In 2015, the Mifos Initiative, a 501(c)3 non-profit based in the United States, reached out the the Apache Foundation.  Over the course of 2016 the software developers reporting to the Mifos technology team and other members of the broader community went through the process of aligning the software with the Apache License. In particular this meant removing pieces of the architecture, such as Hibernate(tm).  

Coming out of efforts that began in 2002, the Mifos Initiative was already itself an active development project and had begun to see a wide use of the software across a range of FinTech disrupters, small banks, and Microfinance Institutions.  The effort in 2015 was thus essentially a 'porting' of the software and documentation to the Apache infrastructure.  This turned out to be non-trivial and involved several devs over months working on code changes. 

This whole process lead to the first announcement of Apache Fineract on October 25, 2016 on list.  The project was accepted by a vote of the Board of the Apache Software Foundation (ASF) on Dec 15, 2017.  

On April 24th, 2017 "The Apache Software Foundation (ASF), the all-volunteer developers, stewards, and incubators of more than 350 Open Source projects and initiatives, announced today that Apache® Fineract™ has graduated from the Apache Incubator to become a Top-Level Project (TLP), signifying that the project's community and products have been well-governed under the ASF's meritocratic process and principles."

https://blogs.apache.org/foundation/entry/the-apache-software-foundation-announces7 

Important values were established by the initiative, including the importance of quality code, delivered for a wide range of potential uses, with a focus on financial inclusion. 


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