The Mifos is management information system (MIS) which is accessible as web-based management for microfinance institutions. Effectively, Mifos “Micro Finance Open Source” provides resource for businesses both nationally and internationally. The system is designed for users assuming they are familiarized with the microfinance system, which assists the poverty level society to get loans based on their ability to pay them back not just with collateral. Some of the many features of the Mifos, functions are for users to view fees, funds, checklists, holidays, and offices in a business. Users can also record the reports of their business progress. Meeting reports can be recorded also through the Mifos system. The Mifos system was designed to be cost effective for businesses. The Mifos has been referred to as the central station for a globalized community. Businesses use the Mifos system is to provide support for their large group settings, attendance for their company and for training purposes. In addition, it supports savings and the lending portfolios; it provides rules, interest rates and a payment plan. It is user friendly with an easy navigation for users. Mifos streamlines the process for data entry, a continuous workflow system, collects a bulk of information for creating loans and the approvals. It is a speedy process for defining and configuring loans and savings limitations. Mifos is also designed for robust security mechanisms, preventing fraud including role base permissions and task assignments, also it recognizes and trails any system changes through it audit ability (Mifos, 2010).
Mifos database covers a lot of categories, which includes clients, groups and centers, loan products and accounts, product savings and accounts, progression and surveys, financial transactions and accounting support, audit trails, login & security, and reports (Mifos, 2010).