Mifos Initiative

What it reported doing in 2024

Software Dev 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. In 2024 we shipped the Mifos X 24.12 release in December which contained major new functional upstream contributions for improved configuration and rescheduling options for longer term loan products and services. These upstream contributions have additional testing coverage improved documentation and code refactoring to improve the quality and stability of the digital public good and overall developer experience for contributors increasing productivity. Our roadmap continues to prioritize modularity of the back-end to enable improved developer productivity and adoption across a wider range of inclusive financial services. We also launched a new product in December 2024 Mifos Gazelle which is a powerful deployment tool to educate and build awareness of digital public goods for financial inclusion by enabling governments and other adopters to rapidly install and configure the reference tools for evaluation and demonstration use cases. We completed enhancements to Payment Hub EE for bulk government to person G2P payments. Through our university intern programs we continued to refine the front-end and mobile apps for greater modularity and improved user experience for customer-facing activities. With Gazelle and these reference tools for the back-end front-end customers and payment orchestration we now have a full suite of digital public goods and an active upstream community to extend and maintain them. We continued participating in the Azure Credits for Open Source Projects for a fourth year to provide sandboxes to end users to evaluate and test our digital public goods for financial inclusion.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. In 2023 we shipped the Mifos X 23.12 release in December which contained significant upstream contributions providing greater scalability and support for greater precision and flexibility around lending and better tools for servicing customers. These upstream contributions have also yielded a brand new and more comprehensive test framework improving the quality and stability of the digital public good and overall developer experience for contributors increasing productivity. Within the Payment Hub EE our opensource payments orchestration software through our GovStack efforts we built in new functionalities around bulk processing of payments an Identity Account Mapping Service which is able to be adopted for use by the opensource community independently of PHEE and an improved user experience. By aligning Payment Hub EE we are enabling financial inclusion for citizens of governments adopting the software through a range of payment methods. Our class of Mifos and Google Summer of Code interns contributed in numerous ways around our web and mobile apps including the launch of Mojafos a tool for streamlining deployment of digital public goods for financial inclusion. We now have a strong suite of digital public goods and an active upstream community to extend and maintain them. We continued participating i

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 99.5%; rating input score 100
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Scored; rating input score 0
• Grant itemization coverage: Scored; rating input score 0
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 83.3%; rating input score 83; 16th percentile among comparable filings
• Governance controls: 4 of 8 controls in place; rating input score 50
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -3.1%; rating input score 24; 24th percentile among comparable filings
• Total-asset coverage ratio: 0.21; rating input score 6; 6th percentile among comparable filings
• Liabilities to assets ratio: 0.01; rating input score 83; 83rd percentile among comparable filings
• Officer compensation ratio: 4.2%; rating input score 59; 59th percentile among comparable filings

Growth

• Program expense growth: 29.3% per year; rating input score 100; 92nd percentile among comparable filings
• Revenue growth: 10.3% per year; rating input score 100; 69th percentile among comparable filings
• Asset growth: -12.3% per year; rating input score 0; 1st percentile among comparable filings