission to improve the efficiency of microfinance activities in developing countries by combining it with innovative and user-friendly technology. Although Mifos was developed with the financial support of the Foundation, the idea has been to make it a self-sufficient project with the participation of users and developers from different parts of the world. It has also kept Mifos as an Open-source software which means that it is not only available for free use and download, but it can also be modified, improved and adapted to local conditions. Users also have the opportunity to practically use it for their microfinance projects and also report any desired improvements in it.
Mifos once downloaded freely and installed on your computer, it offers a user-friendly interface for microfinance institutions to manage their operations and build their records. It also has the advantage of knowing how effective the microfinance project has been. The software keeps transaction records of members taking services from the project and over a period of time, the rise in their income-levels demonstrated through the program entries reveal the overall performance and impact of the intervention. The software has the ability to manage several thousands of records and transactions; as the microfinance project expands with new clients, it can still be managed efficiently. The project can also assist organizations in preventing human errors and fraud in the management of the finances.
Mifos continues to evolve with new features as developers and users contribute to it. The recent 1.4 version of the software now offers support for Spanish and Hungarian users. There are also other features such as Collection Sheet Entry Performance Enhancements and Import Loan Repayments in Audi Bank format. Computer system requirements for installing the program are demanding, but there is complete documentation available for its usage. To download and gather more information about Mifos, visit this link.
