MIFOS INITIATIVE

Software Dev DEV: Mifos X and Fineract are free & open source financial software developed to build the complete range of financial services required for effective financial inclusion at scale. They are delivered as APIs to enable rapid innovation and reference apps as examples of how to build microcredit microsaving and digital financial service applications. We catalyze and enable upstream contribution to these digital public goods creating a virtuous cycle of a global community collectively maintaining the software. In 2024 we shipped the Mifos X 24.12 release in December which contained major new functional upstream contributions for improved configuration and rescheduling options for longer term loan products and services. These upstream contributions have additional testing coverage improved documentation and code refactoring to improve the quality and stability of the digital public good and overall developer experience for contributors increasing productivity. Our roadmap continues to prioritize modularity of the back-end to enable improved developer productivity and adoption across a wider range of inclusive financial services. We also launched a new product in December 2024 Mifos Gazelle which is a powerful deployment tool to educate and build awareness of digital public goods for financial inclusion by enabling governments and other adopters to rapidly install and configure the reference tools for evaluation and demonstration use cases. We completed enhancements to Payment Hub EE for bulk government to person G2P payments. Through our university intern programs we continued to refine the front-end and mobile apps for greater modularity and improved user experience for customer-facing activities. With Gazelle and these reference tools for the back-end front-end customers and payment orchestration we now have a full suite of digital public goods and an active upstream community to extend and maintain them. We continued participating in the Azure Credits for Open Source Projects for a fourth year to provide sandboxes to end users to evaluate and test our digital public goods for financial inclusion.Software Development Dev: Mifos X and Fineract are free & open source financial software developed to build the complete range of financial services required for effective financial inclusion at scale. They are delivered as APIs to enable rapid innovation and reference apps as examples of how to build microcredit microsaving and digital financial service applications. We catalyze and enable upstream contribution to these digital public goods creating a virtuous cycle of a global community collectively maintaining the software. In 2023 we shipped the Mifos X 23.12 release in December which contained significant upstream contributions providing greater scalability and support for greater precision and flexibility around lending and better tools for servicing customers. These upstream contributions have also yielded a brand new and more comprehensive test framework improving the quality and stability of the digital public good and overall developer experience for contributors increasing productivity. Within the Payment Hub EE our opensource payments orchestration software through our GovStack efforts we built in new functionalities around bulk processing of payments an Identity Account Mapping Service which is able to be adopted for use by the opensource community independently of PHEE and an improved user experience. By aligning Payment Hub EE we are enabling financial inclusion for citizens of governments adopting the software through a range of payment methods. Our class of Mifos and Google Summer of Code interns contributed in numerous ways around our web and mobile apps including the launch of Mojafos a tool for streamlining deployment of digital public goods for financial inclusion. We now have a strong suite of digital public goods and an active upstream community to extend and maintain them. We continued participating in the Azure Credits for Open Source Projects for a third year to provide sandboxes to end users to evaluate and test our digital public goods for financial inclusion.

Community Development COMM: The global Mifos community is made up of financial institutions local technology partners and volunteers who use support and develop the software respectively. We provide the tools framework governance and infrastructure for global collaboration and conduct outreach & advocacy to reach new users recruit new partners and attract new volunteers. Our customer reach continued to grow with more than 65M clients reached by 500+ institutions. In 2024 we continued to establish a deeper presence within the digital public infrastructure movement as the digital public goods to enable reach to last-mile accounts for financial inclusion. In June 2024 we completed the implementation and delivery of the Payment Building Block for the GovStack Initiative. This was built on top of Payment Hub EE which was formally certified as a Digital Public Good by the Digital Public Goods Alliance in April 2024. We also completed a research grant with the Interledger Foundation in July 2024 to explore the alignment of Mifos DPGs and the Interledger technology and protocols for DPI use cases. In addition we continued playing a leadership role to explore DPG sustainability through the DPG4DPI workshops led by Co-Develop Fund. The launch of Mifos Gazelle provided a valuable tool to improve sustainability and accelerate adoption of DPI at a country level. We continued to highlight exemplar case studies across a variety of financial inclusion use cases to continue demonstrating our impact on financial inclusion and continued refining our ecosystem and partner program for better collaboration. We grew our participation significantly with intern programs participating in both Google Summer of Code and Code for Govtech graduating 17 interns helping to educate first-time contributors to open source with real-world use cases for financial inclusion with development across our web and mobile applications. We continue to systematize our engagement with volunteers including the launch of a documentation working group.