Overview
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There are very few differences between a credit union operation and a bank operation. The primary difference is the ownership structure. An individual or a group of individuals owns a bank. The members – or account holders - own a credit union.
Products are nearly identical – the names only are different. Credit union products can be set up in Mifos X as it is today and description of the functionality to be achieved.
The difference in setting up a credit union/SACCO account is the membership fee.
Background and strategic fit
Credit unions/SACCOs and similarly structured financial institutions charge a membership fee. This fee must be collected that the time of application - therefore it is a client-level fee. This fee must have the ability to refund back to the client based on the organization's policies.
The fit in workflow is:
- Create New Client.
- Take Photo, upload
- Upload Signature
- Enter ID
- Upload Membership Application
- Collect Membership Fee.
- Entry = Cash received,
- Transaction Type = Membership Fee
- Posts to General Ledger Income Account – Fee Income
- Posts to teller cash drawer as cash received
- Notification forwarded to supervisor or membership committee for review and decision.
- If declined, membership fee refunded (organization dependent – some may keep fee)
- Client account is closed with notes entered for reason for denial.
- If approved, savings account is opened
Requirements/User Stories
| # | Title | User Story | Importance | Notes |
|---|---|---|---|---|
| 1 | ||||
Business Rules
Attributes
| Attribute | Description | Notes |
|---|---|---|
Security and Permissions
Mifos Functionality Enhancements
New Screens
Changes to Existing Screens
Changes/Enhancements to Batch Jobs
Changes/Enhancements to Accounting Entries
User interaction and design
Exception Handling
Reporting
APIs
Notes
Questions
Below is a list of questions to be addressed as a result of this requirements document:
| Question | Outcome |
|---|---|