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Overview
Mifos X is being sought out by financial co-operative organizations (non-credit union/SACCO) as a solution to support their financial service offerings AND to pay stake holders dividends on their investment.
Background and strategic fit
Strategic vision of The Mifos Initiative to support financial cooperatives.
Requirements/User Stories
| # | Title | User Story | Importance | Notes |
|---|---|---|---|---|
| 1 | Manage products for Share accounts | As an operations manager, I wish to define a deposit product that will be used to maintain member shares, balances and dividends paid to members | Must Have | |
| 2 | Create share account for member | As operations staff, I wish to create a share account for the member. | Must Have | |
| 3 | Apply for additional shares for member | Stake holders (share holders) have the option to purchase additional shares | Must Have | |
| 4 | Allow Recurring Deposits as share | Share holders may allow a regular recurring deposit transferred from their savings account into a share account | Should | |
| 4 | Calculate dividends based on average daily balance | Dividends should calculate based on average daily balance to parity in payment | Must Have | |
| 6 | Manage configurations for dividend calculations | |||
| 7 | Pre-View Calculated Dividend | Must Have | ||
| 8 | Approve and Post Calculated Dividend | Must Have |
Business Rules
Share accounts will be deposit accounts. There will be no interest rate that is associated to the shares account.
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Member may purchase additional shares which will follow the same process.
Attributes
| Attribute | Description | Notes |
|---|---|---|
| Number of shares | ||
| Value of shares | ||
Security and Permissions
New permissions needed for the following:
- Create / List / View / Edit Share products
- Create / View / Edit Share accounts
- Apply for Shares
- Post Dividend
- Manage Configurations for Dividend Calculation
- Pre-View Calculated Dividend
- Approve and Post Calculated Dividend
Mifos Functionality Enhancements
New Screens
Share Products:
- Listing
- New/Create
- Edit
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All transactions to have share reference, number of shares and value of shares
Changes to Existing Screens
Option to create new Share Products from Admin screens
Option to create new Shares account from member screens
Changes/Enhancements to Batch Jobs
A new batch job is needed (which will always be invoked manually) to compute dividends based on average share account balances.
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e) Balance to be considered between (Two dates)
Changes/Enhancements to Accounting Entries
Additional account heads to be captured (similar to Savings accounts):
- Suspense account for share application money
User interaction and design
Exception Handling
Reporting
APIs
Notes
Questions
Below is a list of questions to be addressed as a result of this requirements document:
| Question | Outcome |
|---|---|