Credit Union/SACCO Membership Fee

Overview

• 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

Business Rules

Attributes

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:

Out of Scope