With the tremendous growth in the finance sector and increase of small and medium micro finances; there is need of robust, scalable, secure and efficient software solution to automate the processes in any Sacco, Chama or microfinance.
Ideal Software Applications LTD has developed a super web based solution dubbed SaccoManager.com that automates all the business processes of any Sacco. The solution is hosted on fast, secure and reliable servers ensuring 24/7 availability to all users. The solution can be accessed from any part of the globe and from any device that can connect to the internet. Our team provides support whenever it is needed.
The application has the following modules which are usually customized to meet the clients requirements and more modules built on demand:
User Management: This module allows users to manage the data of all accounts in the system from registration, viewing account details, editing account details, adding next of kin, adding many users via csv upload.
Payments: The functionalities in this module include recording/capturing of payments transaction where different types of payments are captured e.g savings, deposits, share capital, loan repayment and penalties. Each transaction also captures the mode of payment used like cash, Mpesa, bank deposit or cheque and allows different types of acknowledgment like SMS notification, email and/or physical printable receipt. This module allows integration with money transfer like mobile money e.g MPESA and card payments. The authorised staff and administrators can amend any transaction or reverse any transaction.
Loans module: This module automates the entire process of lending to members. The application stage captures all details of the loan like principal(amount requested), repayment duration, type of loan, purpose of the loan. The verification stage checks to ensure the member meets all the set rules like 6 months membership with consistent saving pattern, security of loan amount above shares either using guarantors or any acceptable collateral and amount requested is within the member’s credit worthiness. The system has an amortization calculator which guides the user on the ideal pace of loan repayment. The system automatically charges interest for all loans monthly based on the percentage of each type of loan.
Reports: This module provides comprehensive reports for individual members and the entire Sacco. Reports are in various formats like tabular reports which can be exported to Excel, csv or pdf and graphical reports like bar charts, line graphs and pie charts. The reports shows money in like shares, savings, interest, loan repaid and money out like loans issued and expenses.
Statements: Provides statements for members and for the entire Sacco. The statements are in pdf format which can be downloaded, viewed on the browser or sent directly to any email address. Users can request partial reports for a specified duration of time or full statements from the time a member joined or inception of the Sacco. Members can schedule email statements to be sent monthly to their email addresses.
Communication: SMS is a common, fast and sure mode of communicating to stakeholders especially members. This module has powerful functionalities like sms broadcast where one message can be sent to many recipients, sms scheduling where sms is set to be sent at a specified time in future, sms reminders where a certain sms is always sent at a specified time say daily, weekly, monthly. The module has functionality to create groups and custom sms which allows broadcasting sms with personalized information such as name, account balance, debt etc for each recipient.
Expenditure: Provides functionality to record all the Sacco expenses like stationary purchased, office maintenance, salaries(in short money out of the Sacco). The expenses are then displayed on the Sacco’s reports to give a broader view of income versus expenses.
Permissions: This gives the administrators privileges to deactivate accounts for user who are no longer allowed to use the system in any way. The converse also holds where inactive accounts can be activated to allow their visibility in the system.
Penalties: This module has diverse functionalities to either capture penalties automatically from events like late payments or record penalties manually like cases of absenteeism during AGM.
Other Modules: The system is custom built and more modules can be developed on request like M-Banking platform, dividends payment etc.