Microfinance Software in Wakad

Overview

Microfinance Software's innovative design is flexible, user friendly and features a very high level automation. This gives the MFIs the flexibility and capability to deliver excellent customer service and operate very efficiently with a minimum number of staff.

It is a web-based, module-driven, system specifically for Micro-Finance Institutions (MFIs). It is powered by modules and reports which facilitate and monitor group transactions but also take considerations of transactions by individual customers.

Key Modules

1) Branch Management
2) Product Management
3) Collection Officer Management
4) User Management
5) Insurance Management
6) Member Registration
7) Loan Processing
8) Loan Disbursement
9) Loan Recovery
10) Financial Accounting
11) Fund Management for HO
12) Fund Management for Branch

1) Branch Management

A branch management module contains all the information related to division, region and branch offices. It will manage the MFI’s organizational hierarchy. Features include: New Division Office, New Regional Office, New Branch Office and Portfolio-Backlog Transfer.

2) Product Management

Products are a financial offerings to the customers from a MFIs and are governed by rules specified by the microfinance organizations and these rules are different for various products. Features include: Create Loan Product, Assign Service Tax, Create Survey Field, Loan Gradation, Registration Fee and Written-Off Master.

3) Collection Officer Management

C.O. management module consists of group master and employee master. Through group master user can create new group. Groups are at the heart of the micro finance methodology. On the other hand employee master helps to store the employee details. The user can easily assign a group to a C.O. Features include: Create Group,Employee Registration and Assign Group To CO.

4) User Management

This module defines access restrictions and user management by using roles. There are five level hierarchies of users based on roles. Such as Administrator, Division Manager, Regional Manager, Branch Manager and Teller. Features include: Create User, Change Password and User Data Entry Status.

5) Insurance Management

This module manages the customer death settlement with the Insurance Company. Features include: Death Document From Branches, Claim Observed, Claim Insurance, Claim Received, Death Outstanding Settlement and Reclaim Rejected Claim.

6) Member Registration

This module takes care of customer survey and group formation. User can manage the customer survey fields through “Create Survey Field” sub-module. It manages to create a member, modify member details and transferring members between two groups with backlog portfolio. Features include: Customer Survey, Survey Review By BM, Survey Review By RM, New Member Registration, Edit Member and Group To Group Transfer.

7) Loan Processing

Loans help fulfilling the goal of MFIs by providing credit to the customers. With the help Loan Processing Module MFIs could identify the proper and suitable customer. It manages the loan documentation and loan processing status. Loan-Recycle system is maintained by Loan-Recycle sub-module. Features include: Document Submit, Loan Processing and Loan Recycle.

8) Loan Disbursement

When a loan is disbursed to a customer, the system generates an installment amount and various charges on the basis of the loan product and automatically schedule the loan due date according to the holiday master and grace period. All the respective ledgers get updated automatically. At the time of Loan disbursement, Security amount has been deposited to Security account against Loan Number on the basis of loan product. When loan has been paid, the system shows the paid Loan No. If the customer withdrawals the security amount, the customer account shows in the “drop out” interface. The user may drop out the customer account. Death Settlement module manages the customer death. If a customer is dead, the user may return the security amount to the customer without paying the loan amount. The loan outstanding is exempted from Reserves and Surplus Account or any other sources. The dead customer does not calculate in the Ageing-PAR analysis. Features include: Disburse Loan, Return Security Amount, Drop Out Member and Death Settlement.

9) Loan Recovery

It shows the date wise C.O. Collection sheet details. It manages the Group wise Loan Recovery and supports the batch update. Once the payment has been applied in the system, the system will automatically update the loan outstanding balances, next payment details and all the respective ledgers. Due to violations and/or non-repayment etc, the customer loan account can be marked as “Written-Off” on the basis of “Definition of lateness”(Written-off master) as defined by the HO. From this state, customer account can go to “Active- Bad standing” or “Bad Debt”. The Bad Debt customer does not calculate in the Ageing-PAR analysis. Features include: Loan Recovery, Sick Payment, Written-off and Bad Debt Analysis.

10) Financial Accounting

A complete financial accounting module, allowing to do not only the portfolio accountancy but also the administrative accountancy, that is integrated with all of the other modules covering features you find in most of the off-the-shelf accounting packages such as Cashbook, General Ledger, Trial Balance and Cash Flow. Features include: Account Register, Opening Balance Register, Account Contra Entry and Journal Entry.

11) Fund Management for HO

The fund management module supports fund receive, fund payment, fund allocation to branch and fund transfer from one branch to another. Features include: Fund Type Master, Fund Master, Fund Received, Fund Payment and Fund Allocation.

12) Fund Management for Branch

This module takes care of the fund for branch office. The Regional Manager manages the fund transfer between branches. Features Include: Fund Received By Branch, Fund Payment By Branch, Fund Transfer and Branch To Branch Payment.

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