Microfinance

Microfinance

A Microfinance MIS- Checkpoint

Axia College of the University of Phoenix

October 1, 2010

Tammy Johnson

A web-based MIS, Mifos “Micro Finance Open Source” provides many resources and information to many companies. Mifos has many database components such as supports loan and savings portfolio management, centralized operational reporting, social performance measurement, and can be integrated with other technology solutions. It was launched as a community-driven platform to address the entire industry's need for cost-effective flexible technology that scales and evolves with the rapid growth of microfinance (Mifos, 2009).

Mifos has many components to their database. Mifos is considered one centralized platform with a global community and its purpose is to provide support for group meetings, training & attendance, support for group and individual lending & savings, and define multiple rules, interest rates & payment types. Mifos has an unparalleled ease-of-use such as familiar browser-based interface & easy navigation and wider adoption and greater user acceptance. Mifos also has streamlined work processing such as exception-based data entry, consistent workflow, and bulk collection sheet entry, loan creation/approval.

Another feature provided is flexible & rapid product execution such as define/configure unlimited loan/savings products in UI and configurable workflow - automatic activity flow.

Microfinance

Mifos also has robust security mechanisms & fraud prevention with granular role-based permissions & task assignments and comprehensive audit trails capture all system changes (Mifos, 2009). Mifos provides a lot of database in different categories such as clients, groups and centers, loan products & loan accounts, savings product & savings accounts, surveys and progress, financial transactions & accounting support, audit tails, login & security, and reports (Mifos, 2009)....