Microfinance Management System

Micro-finance & Sacco Management ( Core Banking) System 

We are privileged to offer one of the best Micro-finance 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 
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 
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 
Ability 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