Saturday, December 09, 2006

Grameen Foundation launches IT system for microcredit providers

Grameen Foundation, the pioneering organisation providing micro-credit facilities in developing countries, has launched Mifos, a new initiative designed to "address the significant technology challenges facing microfinance practitioners worldwide by revolutionising the way they access and use technology to run their operations."

According to Grameen, "With Mifos, a single technology 'backbone' that all microfinance institutions can access and adapt is now available. Its innovative open source model allows microfinance institutions to engage local IT specialists to customise Mifos and to provide ongoing support at local, affordable rates rather than being dependent on one vendor that may sit on the other side of the world." Beta-testing is already underway in India and Tunisia.

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