Loanbook is a simple lending application available for various platforms like web, Windows and Linux. The goal of the application is to simplify software acquisition implementation process for simple lenders like payday lenders from months to minutes. Loanbook is powered by Jisort platform which is a fully fledged banking system for SACCOs and MFIs
The Mifos Initiative is a U.S.-based non-profit that exists to support and collectively lead the open source Mifos X project. Founded in October 2011, the organization encompasses a community of financial service providers, technology specialists, financial services experts and open source developers working together to grow the Mifos X open source platform for financial services. Its goal is to speed the elimination of poverty by enabling financial service providers to more effectively and efficiently deliver responsible financial services to the world’s 2.5 billion poor and unbanked.
Below is a side by side comparison of both applications
| Loanbook | MIFOS | |
|---|---|---|
| 1 | Minimal on-boarding process for setup. i.e To use loanbook, one needs to only supply an email and a password. The rest of the setup is done automatically by the platform. | A technical platform setup is required to get the software up and running |
| 2 | The only requirements are; access to a device with connection to the internet | Requires physical or cloud hardware for setup of the platformRequires one to have a database software in place |
| 3 | No training required. The application has a wizard in place to guide through various activities | Due to the broadness of the platform, training is advised in order to continue with operations on the platform |
| 4 | Lean platform feature. Only the features required by a small lender are available on the platform. This eliminates the need for technical support | Broad system feature. The platform has several modules besides lending. This is because the software is mean for mainstream lenders who require more functionalities like accounting and savings. |
| 5 | Zero configurations needed. Once a user signs up on the application, they are taken straight to creating their first customer and issuing a loan. | System configurations are needed to get up and running. There are various setup processes that need to be done e.g Before issuing a loan, one needs to configure loan products and it’s parameters. Some technical knowledge is needed to understand the process |
| 6 | Zero support. The application is designed with no need for support in mind. Configurations are brought down to zero and activities on any single interface are brought down to one. This brings down the chances of user mistakes to a minimal. | Support is advised. For one to implement the software in an institution, there needs to be a technical personnel in place to assist in the on-boarding and day-to-day operation of the platform |
