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MF Ultimate for Microfinance Software

Grameen Solutions Ltd (GSL) dedicated application development team designed and developed a web based MF Ultimate for Microfinance Software, Offering financial services to poor people in developing countries are expensive business. The cost is one of the biggest reasons why traditional banks don´t make small loans and time of loan processing very high. The microcredit loan cycles are usually shorter than traditional commercial loans with terms from typically six months to a year with payments plus interest, payee weekly. Shorter loan cycles and weekly payments help the borrowers stay current and not become surprised by large payments. Clearly the transaction-intense nature of weekly payment collections, often in rural areas, is more expensive than running a bank branch that provides large loans to economically secure borrowers in a metropolitan area. As a result, MFIs must charge interest rates that might sound high. For a financial institution to scale and remain sustainable, at a bare minimum it has to cover its costs. A large bank can charge lower rates in order to recoup its costs. Because of smaller loan size and more transactions, the MFI has to charge higher minimum rates. Data from the Micro-Banking Bulletin reports that “63 of the world’s top MFIs had an average rate of return, after adjusting for inflation and after taking out subsidies programs, of about 2.5% of total assets. This lends to the hope that microfinance can be sufficiently attractive for investors, as well as the mainstream in the retail banking sector.”

 

Features of the product

  • Membership management
  • Member Registration
  • Accounts Management
  • Branch Management
  • Product Management
  • Collection Staff Management
  • User Management
  • Loan Processing
  • Loan Disbursement
  • Loan Recovery
  • Financial Accounting
  • Fund Management for HO
  • Fund Management for Branch
  • Communication by E-mail
  • Payment Integration
    • Plastic Card
    • Credit Card
    • Debit Card

 

Benefits of Products

  • Information Flow.
  • One database to maintain.
  • Integration.
  • User Friendly.
  • Put the management in control.
  • Accuracy
  • Scalability
  • Web Based
  • Improved Reporting.
  • Provide a platform that can help you exploit your business opportunities.
  • Give you the tools to enable you to communicate more effectively with your customers.
  • Enable you to analyses your business in greater depth.
  • Provide powerful and accurate management information.
  • Provide a software solution that is an asset rather than an overhead.
  • Improve customer service and satisfaction.
  • One comprehensive source of management information and reporting.
  • A common interface to all elements of the software.
  • One experienced and supportive software supplier to deal with.
  • Customizable.

 

Development Tools:

  • Web Scripting language: java, jsp, jstl, hibernate, spring, ++ smart-Dao, html, CSS, Java Script frameworks (JQuery)
  • Database: MySql
  • Web Server: Tomcat Server
  • Implementation Area: Standalone Machine/LAN/WAN/Interne
  • Environment/OS: Tomcat Server.