Mifos X Capabilities

Mifos X for Banks, Credit Unions, SACCOs, Village Savings Groups, Village Lending Groups, Financial Co-
Operatives and core platform architecture. Mifos X can be deployed in any environment: cloud or on-
premise, 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.
Typically used for home construction or a project where certain goals must be met
Incremental Disbursement Loans
to obtain the next loan amount.
A client can be approved for a particular sum and have access to the loan for a
Open End Lending
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.
Other account holders can use funds to guarantee loans. The percentages and
Loan Guarantors
amounts are dependent upon the individual financial institution’s policies.
Payments are set as Standing Instruction to pay from the guarantor’s account or
Automatic Loan Payment Transfers
the borrower’s 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 from one branch or center to another. Active or inactive,
Reassign Loans Between Branches
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 on daily balance or average daily balance compounded daily, monthly,
Interest Bearing Savings
quarterly, semi-annually or annually.
Minimum balance; interest posting monthly, quarterly or annually; interest on daily
Term Deposits balance or average daily balance compounded daily, monthly, quarterly, semi-
annually or annually; lock in periods; pre-mature closure.
Recurring Deposit Term Accounts All of the above features plus required deposit schedule through maturity.
Specifically for financial co-operatives, share accounts configured based on
Share Accounts
business needs.
Custom Savings Programs Savings products are configured to the organization’s strategic goals and objectives.

Savings Tools
Recurring Deposit Add, modify or inactivate a recurring deposit feature.
Standing instructions automatically make loan payments or account transactions.
Standing Instructions
Client to Client or client
Interest calculated on average daily balance or daily balance and paid with
Interest Calculation
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 country’s 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 This tool, to be released in the second half of 2015, provides measurable data
Assessment Tool analytics and client insight to assess the impact Mifos X makes in financial inclusion.

Business Management
Entity Management
Banks, Credit Unions, SACCOs, Village Savings Groups, Village Lending Groups,
Multi Financial Institution Support
Financial Co-Operatives.
Unlimited Accounts Configurable unlimited savings, loan and share accounts.
Unlimited Groups, Center, Organizations for a single complex operation or a multi-
Unlimited Hierarchy
organization support structure.
Branch Management Branch staff, branch accounting, branch accounts.

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Reporting
Standard reports are included in the Mifos X platform. All are customizable using
Reporting
flexible reporting engines - Pentaho and Stretchy reports.
Fields can be customized to accurately reflect the organization including product
Customizable Fields
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 Mifos X supports both accrual accounting and cash accounting following best
Accounting 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.
A standard Chart of Accounts is shipped with Mifos X. This can be customized for
Chart of Accounts Management
the organization.
Fees can be integrated with liability or expense accounts to facilitate the
Flexible accounting classifications
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
Configure due date, amortization methods, terms, repayment strategies, Loan due
Loan Configurator
dates, product names, currency, maturity, fees, grace periods,
Product name, currency, terms, minimum balance, lock-in, interest, fees,
Savings Products Configurator
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

Fees can be integrated with liability or expense accounts to facilitate the
Flexible accounting classifications
collection of premiums and other charges.
Define Charges Define charges and penalties for product offerings.

Internationalization
Multi-Currency Regional currency and multi currency support.
Supports: Spanish, English, Georgian, French, Portuguese, Vietnamese, Chinese,
Multi-Language
Lao, Khmer and Hindi with additional translations in development.

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Security
oAUTH data protection, granular role-based or individual based permissions and
Access
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 For field officers heading to remote areas, they sync their handheld device at the office,
Store & Forward Capability head out to the field to conduct business and sync upon their return to the office.
Send customer event-based messages (meeting/payment reminders) and bulk
SMS Messaging
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 organization’s 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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