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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 investmentinvestments.
Background and strategic fit
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| # | 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 be calculated based on average daily balance to parity in payment | Must Have | |
| 6 | Manage configurations for dividend calculations | Must Have | ||
| 7 | Pre-View Calculated Dividend | Must Have | ||
| 8 | Approve and Post Calculated Dividend | Must Have |
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At the time of applying for the share account, the purchase price (unit price and number of shares need to must be captured) and any fees will be collected from client. The fee will be an income whereas the purchase price will be held in a suspense account (liability).
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If application is rejected, the amount is repaid from the suspense account.
Member A member may purchase additional shares which will follow the same process.
Attributes
| Attribute | Description | Notes |
|---|---|---|
| Number of shares | ||
| Value of shares | ||
Share Product Attributes
While creating a shares product, we need to capture the following attributes
Product Name, Short Name, Description, Currency, decimal places, multiples of, Total number of shares, Total shares to be issued, Unit/Nominal Price, Total Share Capital (system will auto calculates), Suspense account,Equity account, Total number of shares to be allotted per client (min, default, max), Market Price (Date, Value), Charges applicable, Calculate Dividend for members who are no longer active (yes/no), Lock in Period (in Days, Weeks, Months, Years), Minimum active period For dividends (in days/weeks/months/years)
Share Account Attributes
While creating a share account, we need to capture the following attributes
Client Id, Share product Id, Submitted On, Approved On, Field Officer, External Id, Currency, Decimal Places, Currency Multiples of, Number of shares [date, number, Market Price], Suspense Account, Equity Account, Link Savings Account number for Dividends, Lock In Period, Minimum Active Period, Calculate Dividend for members who are no longer active (yes/no), Charges (Purchase Charges, Redeem Charges)
Security and Permissions
New permissions needed for the following:
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Exception Handling
Reporting
APIs
API to link loan modules to Shares module ( also modify savings products to have this API linkage) for automatic management of Compulsory Savings needed for Loan proceeds. e.g 20,000 loan may require one to have 3 shares and 15% loan amount as compulsory savings, 45,000 loan may require 5 shares and 15% loan amount as compulsory savings and this should be a loan checker hence if condition is not met then loan proceeds fails.
Product Level API(s)
List all Share Products
Request Method: GET
https://server:port/mifosng-provider/api/v1/shareproducts
Get Share Product Details
Request Method: GET
https://server:port/mifosng-provider/api/v1/shareproducts/{shareProductId}?template=true
Preview of the Dividend Calculation for Individual Accounts
Request Method: GET
https://server:port/mifosng-provider/api/v1/shareproducts/{shareProductId}?command=previewdividends
Template for Share Product Creation
Request Method: GET
https://server:port/mifosng-provider/api/v1/shareproducts/template
Modify Share Product
Request Method: PUT
https://server:port/mifosng-provider/api/v1/shareproducts/{shareProductId}
Create a Share Product
Request Method: POST
https://server:port/mifosng-provider/api/v1/shareproducts
Post Dividends to Individual Accounts
Request Method: POST
https://server:port/mifosng-provider/api/v1/shareproducts/{shareProductId}?command=giveoutdividends
Account Level API(s)
Template(s) for Share Account Creation
Request Method: GET
https://server:port/mifosng-provider/api/v1/shareaccounts/template?clientId={clientId}&staffInSelectedOfficeOnly=true
https://server:port/mifosng-provider/api/v1/shareaccounts/template?clientId={clientId}&productId={shareProductId}&staffInSelectedOfficeOnly=true
Retrieve All Client Accounts (including share accounts)
Request Method: GET
https://server:port/mifosng-provider/api/v1/clients/{clientId}/accounts
Retrieve Share Account Details
Request Method: GET
https://server:port/mifosng-provider/api/v1/shareaccounts/{shareAccountId}?associations=all
Create Share Account
Request Method: POST
https://server:port/mifosng-provider/api/v1/shareaccounts
Update Share Account
Request Method: PUT
https://server:port/mifosng-provider/api/v1/shareaccounts/{shareAccountId}
Approve Share Account
Request Method: POST
https://server:port/mifosng-provider/api/v1/shareaccounts/{shareAccountId}?command=approve
Apply for Additional Shares
Request Method: POST
https://server:port/mifosng-provider/api/v1/shareaccounts/{shareAccountId}?command=applyadditionalshares
Approve Additional Shares request
Request Method: POST
https://server:port/mifosng-provider/api/v1/shareaccounts/{shareAccountId}?command=approveadditionalshares
Notes
Questions
Below is a list of questions to be addressed as a result of this requirements document:
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