Mifos Initiative

Open Source Software Development Dev: Mifos X and Fineract are free & open source financial software developed to build the complete range of financial services required for effective financial inclusion at scale. They are delivered as APIs to enable rapid innovation and reference apps as examples of how to build microcredit microsaving and digital financial service applications. We catalyze and enable upstream contribution to these digital public goods creating a virtuous cycle of a global community collectively maintaining the software. Apart from volunteer-led and grant-funded development through technical assistance projects we have channeled upstream development of new features to benefit the entire financial inclusion sector as a whole. In 2022 the significant growth in technical assistance projects resulted in major upstream contributions and much more frequent releases of Fineract with 3 major releases 1.6 thru 1.8 incorporating features for new lending methodologies increased scalability and performance and improved business date handling for greater flexibility and transparency. Through GSOC we continued to refine our web user interfaces and mobile apps for staff and consumers. Contribution into Payment Hub EE continued to grow with upgrades to our Mojaloop connector bulk processing components for G2P and integration with payment systems in Latin America. With a more robust and scalable Fineract and evolving PH-EE we have a solid digital public infrastructure foundation providing end to end architecture for enabling participation in inclusive instant payment systems and G2P payments into functional accounts facilitating the meaningful usage of digital financial services to advance financial health. We participated in the Azure Credits for Open Source projects for the second time providing sandboxes to users to test out our digital public goods.

Education Edu: With travel returning back to pre-pandemic norms 2022 was a remarkable year for advancing our vision of democratizing financial services through an end to end open source architecture as well as the adoption of digital public goods for cross-sectoral poverty alleviation efforts. Through speaking at multiple events we greatly built awareness and attracted new members to our community from the public sector the open source community and the broader financial inclusion and financial services sectors. This included attending the MIT Solve event in Boston in May as the pinnacle of our participation in that for solving global challenges around inclusion leading a technical workshop at Fintech DevCon in August on using open source primitives for financial inclusion innovation and helping to co-lead the second fintech track at ApacheCon North America highlighting our inclusive fintech community to the broader Apache community in New Orleans in October. Active participation in the G2P Connect and GovStack initiatives allowed us to educate how our DPGs for payment orchestration and account management can interoperate seamlessly with DPGs like Mojaloop for Payments and MOSIP for identity to create end to end systems for G2P payments like OpenG2P. We are acting as a key player to harmonize multiple efforts amongst donors and multilaterals to achieve interoperability amongst digital public goods for social protection programs. We participated in Google Season of Docs for the second time focusing on improving our documentation to reflect the new technical enhancements to the platform. We continued to maintain our Slack space wiki and mailing lists to further cultivate collaboration.

Community Development Comm: The global Mifos community is made up of financial institutions local technology partners and volunteers who use support and develop the software respectively. We provide the tools framework governance and infrastructure for global collaboration and conduct outreach & advocacy to reach new users recruit new partners and attract new volunteers. Our customer reach continued to grow with more than 22M clients reached by 500+ institutions. A key focus in 2022 was cultivating our presence in the emerging community around digital public goods and digital public infrastructure. We grew our footprint in this public sector movement by formally launching OpenG2P to its next phase of growth with IIIT-B acting as a founding DPG partner of the G2P Connect Initiative launched by Co-Develop Fund and participating actively in the interoperability initiatives led by G2P Connect GovStack and Digital Convergence. Our partner program of local system integrators continues to grow in size and breadth as we train with more capabilities to support our tools along with other DPGs for financial inclusion. To increase collaboration in the private sector as well we became an Associate member of the Fintech Open Source Foundation. We continued getting recognition receiving Fintech Future's 2022 Banking Tech Award for Best Contribution to Economic Mobility in Banking & Finance for Payment Hub EE. Apart from the software development described above technical assistance projects continued allowing us to stay close to the requirements of the open source reference tools and improve upon our processes for collaboration and release management. We continued to utilize volunteers effectively across all disciplines including product management strategy and more. We continue to build the next generation of open source contributors through participation in programs like Google Summer of Code graduating ten interns this year.