Mifos X Capabilities
Mifos X for Banks, Credit Unions, SACCOs, Village Savings Groups, Village Lending Groups, Financial CoOperatives and core platform architecture. Mifos X can be deployed in any environment: cloud or onpremise, online or offline, on a mobile or a PC; it can be adopted to support any type of organization, delivery
channel, product, service, or methodology. It is easily deployable, flexible, extendable and scalable. The
platform is completely open via the Mozilla Public License 2.0.
Loans
Loan Products
Individual Lending
Loans for personal use. Configure secured or un-secured.
Group Lending
Full support for group lending structures with group repayment of common amount.
SME Lending
Loans for small to medium enterprises.
Business Loans
Loans designed to support business growth.
Agriculture Loans
Agriculture loans can be structured around harvest season.
Joint Liability Group Lending
Individual loans amongst a member of a group with collective guarantee.
Incremental Disbursement Loans
Typically used for home construction or a project where certain goals must be met
to obtain the next loan amount.
Open End Lending
A client can be approved for a particular sum and have access to the loan for a
period of time.
Custom Loan Program
Fully configurable loan products to customize names, rates, repayment methods.
Guarantor Management
Collateral
The organization may establish collateral parameters by loan type or by individual client.
Loan Guarantors
Other account holders can use funds to guarantee loans. The percentages and
amounts are dependent upon the individual financial institutions policies.
Automatic Loan Payment Transfers
Payments are set as Standing Instruction to pay from the guarantors account or
the borrowers account.
Loan Tools
Collection Sheets
Collection tool for group or individual lending at group or center levels.
Bulk Loan Reassignment
Reassign loans from one loan officer to another.
Delinquency Control
Account aging, account notes and calendaring to collect bad debt.
Reassign Loans Between Branches
Reassign loans from one branch or center to another. Active or inactive,
individually or in bulk.
Payment Types
Configure the accepted forms of payment and posting rules.
Loan Frequency Rescheduling
Payment dates and frequency can be rescheduled.
Loan Cycle Tracking
Graduating clients to more advanced loan products.
Interest Rates
Interest rate changes tied to market.
Amortization
Fixed payment, declining interest, early repayment.
Automated Loan Payment
From standing instruction.
Manage Holidays
Set holidays and repayment rules.
Savings
Savings Products
Basic Savings Accounts
Basic savings accounts supported.
Passbook Savings
Passbook savings accounts supported.
Mandatory Savings
Required recurring deposit supported.
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Savings Products
Interest Bearing Savings
Interest on daily balance or average daily balance compounded daily, monthly,
quarterly, semi-annually or annually.
Term Deposits
Minimum balance; interest posting monthly, quarterly or annually; interest on daily
balance or average daily balance compounded daily, monthly, quarterly, semiannually or annually; lock in periods; pre-mature closure.
Recurring Deposit Term Accounts
All of the above features plus required deposit schedule through maturity.
Share Accounts
Specifically for financial co-operatives, share accounts configured based on
business needs.
Custom Savings Programs
Savings products are configured to the organizations strategic goals and objectives.
Savings Tools
Recurring Deposit
Add, modify or inactivate a recurring deposit feature.
Standing Instructions
Standing instructions automatically make loan payments or account transactions.
Client to Client or client
Interest Calculation
Interest calculated on average daily balance or daily balance and paid with
selected frequency.
Dividend Calculation
Full support for financial cooperatives to pay share dividends
Receipt Printing
Savings transaction receipts.
Transactional Accounts
Current/Checking Accounts
Mifos X supports current (checking) accounts.
Overdraft Automatic Transfer
Overdrawn accounts can be linked to savings or a loan account.
Client Management
KYC (Customer) Verification
Fully compliant with any countrys Know Your Customer rules and regulations.
Online photographs
Photographs tie to the client record visible on main client screen.
Online signatures
Signatures tie to the client record visible on the main client screen
Online Identification Documents
ID card, passport, drivers license capture numbers and image.
Online Document Storage
Application, decision documents, account agreements upload and tie to the client.
Customer Approval Process
Review of new customer applications prior to opening accounts.
Client Relationship Management
Accounts and loans tie into master client account.
Customer Closure
Close individual account or the entire client.
Customer Blacklists
Blacklist clients no longer eligible for services.
Client Risk Analysis
Ability to track client behaviors to identify potential risk areas.
Credit Scoring
Organization specific credit scoring.
Document Templates
Standard communication templates for client communication.
Product Mix
Define rules to restrict number and types of simultaneous loans per client
Social Performance Management
PPI indexing and tracking available.
MPAT Multidimensional Poverty
Assessment Tool
This tool, to be released in the second half of 2015, provides measurable data
analytics and client insight to assess the impact Mifos X makes in financial inclusion.
Business Management
Entity Management
Multi Financial Institution Support
Banks, Credit Unions, SACCOs, Village Savings Groups, Village Lending Groups,
Financial Co-Operatives.
Unlimited Accounts
Configurable unlimited savings, loan and share accounts.
Unlimited Hierarchy
Unlimited Groups, Center, Organizations for a single complex operation or a multiorganization support structure.
Branch Management
Branch staff, branch accounting, branch accounts.
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Reporting
Reporting
Standard reports are included in the Mifos X platform. All are customizable using
flexible reporting engines - Pentaho and Stretchy reports.
Customizable Fields
Fields can be customized to accurately reflect the organization including product
names, account numbers, and required fields.
Manage Reports
Add new reports and classify reports into groups.
Statement Generation
Customer statement can be generated, printed or emailed.
Accounting
Accrual & Cash Based
Accounting
Mifos X supports both accrual accounting and cash accounting following best
business practice.
General Ledger Integration
Full integration with the portfolio for automated and rule-based postings.
Journal Voucher Support
Full GL and journal voucher entry support.
Chart of Accounts Management
A standard Chart of Accounts is shipped with Mifos X. This can be customized for
the organization.
Flexible accounting classifications
Fees can be integrated with liability or expense accounts to facilitate the
collection of premiums and other charges.
Account Number Preferences
Preference for generating account numbers for client, loan and savings accounts.
Business Rules and Work Flows
User Permissions
Fully customizable user permissions by position and by individual.
Work Flow Control
Set up specific workflow for best business practice.
Cash Management
Cash Management
Central bank, branch to branch, vault to cashier all tracked.
Funds Transfer
Internal transfer branch to branch.
Funds Management
Manage funds associated with loans, full general ledger integration.
Product Management
Central Product Configuration
Loan Configurator
Configure due date, amortization methods, terms, repayment strategies, Loan due
dates, product names, currency, maturity, fees, grace periods,
Savings Products Configurator
Product name, currency, terms, minimum balance, lock-in, interest, fees,
compounding periods
Account Number Preferences
Generate account numbers for client, loan and savings accounts
Fees and Charges
Membership Fee
Mifos X supports one-time membership fees.
Late Fees & Automatic Penalties
Mifos X supports late fees and automatic penalties.
Recurring Fees
Recurring fees can be set up.
One-Time Fees
Fees such as loan application fee, processing fees are easily configured.
Global Application of Fees
Flexible accounting classifications
Fees can be integrated with liability or expense accounts to facilitate the
collection of premiums and other charges.
Define Charges
Define charges and penalties for product offerings.
Internationalization
Multi-Currency
Regional currency and multi currency support.
Multi-Language
Supports: Spanish, English, Georgian, French, Portuguese, Vietnamese, Chinese,
Lao, Khmer and Hindi with additional translations in development.
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Security
Access
oAUTH data protection, granular role-based or individual based permissions and
maker & checker (4-eyes) capabilities.
Authorization
Customizable by job and by user .
Audit
Audit trails are maintained and multiple audit reports are included in the core platform.
Mobile Field Tools & Processes
Android Field Operations App
Designed for field officers to interact with the Mifos X platform from the field.
Mobile Field Operations Via Tablet
Mifos X functionality on for field operations in the most remote areas.
On-line / Off-line
Store & Forward Capability
For field officers heading to remote areas, they sync their handheld device at the office,
head out to the field to conduct business and sync upon their return to the office.
SMS Messaging
Send customer event-based messages (meeting/payment reminders) and bulk
campaigns via basic cell phone.
Mobile Money Integration
Through its modular architecture, Mifos X supports mobile money integrations.
System Migration & Configuration Tools
Entity to Entity Mapping
Define or modify old entity to new.
Manage Hooks
Define and configure web and code hooks.
Account Number Preferences
Preference for generating account numbers for client, loan and savings accounts.
Global Configurations
Set the organizations global configurations and cache settings.
Scheduler Jobs
Schedule a job, manually run, modify or delete batch jobs
Manage Data Tables
Add new fields to any entity for specific organizational requirements.
Manage Codes
Codes are used in drop down fields and are customizable to organizational requirements.
System Requirements
Hardware (minimum)
CPU: 1.4 GHz 64 Bit 2 Cores
Disc Space: 200 MB
RAM: 2GB
Browser
Chrome 35 or higher
Firefox 35 or higher
Safari 7 or higher
Internet Explorer 10 or higher
Operating System
Linux 64 Bit
RHEL/CentOS 6 or higher
Debian Wheezy (7.0) or higher
Ubuntu 12.04 LTS or higher
Windows 64 Bit
Windows Server 2012 R2
Mac OS
Mac OS X 10.8 or higher
Software
Java: Java JDK 8.x or higher
Tomcat: Tomcat 7
MySQL: MySQL 5.6 or higher
Mobile Application
Android 4.4 or higher
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