The Mifos Project Makes Software To 'Accelerate Microfinance' (Video)

You think you have problems getting a bank loan? It's much harder for a small-town woman in Uganda or India. But Indian microfinance provider ASOMI has more than 50 branches and over 40,000 clients, and is an active Mifos user. The loans ASOMI makes are absurdly small by U.S. bank (or Indian bank) standards. Ugandans in the same "I just need a little bit of money to start (or expand) my business" predicament can turn to RedMutual Microfinance. And so on around the world, with the bulk of microfinance operators who use open source Mifos concentrated in S. and S.E. Asia and India. "But," you say, "I'm an IT person. I don't want to go into the microfinance business, and one of the little loans (often less than $100) they deal with wouldn't help me." True. But you can become a Mifos Specialist, which Mifos defines as "a consulting firm that provides technical support and consultation for microfinance institutions evaluating and deploying Mifos, and for ongoing use and customization." You won't get rich doing this, but it looks like there's a decent living (by Kenyan or Indonesian standards) in working with Mifos. They can use volunteer help, too. So check out Mifos and see if it has anything to offer you -- or if you have anything to offer Mifos. Either way, you can help poor people in poor countries become entrepreneurs and break the cycle of poverty that holds them down. (Alternate video link)

Comments

Re:It's still debt

[SuperKendall]

Micro finance is indeed capable of a lot of good. But it's also still debt, and still carries with if all the personal (and macroeconomic) evils of debt.

I'll take that evil over the evil of crushing poverty and mental stagnation any day.