Automation of SACCOs - FSD Kenya

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28 • AUTOMATION OF SACCOS: ASSESSMENT OF POTENTIAL SOLUTIONS Front office Savings Activities Back office Savings Activities Teller operations The system offers comprehensive features to enable fully automated teller operations, including cash and cheque handling. The system can apply all relevant charges to the customer (fees, interest, principal, etc). The system provides a cashier journal with an exhaustive overview of each cashier’s current cash as well as cheque holdings and transactions of the day. This supports cash reconciliation and reporting. The system can process salaries including applying a number of deductions depending on due payments of loan products held by the customer. FOSA products (Configuration and processing) Table 5: Viable solution minimum The system offers a comprehensive range of options for how to charge interest (fixed or floating rates). The system offers a comprehensive range of options for how to calculate interest (simple or compounded). The system offers a comprehensive range of options for how to award interest (daily, monthly, annually). The system enables standing orders. The system enables joint accounts. Customer data management The system can capture comprehensive customer data, including photo and signature. The system can provide a complete overview of a customer’s data including account details and allows drill-down to individual transactions and postings. The system is based on one central database which ensures that the same customer data is always available regardless of location. Comprehensive search functionality allows searching for a customer using different attributes such as last name, first name, customer number, account number. BOSA products (Configuration) The system enables share accounts. All fundamental parameterisation options are available including different methods of calculating instalments. Share and dividend processing The system provides the fundamental features to manage shares and dividend payment. Loan application processing The system supports multiple methods to calculate interest including declining balance, annuity, and balloon payment.The system can recommend a loan amount given share as well as salary details and deductions are provided. The order of recovery can be defined. Customer data management The system effectively supports the loan issuing process by making available customer information accessible. The application enables customer service by presenting personal details as well as information on accounts, loans, guarantors, and collateral. Credit, collateral, and collection The system provides functionality to manage collateral when the loan issuing process requires these to complement guarantors. This includes capturing data and tracking collateral.
Accounting and finance AUTOMATION OF SACCOS: ASSESSMENT OF POTENTIAL SOLUTIONS • 29 General accounting Transactions are posted directly to the general ledger as configured. The system allows definition of which accounts to be debited or credited for each transaction. reporting Available reports The system is delivered with a set of relevant standard reports. Generation of reports The system features pre-defined report templates that allow filtering and grouping of data. usability GUI Advanced users can make use of third-party report writers such as Crystal Reports to design new reports. The system supports export of reports to Excel. The system supports scheduling of reports. Screens are clear and consistent. Error messages are clear. Language and colour are used clear and consistently. Workflow The system allows processes such as loan application to follow dedicated steps with defined exit criteria. Data entry validation The system needs to allow definition and check of mandatory fields. Manually entered is validated for its existence in the system, e.g. Account number. Balancing double posting is enforced. Fields are populated automatically according to entered data. System Configuration The system supports flexible product configuration. maintenance Data The system needs to have a relational database. The system can handle imported data from XLS and CSV format. The system supports scheduled or manually triggered archiving of data. Security The system supports user profile and access rights management. The system needs to have an audit trail keeping a record of every data entry as well as modification. User sessions need to be logged. Backup and recovery Daily data backup is completely automated and can either be scheduled or runs at the click of a button. In case of a hardware failure, system crash, or the like the system needs to roll back pending transaction and inform the user accordingly. Multi-branch operations The system enables multi-branch operations on a centralised server/database. A fallback scenario enabling continuity of operations in case of link downtime must be in place. Support and maintenance The vendor needs to offer comprehensive support from gap analysis, design, implementation, test, installation, data conversion, training, to ongoing business support. The vendor needs to have a local presence.
Page 1 and 2: AutomAtion oF SACCoS ASSeSSment oF
Page 3 and 4: table of Contents Tables and Figure
Page 5 and 6: list of Abbreviations ASP Applicati
Page 7 and 8: exeCutive SummAry Financial Sector
Page 9 and 10: Chapter 1 introDuCtion 1.1 ConTEXT
Page 11 and 12: Chapter 2 projeCt methoDology 2.1 r
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Page 19 and 20: studies, which have been focused on
Page 21 and 22: for management information purposes
Page 23 and 24: yield on member share capital. The
Page 25 and 26: Thirdly the project team as observe
Page 27 and 28: coordinating their acquisition and
Page 29 and 30: Level 1 Level 2 Description AUTOMAT
Page 31 and 32: Level 1 Level 2 Description AUTOMAT
Page 33 and 34: Chapter 5 AutomAtion Solution ASSeS
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Page 39 and 40: fees according to the size of their
Page 41 and 42: social factors. The first would be
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Page 45 and 46: In order to evaluate the identified
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Page 49 and 50: ecommendation: To conclude Amtech
Page 51 and 52: 5. Orbit (Neptune) Fulfilment of re
Page 53 and 54: Plan the project This phase is esse
Page 55 and 56: 3. Managing stakeholder participati
Page 57 and 58: option is the acquisition of SACCO-
Page 59 and 60: I) Increase automation AUTOMATION O
Page 61 and 62: III) Governance AUTOMATION OF SACCO
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Page 71 and 72: Customer data management All detail
Page 73 and 74: Risk management The system provides
Page 77 and 78: 5. orBIT (nEPTunE) AUTOMATION OF SA
Page 81 and 82: 6. T24 MCB (TEMEnoS) AUTOMATION OF
Page 85 and 86: noteS AUTOMATION OF SACCOS: ASSESSM
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FSD Kenya Financial Sector Deepenin
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