Jisort
Jisort is a cloud-based microfinance banking software that offers a free one-user license for MFIs all over the world. Jisort supports mobile lending, financial inclusion, poverty eradication, and startup support. Jisort allows MFIs to manage clients, savings, loans, term deposits, shares, SMS alerts, general ledger accounting, and over 100 standard reports. Jisort also provides paid add-ons for personalized support, mobile money integration, and bank integration.
CoBIS
CoBIS is a desktop-based microfinance banking software that is available for download from SourceForge. CoBIS is designed for small and medium-sized MFIs that operate in rural areas. CoBIS enables MFIs to manage clients, savings, loans, collateral, guarantors, shares, fixed deposits, SMS alerts, general ledger accounting, and over 100 standard reports. CoBIS also offers customization and implementation services for a fee.
CloudBankin
CloudBankin is a web-based microfinance banking software that offers a free trial for MFIs. CloudBankin is a modern and user-friendly platform that helps MFIs to streamline their operations and grow their business. CloudBankin allows MFIs to manage clients, savings, loans, deposits, accounting, reporting, analytics, and compliance. CloudBankin also integrates with third-party services such as payment gateways, credit bureaus, SMS providers, and biometric devices.
OpenCBS
OpenCBS is an open source microfinance banking software that can be installed on a local server or hosted on the cloud. OpenCBS is a flexible and modular platform that can adapt to the specific needs of different MFIs. OpenCBS allows MFIs to manage clients, savings, loans, accounting, reporting, and auditing. OpenCBS also offers professional services such as consulting, training, support, migration, customization, and hosting.
Mifos
Mifos is an open source core banking platform that provides API-driven infrastructure in the cloud. Mifos is originated by the Mifos Initiative, a global community of developers and practitioners who aim to democratize financial services worldwide. Mifos allows MFIs to access a range of features and functionalities through its API or through its web and mobile applications. Mifos also supports innovation and collaboration through its ecosystem of partners and contributors.
Conclusion
In conclusion, microfinance banking software can help MFIs to improve their performance and impact. However, not all microfinance banking software platforms are affordable and accessible for all MFIs. Therefore, free and open source options can be a viable alternative for MFIs who want to leverage technology without breaking the bank. In this article, we have reviewed some of the best free and open source microfinance banking software platforms that are available for MFIs in 2023.
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