Mifos The Initiative is software program that was created for different needs of
microfinance industry and is claimed to be designed `for flexibility, scalability, and ease
of use.' (Grameen Foundation, 2009). This software is available without charge,
allowing companies in financial industry to have more flexible system functions; the
system's interface is simple and easy-to-use. The Mifos allows registered users (such
as loan officers) to enter the system and view clients' information and accounts, reports,
or administration department just from one click on the top of the home page, or simply
navigate using the search tool. As in any other program, the search tool helps to find
certain client, account, or group. Finding any accountholder by name or loan number
provides all necessary and important information, such as specific details, history,
assigned group, and more. In addition, any authorized user can edit the information as
needed. Database components include a comprehensive information screen shows the
approval status clients, for while the loan page account shows recent activity, scheduled
payments and other details. One of the benefits of this database is an automatic
generation of collection data that can be edited; later edited field will appear in a red
color to highlight the change. Reports and summaries of all types are also available.
Additionally, it allows opening a new account with different loan options, specifications,
fees, and scheduled payments accordingly. Before submitting for approval all
information can be previewed, and if necessary edited. There are a number of additional
tools available, such as Creating New Group or New Member, opening New Loan
account or new Margin Money account, and printing Collection Sheet or entering data.
One of the benefits of this system is automatic generation of collection data that can be
edited; later edited field will appear in a red color to highlight the change. Reports and
summaries of all types are also available. Work Cited: Grameen Foundation. (2009).
Demo the Software. Retrieved fromhttp://www.mifos.org/product/demothe-software