Participants from 11 countries converge at MIFOS Summit in Bangalore

Members from over 12 countries converged at the 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. Delegates from USA, Lebanon, Kenya, Australia, Nigeria, Mozambique, Namibia, Ireland, Poland, Tunisia, Switzerland and Uganda attended the 3-day summit.

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Mifos (Micro Finance Open Source) is the financial software developed for microfinance institutions that is promoted by COSM. Mifos drives the growth and poverty alleviation strategies of microfinance institutions by providing support for client management, portfolio management, loan repayment, tracking,and reporting functionalities.

As per June 2012 figures, Mifos has been deployed by 40 microfinance institutions with a combined client strength of over 1,000,000 clients. The primary focus of the Mifos Summit is to finalize the strategy for the next generation of the Mifos software platform and community to better respond to the evolving needs of the microfinance industry.

The inaugural day had Mr. Suresh Krishna, Managing Director of GFSPL, speak about the dramatically shifting microfinance landscape and the opportunity Mifos has to provide technology leadership. 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 deployed Mifos.”

Edward Cable, Director of Community Programs, Community for Open Source Microfinance said “the summit surpassed our expectations of producing a global collaborative spirit for moving Mifos X forward. We have a united vision to execute for Mifos in 2013.”

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