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
|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
|Create share account for member
|As operations staff, I wish to create a share account for the member.
|Apply for additional shares for member
|Stake holders (share holders) have the option to purchase additional shares
|Allow Recurring Deposits as share
|Share holders may allow a regular recurring deposit transferred from their savings account into a share account
|Calculate dividends based on average daily balance
|Dividends should calculate be calculated based on average daily balance to parity in payment
|Manage configurations for dividend calculations
|Pre-View Calculated Dividend
|Approve and Post Calculated Dividend
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.