MFSYS has continued to expand its operations outside AKAM entities, which included implementations of Core Microfinance Banking System (CMB) & Monitoring Evaluation & Learning Database (MELD) at DAMEN Microfinance Program (Pakistan). Furthermore, FMFI Syria was upgraded with CMB Centric System, keeping in mind the growing needs of the institution.
MFSYS has extended its operations outside AKAM entities and started new project implementations starting from Al-Watniya Microfinance Institution, Syria. Moreover, with an expansion of the team, MFSYS launched capacity building initiative for MFIs with its first training on 'Branchless Banking' for BRAC.
First year as an independent company, MFSYS expanded its’ offices to Canada and Australia. Furthermore, the company extended the scope of its' operations from Microfinance Institutions and Banks to social development sector by partnering with rural support programmes such as Aga Khan Rural Support Program (AKRSP) in order to facilitate them in monitoring and evaluating their progress.
Monitoring and Evaluation product (MELD) was developed and for the first time implemented in Tajikistan. Whereas, the Transaction Switch was simultaneously implemented in all the other AKAM entitities. The team also developed Mobile Banking Suite which was a solution for alternate delivery channels in the form of a product 'mConnect'. AKAM commissioned the establishment of MFSYS Software and Systems Private Limited as an independent self-sustainable entity in December.
After completing implementations in East & West African Banks, the team started implementation of transaction switches in the most remote and challenging environments; starting from PAMF Madagascar and implemented CMB in FMFB Tajikistan. Russian version of CMB was also developed the same year.
Biomatrix module was developed in CMB along with a major development of a robust transaction switch (RTS) that enabled banking in challenging environments.
The team accelerated CMB implementation starting from FMFB Afghanistan and then reaching out to West Africa and implemented a French version CMB in Burkina Faso, Mali, Côte d’Ivoire the same year.
MFSYS started implementation of Core Microfinance Banking Solution (CMB) in other AKAM entities including FMFI Syria and FMCC - Kyrgyz Republic. The team also developed an Arabic version of CMB the same year.
Previously, MFSYS served as AKAM - The Aga Khan Agency for Microfinance. Since 2008, IT functionary was responsible for standardization and enhancement of technology among all AKAM entities and implemented the system (CMB) for the first time in Afghanistan (ARMP).