How to use Mifos X and Apache Fineract with Lendsqr as a core banking system

Apache Fineract is a powerful open-source core banking system application; one of the most popular core banking systems in the world. Primarily because it’s free to use and works without any licenses.

Apache Fineract is a headless core banking system, meaning it doesn’t have an interface.

On the other hand, Mifos X is an open source web interface for Apache Fineract and they work very well. This ready-to-use solution is built on top of the Fineract platform.

It is maintained by the Mifos Initiative and delivers everything you need to jumpstart financial inclusion projects: web applications, mobile apps, reports, and data management tools.

In the past, Mifos X was the primary software. However, since becoming part of the Apache Software Foundation, it now serves as a convenient solution built upon the core Apache Fineract platform.

Why lenders need core banking systems

A core banking system (CBS) is the heart of any lending operation. It serves as the central repository for all critical data:

• Account and customer balances: The CBS accurately tracks where your customers’ money resides.
• Loan product creation: It’s where you define and configure the different loan products you offer.
• Essential data hub: All other crucial operational information flows into and out of the CBS.

If you’re a smaller lender, you might not require a dedicated core banking system. Lendsqr removes this need by providing a robust, shared core banking solution to all our lenders. See more problems Lendsqr is solving for lenders. Our platform uses the power of the widely-used open-source systems Apache Fineract and Mifos X.

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Integrating Mifos and Apache Fineract with Lendsqr

Choosing the right core banking system is not a trivial decision for any lender. This system forms the backbone of your operations, so making changes later can be complicated and time-consuming.

It’s also important to know that there are tons of other core banking systems that you can use as well. To do this, Lendsqr has integration adapters to popular core banking applications including and especially Apache Fineract. 

Traditionally, implementing a new core banking system can take upwards of six months. Lendsqr dramatically quickens this process with pre-built integration adapters. So, for lenders using standard Apache Fineract configurations, setup and integration can be completed in as little as two weeks.

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Reach out to us for guidance

If you’re a lender unsure what core banking to use or you need guidance, Lendsqr’s experts are on hand to offer clear and insightful advice.

We’ll help you choose the perfect system to fit the needs of your lending business. You can just reach out to us at [email protected] and we’ll guide you on your lending journey.