We are announcing that Grameen Foundation USA will be exiting its activities related to Mifos^®.  Over the coming months we will make a concerted effort to transition the initiative to leaders in the Mifos community.  Though this has been a very difficult business decision, we are confident that this is the best approach for Mifos to achieve long-term success.

Grameen Foundation launched the Mifos initiative in 2006 to address a critical need for a solid technology platform tailored to the needs of the microfinance community. Our goal has been to provide software that can promote growth and transparency in microfinance and achieve deep, lasting impact in the lives of poor people.

Since then, Mifos has become a robust open-source software platform that is used by microfinance institutions around the world.  As open-source software, Mifos has been supported by a global community of software developers, translators and users.

However, the challenges of running a global software business within an NGO from the United States, combined with the expense of maintaining a substantial software development team, will not enable us to achieve our goals or to realize the potential of Mifos. Consequently, our leadership has decided that, over the coming months, Grameen Foundation will transition out of this business. Our direct involvement in Mifos will conclude at the end of November 2011.