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
|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|
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.