Grameen Foundation Expanding Technology for Microfinance Initiative; Working With Support From The MasterCard and Cisco Foundations
March 30, 2010, Press Release — Grameen Foundation today announced it is expanding its technology for microfinance initiative to provide enhanced support to high-growth, mid-size microfinance institutions (MFIs) serving up to one million clients. It also plans to extend the Mifos® platform to enhance connectivity to mobile payment systems and improve the integration of the Progress out of Poverty Index™ (PPI™). These efforts are being supported by The MasterCard and Cisco Foundations.
In addition to enabling MFIs to automate their operations, Mifos offers a common platform for the microfinance industry to combine efforts, deliver information and financing to poor people more seamlessly and capture and utilize social performance data. The PPI is a globally recognized poverty assessment tool which enables MFIs to understand their effectiveness in targeting poor clients and tracking their progress.