Featuring MOSTFIT

I have been working on Mostfit for about 6 months now. It is an open source MIS (management information system) for MFIs(Microfinance institutions). For the uninitiated MFIs provide loans to the poor without any collaterals. It is a social lending model where a group takes a joint responsibility of timely repayment of loans. MFIs are almost like the infamous money-lenders with much larger scale and lower interest rates. This idea was first started by Md. Yunus of Bangladesh who later received Noble peace prize for it.

MFIs now have started to scale up and have started adding hundereds and thousands of clients to their books every week. Most of the MFIs are managed by excel sheets and due to the size of operations it quickly starts becoming a problem for them. Let me give you an idea of this size: SKS microfinance which arguably is India's largest MFI has about 1 crore clients and about Rs. 4000 crore in loan outstanding. They are even going for an IPO very soon.

This is where MOSTFIT comes into picture. It is designed to suit the needs of a diverse model MFI with many loan products. It is built from grounds up to be completely flexible. It is written in ruby, datamapper, haml and rspec. Code resides here. We even provide an instant MIS instance on http://mostfit.in

So any MFI out there looking for a MIS should give it a try at http://mostfit.in