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As a part of 2013's GSOC, we did a small project on using ehahce cache for multi-tenant caching. Refer https://mifosforge.jira.com/wiki/display/projects/GSOC+2013+-+Distributed+Caching+support for details
Extend the same to cache all commonly used data like lookup values (code and code values) , currencies, product definitions, charge definitions etc and measure the impact of doing the same on running High value API's (view loans, templates for loan repayments, view savings, user login, view client details, datatable API's etc)
Based on the results determine the need for enabling caching through the system
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