= History

== The Idea

Fineract was an idea born out of a wish to create and deploy technology that allows the microfinance industry to scale. The goal is to:

* Produce a gold standard management information system suitable for microfinance operations
* Acts as the basis of a platform for microfinance
* Open source, owned and driven by member organisations in the community
* Enabling potential for eco-system of providers located near to MFIs

== Timeline

* 2006: Project initiated by Grameen Foundation
* Late 2011: Grameen Foundation handed over full responsibility to open source community.
* 2012: Mifos X platform started. Previous members of project come together under the name of Community for Open Source Microfinance (COSM / OpenMF)
* 2013: COSM / OpenMF officially rebranded to Mifos Initiative and receive US 501c3 status.
* 2016: Fineract 1.x began incubation at Apache