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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.
The following notes are FROM YURIE at Resilient Business Systems. (Full document attached.)
Requirement
- Manage the portfolio of cash advanced to traders, processors, farmers and retailers.
- Integration with both Citi bank core banking systems( flexcube) and in-house developed software
- To have logical grouping/association of entities .i.e. processors, farmers and retailers
- Mifos Integration with their customer’s erp systems.
- Currently Umati Capital Ltd makes cash advances to customers in need of both invoice discounting and Supply chain financing services.
- Umati Capital is currently focused within agri-business supply chains, retailer value chains and fast moving consumer goods manufacturers
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Scenario One - when working with the processor. Trader will bring milk to milk processing company. Most traders get cash on delivery. This trader gets invoice for payment in 30 days. Umati Capital will contact the processor and validate the invoice is valid, Umanti then gives the trader cash. 80% goes to trader 20% to Umati. Processor pays Umati 100%
Scenario Two - when working with retailer (e.g. super market). Traders will bring goods to store. Once the goods received by retailer, they are given a 30 day invoice, trader wants their cash now. Umati verifies the invoice, trader receives 80%, Umati receives 20% as processing fee. Retailer pays Umati 100%
Disbursals happen via bank transfer.
Background and strategic fit
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Member may purchase additional shares which will follow the same process.
Attributes
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