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An invaluable reference guide to understand the various products and services and policies and processes to effectively deliver financial inclusion is the New Microfinance Handbook published by CGAP. Download it here.
Financial Services & Products (make as child pages)
Financial Services Product Management
Savings (share) Accounts
Current (checking/share draft) Accounts
Term Deposit Accounts
Collateral Loans
Savings Secured Loans
Agriculture Loans
Open End/Top Up/Line of Credit Loans
Incremental Disbursement Loans
Village/Group Lending
Solidarity Group Lending
Loan Approval Process
Loan Products
Savings secured loans – this feature looks as though it is well fleshed out in the jira and is in development. It is expected to ship in xx release.
Variable rate loans. This may be somewhat tied to the above Automatic Rate Adjustments. Specifications for this need to be written.
Loan Product Configuration
Amortization
Repayment Types/Schedules
Repayment Frequency
Interest Rate Calculation Methods
- Flat
- Declining Balance
- Declining Balance - Interest Recalculation (Daily, Weekly, Monthly)
- Automatic Rate Adjustments. e.g. savings = 6%, loan is 5% higher. Savings dividend changes to 7%, loan rates must adjust. This requires development. Exact specifications must be written for development.
Interest Calculation Frequency
Payment Year
Payment Processing Strategy
Grace Period Support
Savings Products
Passbook Savings
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Pensions
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Shares Management
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Recurring Deposits
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Dividend Calculation and Payment. This topic needs significate data collection from cooperatives. The existing core system properly handles regular recurring interest (dividend) payment. For example, savings account earns 3% dividends (interest) per month calculated on average daily balance. What we need to learn is how financial co-ops desire to payout "bonus" dividends. This may fall into custom reports.
- Recurring Deposits
- Current Account
- Term Deposits
- Savings Account Management
Mobile Payments and Transfers
Penalties, Fees, and Charges
Membership Fees. Nearly every cooperative collects a membership fee and/or requires a minimum balance to remain an active member of the cooperative. To date, an awkward method of opening a “dummy” account is being used. For good internal control, this method is not recommended. The system must be able to collect fees at the client level before any sort of account is opened. Accounts may be not opened until the individual is approved for membership. If the applicant is not approved for membership, the fee may be returned. By having fee collection at the client level, fees can be tracked, properly credited to the potential member then held in a suspense general ledger account until the member is approved where the funds would then transfer into a fee income account, or if denied, returned to the applicant.
Insurance
Client Management
Client Identification (KYC)
Client Relationship Management
Client Risk Analysis
Client Education
Client Protection
Social Performance Management
- institutional Management (Office Hiearchy)
Client Management
Unlimited Individual Patrons (Members)
Unlimited Group Patrons
Patron Approval Process
Patron Closure & Blacklists
Branch Management
Center Management
Duplicate Patron Verification
New Patron Approval Process
Document Attachment (photos, applications. ID)
Multi Language
Multi Currency
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In-app help. This is a good volunteer opportunity to build tool-tips and content-sensitive help within MIFOS X. The help can point to existing user documentation.
Bulk Processes
Off-line (store and forward)
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