wHERE UNIQUE ICT IDEAS of the future ARE NOURISHED

Microfinance & Sacco Management System ( Core Banking) System

 

Microfinance & Sacco Management ( Core Banking) System 

We are privileged to offer one of the best Microfinance and Sacco Software in the region.

Initiated by Grameen Foundation, and  designed  by Mifos Initiative is USA, Mifos X is a prime software which enables a microfinance or Sacco to be able to do this and many more:

Clients, Groups, and Centers

 

All features related to the creation and management of these entities and their movement through a state process flow (partial application, pending approval, approved/active, on hold, closed, canceled).

  • Uniqueness check for clients as per government ID. If no government, then uniqueness check on name + birth date.
  • Loan cycle at client level
  • Support for client photos
  • Move groups & clients to different centers and/or branches
  • Add notes to client, group and center detail pages
  • Charge clients, groups, and centers penalties and one-time and periodic fees
  • Assign group and center officer titles to clients
  • Turn Center hierarchy "off" (See configuration)
  • Support for individual clients outside of groups and centers
  • Branch-level holidays and loan moratoriums

Loan Products & Loan Accounts

  • Support for group and individual loans
  • Define unlimited number of loan product types
  • Interest calculations:
  • Flat
  • Declining balance–equal monthly installments (EMI)
  • Declining balance - equal principal installments
  • Declining balance - interest recalculation (new in Mifos 2.1!) 
  • Ability to schedule loan disbursals and repayments independent of meeting schedules
  • Loan defaults based on previous loan amounts or cycle
  • Define grace periods for full loan repayments and for principal payments  
  • Support for periodic fees, fees deducted at disbursement, one-time fees, and penalty charges
  • Support for early & partial loan repayments
  • Support for early and partial repayment of fees (new in Mifos 2.1!)
  • Display of loan repayment schedules and detail loan account activity pages
  • Automatic update of repayment schedule if client/group’s meeting day changes
  • Variable loan installments (new in Mifos 2.1!)
  • Abiility for clients to have loans with multiple frequencies (Upcoming in Maya G)
  • Support for adjustments
  • Undo loan disbursals
  • Redo loan disbursals
  • Multiple loan adjustments
  • Automatically change loan account state:
  • from "good standing" to "in arrears" when payments are late
  • from “in arrears” to “good standing” when all outstanding and overdue payments are made
  • to “closed—obligation met” when all loan payments are complete
  • Repay total loan at any point in loan cycle
  • Add notes to loan records
  • Minimal support for loan rescheduling
  • Support for back-dated payments
  • Ability to generate voucher and receipts directly from loan account page

Savings Product & Savings Accounts

  • Define an unlimited number of savings products
  • Set-up "Voluntary" or "Mandatory" accounts with specific minimum deposits for mandatory accounts and "suggested" deposits for voluntary accounts (i.e., a suggested, non-binding savings plan)
  • Add notes to savings record
  • Specify "auto creation" of savings accounts when a client is approved and made active 

 Question Groups and Progress out of Poverty Index (PPITM) Tracking

  • Support to capture Progress out of Progress Index data for scorecards from 34 countries
  • Support for versioning of PPI Scorecards
  • Ability to create question groups with different sections and six question types including Smart Select, Multi Select, Single Select, Free Text, Numbers, and Dates.
  • Ability to attach question groups to any record including clients, groups, centers and savings and loan accounts and any stage of your workflow including the view stage, create stage, approval stage, etc. 

Search & Browse for Clients & Accounts

  • Search for client, group, and center by name or system ID. Includes support for "like" searches (i.e., searching for "S" will display all clients with first and last names that start with S.
  • Search for loan or savings account by account ID
  • Search by Government ID
  • Browse ("drill down") by Branch, Loan Officer, Center, and Group 

Office

  • Define up to 5 levels of office hierarchy (Branch Office, Regional Office, Sub-Area Office, Area Office, Head Office) to assign offices to appropriate level

System Users, Permissions, and Data Scope

  • Create, modify and delete roles with associated permissions
  • Create system users, assign users to an office and assign roles & permissions to system users
  • Transfer a user to a different office

Setup, Configuration & Localization

  • Mifos localized in English, French, Spanish, Hungarian, Portuguese, and Chinese. (Easy to localize to other languages)
  • Ability to specify all install-time configurations through a simple properties file
  • User-interface to configure Mifos configurations
  • Rename labels, define look-up options and hide particular fields
  • Turn "centers" on/off, define whether/not groups can receive loans, whether/not clients can exist outside a group
  • Configure currency and rounding rules (round up/down by how many digits)
  • Specify supported payment types (cash, voucher, checks)
  • Define unlimited custom fields for client, group, center, accounts and system users 
  • Client rules: client hierarchy (whether/not centers exist), whether/not groups can receive loans, whether/not clients can exist outside of a group
  • : time zone, language, number of minutes before session timeout
  • Checklist definition: create and modify checklists that list "reminders" to system users moving accounts into new states
  • Ability to restrict product mix
  • Ability to schedule holidays and loan moratoriums (office and branch-wide) and have loan, savings, and fee schedules automatically updated
  • Define customized text labels throughout system 

 

Financial Transactions & Accounting Support

  • Support for configuring Mifos with the MFI's Chart of Accounts and corresponding GL codes
  • Recording of debits/credits against appropriate GL codes
  • Definition of funding sources 
  • Integration with Tally 9 (accounting software for India)
  • Plug-in to support the import of banking transactions into Mifos
  • Plug-in to support the import of M-PESA mobile money transactions  into Mifos
  •  

Bulk & Batch Processes

  • Bulk-enter collection sheet data
  • Bulk-approve loans, moving them from “pending approval” to “approved”
  • Bulk create loans
  •  

Audit trails

  • For clients, groups, centers, loan accounts, system users, and product definition

 Login & Security

  • User locked if incorrect password entered 5 times
  • Prompt to change password after first login

Reports

  • BIRTreporting system integrated into Mifos; Transition to Pentaho for reporting underway.
  • Data warehouse for ease of building and running new reports. 
  • 25 standard reports:
  • BIRT: Collection Sheet Report, Branch Cash Confirmation Report, Branch Progress Report, Detailed Loan Arrears Aging, General Ledger Report
  • Pentaho:Due vs Collected by Branch, Due vs Collected by Loan Officer, Loan Officer Detailed, Loan Officer Summary, Loan Classification by Product, Outstanding Balance by Funds, Funds Movement, MFI Progress, Mifos Transactions - Detailed, Mifos Transactions - Summary
  • Group Collection Sheet (MPESA), Center Collection Sheet, Branch Expected Cash Flow, Due vs Collected by Center, PPI Data Export in Excel and Enhancements, Client Exit, To Be Disbursed, Loans Pending Approval, Balance Outstanding, MPESA reports - Export Loan Disbursals and Extract Summary
  • Additional standard reports. 
  • Ability to create and upload custom reports into Mifos
  • Ability to create and upload receipt and vouchers available directly from loan account pages

 

Our Esteeemeed Clients

  • image
  • image
  • image
Previous Next