The Mifos Initiative

End Poverty One Line of Code at a Time

aka The Community for Open Source Microfinance   |   Seattle, WA   |
GuideStar Charity Check

The Mifos Initiative

EIN: 45-3613178


Global 501(c)3 fintech non-profit leveraging the cloud, mobile & open source community to democratize financial services & digitally transform the world’s 3B underbanked. We scale the impact of inclusive fintech through an open community to advance financial health. Pioneering open banking technology the past 15 years, we've transformed the entire sector from microfinance to financial inclusion to digital financial services. We guide the community, steer the roadmap & steward the ecosystem building solutions on Mifos & Apache Fineract. Our building blocks for banking, recognized as digital public goods to achieve the SDG of No Poverty, make core banking commoditized infrastructure, empowering any organization, anywhere to embed any financial service to any customer via any channel.

Ruling year info



Mr. Edward Cable

Main address

1546 NW 56th Street #409

Seattle, WA 98107 USA

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Formerly known as

Community for Open Source Microfinance



Subject area info


Economic development

Population served info

Economically disadvantaged people

NTEE code info

Economic Development (S30)

Voluntarism Promotion (T40)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Tax forms


Programs and results

What we aim to solve

SOURCE: Self-reported by organization

Providing responsible and appropriate access to financial services for the 2 billion unbanked and 4 billion unbanked worldwide.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Technology for Financial Inclusion

Mifos is an open source technology platform helping financial institutions deliver services to the world’s 2 billion poor and unbanked. It solves the current challenges the poor face of core banking systems that are too expensive, too complex, and/ or lack support from local stakeholders and institutions.

Mifos can be deployed in any environment: cloud or on-premise, online or offline, on a mobile or a PC; it can be adopted to support any type of organization, delivery channel, product, service, or methodology. For an organization, big or small, it offers services ranging from client data management (know your customer, KYC), loan and savings portfolio management, integrated real-time accounting and social and financial reporting needed to bring digital financial services together in a modern connected world. The platform is completely open via the Apache Software Foundation as Fineract.

Thanks to generous support from Silicon Valley, the Mifos was redesigned and built around an API-centric, cloud-based software architecture. It is now a modern, connected core banking system to help responsible financial services organizations around the world to bring basic financial services to the poor.

Population(s) Served
Economically disadvantaged people

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of microloan borrowers

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success


Context Notes

Represents clients served by institutions using Mifos/Fineract APIs for their solutions.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

The goal of The Mifos Initiative is very simple and very straightforward. We plan to disrupt traditional financial delivery processes by deploying free and open source technology designed to specifically target the unbanked and under-banked in this world. Our goal is to help eliminate poverty by financially including the base of the financial pyramid.

The Mifos Initiative has been built from its very roots to be flexible and interactive. It brings together the collective expertise from our global community, each of whom provide unique skills to lead this initiative. The community developed specifically to meet the challenges facing financial inclusion today. Since its emergence from the Grameen Foundation in 2011, the exclusive focus has been on the challenges and requirements for success in the new world. It's all we do.

Software development is managed by the core Mifos team. They maintain the system architecture and manage the development roadmap in a collaborative fashion in the Mifos community.

The Mifos Certified Partners deploy the system in the field and contribute back to the community. These partners are local IT and service companies that build their businesses by deploying Mifos X in developing regions. They are the key customer support contact on the ground. They also contribute code and feature enhancements back to the community. This keeps Mifos X modern and pertinent to end user needs regardless of country or business structure.

The Mifos Initiative also has an extremely strong volunteer network that contributes code, writes user documentation, provides marketing and sales assistance, assists with outreach and assists with funding.

Together, these three legs Core - Partners - Volunteers make for a very stable platform to catalyze the financial inclusion communities with effective and impactful digital services.

We have a strong community of developers, organizational management and volunteers from very prestigious backgrounds. The Mifos Initiative is guided by a board of technology and financial inclusion experts including Paul Maritz, former EVP of Microsoft and current CEO of Pivotal, Suresh Krishna, Managing Director of Grameen Koota, open source luminary, Dave Neary of Red Hat, James Dailey, the original Mifos founder, and Zaheda Bhorat, open source leader who recently headed the UK open source initiative. Mifos is supported with volunteers and in-kind support from technology companies like Google, ThoughtWorks, Microsoft Open Technologies, VMware, RedHat, WalMart ECommerce, LinkedIn, HP, and Canonical.

Our very small administrative staff, supplemented by university interns manage the Mifos Community to coordinate and share information, plan trainings and link people together.

We have a contributor who writes best business practice policy and procedure documentation for successful and sustainable practice in even the most remote areas. A full set of training videos is in development for both the technical IT professionals and the end users.

Companies all around the world with diverse business models use Mifos to meet today's and tomorrow's new challenges. A few intriguing and impactful ways the Mifos X platform is being used now and imagine what the future can bring.

Financial Institutions
Any financial organization - SACCO, Savings Group, Lending Group, Co-Operative, Bank - any of these traditional financial institutions can use Mifos X within hours of downloading the platform from the cloud repository. Because of the ease of use, the full suite of open source technical and end user documentation, even the smallest financial institutions can install and run Mifos X
Deployment Partners
The Deployment Partner Model provides business opportunities for both small and large service providers. Mifos X can be hosted in the cloud or installed on servers to support several organizations at the same time. Since Mifos X is an open source platform, the vendor benefits by not having to develop and maintain a financial platform and the community benefits by having more financial services available to them.

Solution Partner Model
The Solution Partner Model is a big win for companies that want to build their solution on the Mifos X platform. Our solution partners use the Mifos X core system and build bold new solutions on top. One of our most successful Solution Partners, is making dramatic impact to more than 24 financial institutions in Sub-Saharan Africa.

New Delivery Channels
The open architecture of Mifos X has opened the doors to creative disruptive thinking in the financial inclusion world. One user is developing a country-wide fully electronic money based banking platform in Latin America. With full mission alignment, outreach to the rural populations will be dramatic.

Online Marketplace/ P2P Lending
Mifos X can be the backbone of any peer-to-peer lending platform. Scaling in the cloud, it provides one extensible client profile that can fluidly generate financial and social performance results in real time.


The Mifos Initiative
Fiscal year: Jan 01 - Dec 31

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2021 info

SOURCE: IRS Form 990


Average of 190.37 over 10 years

Months of cash in 2021 info

SOURCE: IRS Form 990


Average of 4.8 over 10 years

Fringe rate in 2021 info

SOURCE: IRS Form 990


Average of 13% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

The Mifos Initiative

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

The Mifos Initiative

Balance sheet

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

The Mifos Initiative

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of The Mifos Initiative’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

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Business model indicators

Profitability info 2017 2018 2019 2020 2021
Unrestricted surplus (deficit) before depreciation $5,675,549 $36,557 $373,860 -$391,329 -$69,491
As % of expenses 1229.7% 9.4% 110.0% -84.6% -17.3%
Unrestricted surplus (deficit) after depreciation $5,675,549 $36,557 $373,860 -$391,329 -$69,491
As % of expenses 1229.7% 9.4% 110.0% -84.6% -17.3%
Revenue composition info
Total revenue (unrestricted & restricted) $486,150 $426,029 $713,842 $71,465 $331,145
Total revenue, % change over prior year -47.4% -12.4% 67.6% -90.0% 363.4%
Program services revenue 27.5% 33.3% 5.2% 17.5% 52.5%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 0.0% 0.0% 0.0% 2.6% 0.0%
Government grants 0.0% 0.0% 0.0% 0.0% 12.7%
All other grants and contributions 72.5% 66.7% 10.8% 79.9% 34.9%
Other revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Expense composition info
Total expenses before depreciation $461,523 $389,239 $339,982 $462,794 $401,136
Total expenses, % change over prior year -55.7% -15.7% -12.7% 36.1% -13.3%
Personnel 27.0% 29.3% 29.6% 24.4% 26.8%
Professional fees 63.3% 59.3% 56.4% 58.8% 60.7%
Occupancy 0.0% 0.0% 0.0% 0.0% 0.0%
Interest 0.0% 0.0% 0.0% 0.0% 0.3%
Pass-through 0.0% 0.0% 0.0% 0.0% 0.0%
All other expenses 9.7% 11.4% 14.0% 16.7% 12.2%
Full cost components (estimated) info 2017 2018 2019 2020 2021
Total expenses (after depreciation) $461,523 $389,239 $339,982 $462,794 $401,136
One month of savings $38,460 $32,437 $28,332 $38,566 $33,428
Debt principal payment $0 $0 $0 $0 $20,675
Fixed asset additions $0 $0 $0 $0 $0
Total full costs (estimated) $499,983 $421,676 $368,314 $501,360 $455,239

Capital structure indicators

Liquidity info 2017 2018 2019 2020 2021
Months of cash 1.6 3.0 16.5 2.8 0.8
Months of cash and investments 1.6 3.0 16.5 2.8 0.8
Months of estimated liquid unrestricted net assets 148.4 2.9 16.5 2.0 0.2
Balance sheet composition info 2017 2018 2019 2020 2021
Cash $60,810 $97,595 $467,768 $108,513 $26,825
Investments $0 $0 $0 $0 $0
Receivables $0 $0 $0 $0 -$90
Gross land, buildings, equipment (LBE) $0 $0 $0 $0 $0
Accumulated depreciation (as a % of LBE) 0.0% 0.0% 0.0% 0.0% 0.0%
Liabilities (as a % of assets) 7.5% 4.1% 0.1% 29.8% 75.0%
Unrestricted net assets $0 $0 $0 $76,168 $6,678
Temporarily restricted net assets $0 $0 N/A N/A N/A
Permanently restricted net assets $0 $0 N/A N/A N/A
Total restricted net assets $0 $0 $0 $0 $0
Total net assets $5,708,002 $93,637 $467,497 $76,168 $6,678

Key data checks

Key data checks info 2017 2018 2019 2020 2021
Material data errors Yes No No No No


The people, governance practices, and partners that make the organization tick.

Form 1023/1024 is not available for this organization


Mr. Edward Cable

Ed has been a part of the Mifos project since 2007 in its early days at Grameen Foundation. He oversaw the open source community, connecting its members worldwide with the tools, support, and engagement needed to build and use Mifos. Leading the growth of this burgeoning community, he saw the dedication and persistence of its members and decided to found COSM (now the Mifos Initiative) to unite their efforts and help them collectively fulfill the vision Grameen Foundation set out to achieve. Prior to this, he graduated from the Wharton School at the University of Pennsylvania where he led marketing for the nation’s largest student-run credit union and discovered his passion for technology-driven international development in their budding social entrepreneurship program. When he’s not watching over the Mifos community, he’s tending to another community of sorts, his mini-farmhouse of animals – chickens, bunnies, dogs, goats, cats, birds, and fish

Number of employees

Source: IRS Form 990

The Mifos Initiative

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

There are no highest paid employees recorded for this organization.

The Mifos Initiative

Board of directors
as of 01/13/2023
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Mr. Michael Vorburger

Zaheda Bhorat


Allison Baller

Federal Reservee

Dave Neary

Ampere Computing

Edward Cable

The Mifos Initiative

Michael Vorburger

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes

Organizational demographics

SOURCE: Self-reported; last updated 1/13/2023

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.


The organization's leader identifies as:

Race & ethnicity
Multi-Racial/Multi-Ethnic (2+ races/ethnicities)
Gender identity
Male, Not transgender (cisgender)
Sexual orientation
Heterosexual or straight
Disability status
Person without a disability

Race & ethnicity

Gender identity


Sexual orientation



Fiscal year ending
There are no fundraisers recorded for this organization.