Sacco Management Software Free Download

Posted on 16-09-2021 by admin

SACCO Management System (Savings & Credit Cooperatives)

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Jisort Microfinance Software System Digital platform automating transactions in Microfinance Instituitons, SACCOs, Banks, Cooperatives, Credit Unions, Lending Organizations and other MFIs. Fully integrated with Mobile Money and Banks. SACCOS Software, a customized Sacco System for an ideal Saccos management. SACCOS - Savings and Credit Cooperatives is an organization established by volunteer members with the various objects like, providing fair loan at a reasonable rate of interest, to promote economic interests and welfare of its members, to develop the organization by introducing new products and services and for the. Kindly note that this Log enables you to view other SACCO Documents but not gain. Is Free Software.

It’s one of the most common form of cooperative organization. The name SACCO is an acronym for Savings And Credit Cooperative Organization. Main activities include accumulation of member deposits, reinvestment of the deposit in low risk investments like Treasury Bonds, Fixed Deposit Schemes, and Real Estate among others. SACCOs also advance low interest rates and flexible credit facilities to her members. Interest from loan repayment forms one of the main sources of income. Profits at the close of a financial year may be paid back to members as dividends. SACCOs are the most common financial institutions in Eastern and Southern Africa. Esacco Microfinance system started as a SACCCO management system, among the first clients to adopt it were public transport SACCOs, Farmers SACCOs, Employees SACCOs and Multipurpose SACCOs. Esacco has revolved to accommodate all kinds of SACCOs, promoting accountability, transparency and easy compliance to regulatory policies.

Some of the Sacco Management Software Features include:

Member Registration

Client Registration Module (KYC) – Know your Client – allow capture of Client bio data, social economic data and any other important information about the Client. Including Client’s beneficiaries, bank details and identification documents

Member Personal Account

This module manages all Members transactions related to Accounting, Payments and Receipts.

It provides a means of processing and extraction of the information relating to Members transactions in a precise, accurate and effective manner of extracting and displaying or printing the same for analysis and decision making process.

Members payments can be received in the against

Deposits
Interest
Loan principal.
Share capital
Lump sum charges
Loan clearance charges
Loan application charges
Insurance fee
Entrance fee
Loan scheduling fees
Others

Loan Processing Transactions

This module integrates seamlessly with other modules in the system

It is possible through this module to receive, apply, appraise, endorse, track, monitor and evaluate Client’s transactions, and connect to the DMS source of documents.
It’s able to generate loans guaranteed by the applicant and their statuses.
It also generates number of loans guaranteed by guarantors and their statuses.
The system also generates a loan application number in a specified format
The module can generate an automated electable SMS/email alert as the loan is processed.
When an application is received inform the borrower and the timelines expected.
Inform the guarantors to a loan of the extent of their guarantee.
Inform the borrower when the loan is approved and any fees payable before disbursement.
Inform the borrower when funds are disbursed.
The system provides for a maker, checker and approver in all loan processes. The person who appraises may not approve. – Committee approval where a loan has to be approved by specified persons.
The system allow for a full loan approval up to payment through the system. Once a loan is fully approved the system notifies accounts department of pending payments from loans department.
The system allows for an online approval (by loans committee) and disbursement of funds (by authorized signatories).

Reports

The system generates the following reports:

Total loans collected in a period.
The loans projected/actual report.
The system generates defaulters report in periods/ days/ months.
Loan ageing Report
Loan portfolio at Risk
Loans cleared report.
Loan repayment schedule.
Loans due for payment on a given date.
Loans balances as per Client and per loan at a given date.
Relevant reports can bear makers/checkers/approvers/authorisers/signatories, times and dates.
The system generates an appraisal report.
Loans rejected/deferred citing reason for such.
Loans issued/pending (full/partial) in a particular period.
Loans approved in a particular period and the amount approved.
Loans applied in a particular period.
The system allows addition/modification of new loan products/parameters.
The system allows an authorized user to make exemptions on some loan parameter using marker checker principle

Disbursement

The system can automatically lock the appraisal report for further modification once the loan is disbursed.
The system supports direct loan fund transfer to recipient bank once the loan has been approved.
The System supports early repayment and lump sum loan repayment.
The system calculates interest charged on loans products on either daily or monthly basis and allow for user to select a particular method. – reducing balance, straight-line/flatline, microfinance, custom methods as well
The system supports loan rescheduling based on Credit policy.
The system can generate an appraisal report clearly summarizing the entire appraisal requirement and their statuses for ease of approval.
The system allow for adjustments on loans balances such as;

Transfers

Write-offs

Offset

Waiver of partial/full interest

Discontinue loading of interest./interest freeze

Risk Management/Guarantor Security Management

Guarantors Management.

Tracking of guarantors, the loaned and the amount they have guaranteed is as critical as approving the loans.
The system allows a Client to guarantee a specified maximum number of loans.
The system allows for release and replacement of a loan guarantee.
System can utilize an algorithm of managing liability a Client can have as stipulated by the Microfinance to avoid over guaranteeing.
The system can be set to only allow a subsequent guarantee if the guarantor loan account or any of the previous accounts guaranteed are not in arrears.
The system can notify the guarantors any moment their shares are tied to guaranteeing a loan via email/sms.
The System can provide a method of calculating defaulted loans charges, offsetting from loanee account and apportioning any balance to guarantors in ratio of their guarantee and recover.
System can generate demand notices in the following order
1st demand notice when an account falls in arrears of over 30 days (1 month)
2nd demand notice when an account falls due for over 60 days (2 months) and copied to guarantors. A notice to offset an overdue account from the loanee deposits account copied to guarantors.
3rd notice offsetting own deposits account and giving guarantors notice of offset from their own accounts of any loan balance after 21 days.
4th notice offsetting guarantors and notice to sue for the outstanding balance.
System can generate Special notice to management when an existing loan secured by guarantors becomes exposed due to;

Death of the guarantor

Guarantor losing his/her deposits

Guarantor deposits become attached.

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The system keeps records and gives reminders when notices given on accounts in arrears expire.

Securities /Collateral Management.

The system manages securities.

The system automatically alerts on expiry of insurance policy for motor vehicles.
The system provides a way of the Microfinance paying insurance premiums on expired and non-renewed policies and debiting the Client loan account.
The system can have a provision for renewing land rates and rent as applicable on loans secured with title deeds.
The system can prompt for a biannual census of all securities held and confirm their applicability on a taker-confirmer basis.System allows for

release of security on loan completion.

The system can generate a report of all loans secured by securities, their performance, the value of the securities and relevant journal notes/memos.

Loan recovery management.

The system has a loan recovery management method.
It indicates the due dates for all loans.
The system has a memo of indicating all actions taken on due loan accounts and by who on individual loan accounts and en mass.
The system allow for select of preferred mode of payment and date for a Client loan.
It can link to DMS with loan repayment details and other correspondence with the Client on his/her loan account.
A journal of actions taken can be there and visible.
It can link to the loanee Client physical addressees.
It can generate and send alerts to individual or bulk or selected Clients with available templates for:

Due accounts.

Overdue accounts.

Defaulted accounts

General Ledger

Chart accounts with level of account hierarchy collapsible and expandable.
Ability to add, modify by an authorized user.
General Ledger settings allows linking of default account to regulatory reports, standard operation procedure as per the organization
Integrate seamlessly with other modules and capture details of all transactions, making it possible to drill to sub ledgers and source documents.
Account codes make it easy to identify account group, sub ledger account e.t.c

Online Banking/ Web Portal/ Clients Dashboard

System allow some level of service delivery online such as clients statements,
loan applications, loan eligibility and self-appraisal, guarantorship
Submission and approval and communication with the organization
Allow client to update personal details
Can be used for an online registration of clients.
The dashboard securely delivers accurate and real time client data.

Reporting

After the period transactions are carried out various reports are then available from the system.

System produces report that are printable, exportable to excel and PDF

System reports includes date range provision

Reports have relevant generation fields like by branch, by loan officer, by client, by account Custom maid 3d skil pack download.

Reports are sortable, filterable

Reports include:

Financial related reports

Trial balance
Balance sheet
Reconciliations
General ledger vs. Actual balances (Clients listing) report
Journal report passed in the system
Fixed asset register and movement report
Debtors/creditors schedule and age analysis
Budget vs. Actual analysis report
Interest charged and interest refund report
Overpayment refund report
Imprest replenishment report
Dividend /interest processing report
Month and close of yearend report
Payroll report and all HR related reports like PAYE P9 forms, statutory deduction reports, leave days reports e.t.c
Inventory management reports- e.g. stock movement reports

Registry – Client data/ Accounts

Sacco Management System

Client register by category, date opened, status, ( customized to give Client register by key fields like ID, gender, station, employer
Dormant Client Accounts
Deceased Client Accounts
Closed Client Accounts
Duplicate Account reports
Client accounts with Bosa accounts and no Fosa account and vice versa
Client withdrawal report
User activity log on Client records i.e.record user name, Record date and time of creation / modification of Client record