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- IN DEVELOPMENT Making these a distinct product (separate from savings products) in the Product Administration section of the Community App is still being worked on.
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Shares Management
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Shares would be an extension of the general savings account. Shares management requires the ability to specify and track the nominal value of a share and then to allow shares to be purchased or allocated from a savings account. The number of shares owned will also be the basis for how cash dividends are allocated which could also be in the re-purchase of additional shares.
SCHEDULED IN ROADMAP
Fixed Deposits (Term Deposits/CDs)
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Extending off of the fixed deposit functionality, recurring deposit products support the same parameters for interest rate charts, term length, and pre-mature closure as fixed deposit products. Mifos X supports term deposits with a regularly recurring voluntary or mandatory deposit amount .
IN DEVELOPMENT
Micro-Pensions and Long-Term Savings Contracts
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Both of these products help the client through retirement and major life-cycle events in the future by building up an annuity which provides a regular flow of payments from retirement until death or a lump-sum payment. This annuity can be built up through contractual savings deposits over time or through contributions from an employer into an investment fund like a pension program.
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.
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Penalties, Fees, and Charges
One-Time Fees
Automated Penalties
Recurring Fees
Event-Based Fees
Client-Level Fees
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
Pass-through of Premium as Collection of Fees
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For now, most financial institutions are partnering with other micro-insurance providers who have a full suite of micro-insurance product offerings. Most organizations simply act as a pass-through for the insurance premium and must capture this as a fee in Mifos. This requires a comprehrensive fees module in Mifos including slab fees where the age of the client or the amount of the loan determines the fees.
Full Insurance Product Management
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Some of our larger customers are beginning to explore managing their own insurance product offerings; for these institutions, they will require full support of the entire insurance product lifecycle including the pricing of the products, the calculation of risk, the collection of premiums, the handling and disbursement of claims, etc. Rather than than build this as part of the Mifos X platform, we are looking to integrate with a third-party system like OpenUnderwriter.