Mifos X & Fineract Capabilities

Mifos X is configurable for Banks, Microfinance Institutions, Credit Unions, SACCOs, Village Savings Groups, Financial Cooperatives, Neobanks, Fintechs, and more. Mifos X can be deployed in any cloud environment: accessible via mobile or 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

Loans

Loan Products

1. Individual Lending Loans for personal use. Configurable to be secured or unsecured.
2. Group Lending Full support for group lending structures with group repayment of common amount.
3. SME Lending Loans for small to medium enterprises supported.
4. Business Loans Loans designed to support business growth.
5. Agriculture Loans Agriculture loans can be structured around harvest season.
6. Joint Liability Group Lending Individual loans amongst a member of a group with collective guarantee.
7. Incremental Disbursement Loans Typically used for home construction or a project where certain goals must be met to obtain the next loan amount.
8. Open Ended Lending A client can be approved for a particular sum and have access to the loan for a period of time.
9. Variable Installment Loans Fully configurable repayment schedule for agricultural loans in which to define installment amounts, period of time between installments.
10. Custom Loan Program Fully configurable loan products to customize names, rates, repayment methods.

Guarantor Management

1. Collateral The organization may establish collateral parameters by loan type or by individual client.
2. Loan Guarantors Other account holders can use funds to guarantee loans. The percentages and amounts are dependent upon the individual financial institution’s policies.
3. Automatic Loan Payment Transfers Payments are set as Standing Instruction to pay from the guarantor’s account or the borrower’s account.

Loan Tools

1. Collection Sheets Collection tool for group or individual lending at group or center levels - supports bulk entry of repayment data for most efficient operations.
2. Bulk Loan Reassignment Reassign loans from one loan officer to another.
3. Delinquency Control Account aging, account notes and calendaring to collect bad debt.
4. Reassign Loans Between Branches Reassign loans from one branch or center to another. Active or inactive, individually or in bulk.
5. Payment Types Configure the accepted forms of payment and posting rules.
6. Loan Frequency Rescheduling Payment dates and frequency can be rescheduled.
7. Loan Cycle Tracking Graduating clients to more Manage Non-Performing Assets advanced loan products by specifying the amount, rate, and term per loan cycle.
8. Floating Interest Rates Support for variable interest rates by defining a base lending rate and interest rate differentials to raise or lower the rate.
9. Amortization Fixed payment, declining interest, early repayment.
10. Automated Loan Payment From standing instruction.
11. Manage Holidays Set holidays and repayment rules.
12. Loan Loss Provisioning Define and set up 4 categories for provisioning of bad debts by defining the number of days in arrears and the percentage of the overdue amount that gets automatically provisioned into the respective loan loss general ledger accounts
13. Loan Rescheduling/Refinancing Reschedule or refinance loans in one of four ways - extend the loan term, change the installment dates, provide a moratorium or grace period, or provide a new interest rate.
14. Manage Non-Performing Assets Define number of days in which an asset becomes non-performing and gets automatically moved to appropriate general ledger account.

Savings

Savings Products

1. Basic Savings Accounts Basic savings accounts supported.
2. Passbook Savings Passbook savings accounts 
3. Mandatory Savings, recurring deposit supported.
4. Interest Bearing Savings Interest on daily balance or average daily balance compounded daily, monthly, quarterly, semi-annually or annually.
5. Term Deposits Minimum balance; interest posting monthly, quarterly or annually; interest on daily balance or average daily balance compounded daily, monthly, quarterly, semi-annually or annually;
6. lock in periods; pre-mature closure.
7. Recurring Deposit Term Accounts All of the above features plus required deposit schedule through maturity.
8. Share Accounts Specifically for financial co-operatives, share accounts configured based on business needs.
9. Custom Savings Programs Savings products are configured to the organization’s strategic goals and objectives. 

Savings Tools

1. Recurring Deposit - Add, modify or inactivate a recurring deposit feature.
2. Standing Instructions - Standing instructions automatically make loan payments or account transactions.
3. Interest Calculation - Interest calculated on average daily balance or daily balance and paid with selected frequency.
4. Dividend Calculation - Full support for financial cooperatives to calculate and pay share dividends based on shares of equity owned.
5. Receipt Printing -  Savings transaction receipts.
6. Dormant Account Management - Manage dormant savings accounts by defining the number of days for dormant and inactive status and have the balance moved into an es cheated account.
7. Amount-Interest Rate Charts -  Set up bands to define the interest rate applicable for an account based on the amount of the account balance.

Transactional Accounts

1. Current/Checking Accounts Mifos X supports current (checking) accounts.
2. Overdraft Automatic Transfer Overdraft privileges can be configured on current accounts with the ability to define overdraft limits and charge interest on the balance.

Client Management

1. KYC (Customer) Verification Fully compliant with any country’s Know Your Customer rules and regulations.
2. Online photographs Photographs tie to the client record visible on main client screen.
3. Online signatures Signatures tie to the client record visible on the main client screen
4. Online Identification Documents ID card, passport, driver's license – capture numbers and image.
5. Online Document Storage Application, decision documents, account agreements upload and tie to the client.
6. Data Tables Collect any type of user-defined data and attach at any entity or record (client, group, loan, etc.) - all data can then be analyzed and reported on.
7. Customer Approval Process Review of new customer applications prior to opening accounts.
8. Client Relationship Management Accounts and loans tie into master client account.
9. Customer Closure Close individual account or the entire client.
10. Customer Blacklists Blacklist clients no longer eligible for services.
11. Client Risk Analysis Ability to track client behaviors to identify potential risk areas.
12. Credit Scoring Organization specific credit scoring.
13. Document Templates Standard communication templates for client communication and WYSIWYG editor to create user-facing documents dynamically populated by data from Mifos.

1. Product Mix Define rules to restrict number and types of simultaneous loans per client
2. Social Performance Management through PPI (Progress out of Poverty Index) indexing and tracking available.

Business Management

Entity Management

1. Multi Financial Institution Support Banks, Credit Unions, SACCOs, Village Savings Groups, Village Lending Groups, Financial Co-Operatives.
2. Unlimited Accounts Configurable unlimited savings, loan and share accounts.
3. Unlimited Hierarchy Unlimited Groups, Center, Organizations for a single complex operation or a multi-organization support structure.

1. Branch Management Branch staff, branch accounting, branch accounts.

Reporting

1. Reporting Standard reports are included in the Mifos X platform. All are customizable using flexible reporting engines - Pentaho and Stretchy reports.
2. Customizable Fields Fields can be customized to accurately reflect the organization including product names, account numbers, and required fields.
3. Manage Reports Add new reports and classify reports into groups.

1. 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 Workflows

User Permissions Fully customizable user permissions by position and by individual.

Workflows (Entity Data Table Checks) Define simple approval workflows for clients, loans, and savings by the ability to define and require data tables to be captured at specific lifecycle stages.

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.

VAT Tax Withholding Support assessing and collecting tax as a percentage of interest by defining tax components and tax groups and attaching as charges.

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.

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.

Client Messaging & Self-Service Operations

Event-Based SMS Messaging Send automated event-based messages (meeting/payment reminders/receipts) to clients triggered by web hooks.

SMS Campaigns Set up, send, and manage the delivery and receipt of bulk SMS campaigns to segmented groups based on simple business rules and filters

Self-Service APIs Full set of self-service APIs to support the creation of client-facing web and mobile banking apps. Clients can authenticate themselves and perform the following operations: view own savings/loan account details, transfer funds between their own accounts, transfer funds to other clients at same organization, apply for new loan accounts, and repay loans.

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.

Mobile Money Integration Through its modular architecture and Payment Hub EE orchestration engine, 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.