SaccoTek is a financial system targeting small & upcoming Co-operatives & Micro-finance firms in Africa.
It is an integrated management information system that has been designed & developed by Kangai Technologies to provide an
efficient &
effective solution to the numerous issues that hinder Saccos & other Micro Finance Institutions (MFI) countrywide.
The system runs on a web-based platform. It can run from the cloud or even when installed within your own premises.
We seek to transform the operations of the small, upcoming Saccos to cut down on operational cost & position the business
for greater growth opportunities through automation of the Sacco management processes to promote sustainable innovation,
efficiency
& transparency.
Our User Interface design (UI) provides a user-friendly background as well as user-friendly functions.
All Critical data that requires to be
worked on is always available & displayed in summary form on the system dashboard that is automatically
viewed once you login.
This includes alerts like current monthly income , expenses & also contribution totals from members.
You can also get data on loans & their status for example, due loan payments, pending applications, defaulted loans & even
recently
disbursed loans.
The system has been tried & tested in Employer Based, Business Based, Agricultural Based, Transport Based,
Diaspora Based, Sports Based & Institutional Based Saccos.
The software has been built on Eight (8) main modules that formulate the core basis of its design & operations.
These modules are :
Asset Register Module - Keeps track of Sacco Assets, their Depreciation & Net Book Value.
Cash Book Module - Captures all Receivables & Payables like Shares contribution, Loan Disbursement & Repayments, Income & Expenses.
Check Off Module - Automates the drawing up Standing Orders From an Employer's Payroll reducing the Time & Workload.
Email & SMS Module - Manages Communication With Members to confirm payments or even issue reminders like loan deadlines.
General Ledger Module - Generates Financial Reports & Statements Like the Balance Sheet, Trial Balance, Profit & Loss, Cash Flow,
Ageing Creditors & Debtors Reports etc.
Investment Module - Monitors All Sacco Investments & Business Transactions with accurate reports on the Capital, Expenses incurred
& Net Profit earned.
Member Online Portal Module - Provides Members with Secure Access to their Account Balances & Statements, Loan Balances & Statements via their mobile phones or tablet devices.
Member Personal Account Module - Captures All relevant information relating to Members like their Biodata, Next of kin, Loan applications, Guarantors & Loan limits.
The Lending package supports different types of Loan Amortization Rates for example, Straight line, Reducing balance
& the Pre-paid Interest(works like Okoa Jahazi). Loan interest may also be calculated based on two methods;
1.) Flat Rate - Interest is charged as a flat amount irrespective of the date of payment.
2.) Time Based Rate - Interest is charged dependent on the date, the earlier you pay, the less the interest charged & vice versa.
Loan application fees are application based on amount ranges or as a flat percentage.
Loan insurance can also be set either as a percentage or you might opt to use the default insurance formulae provided by CIC Insurance Group.
When creating a loan, you have the ability to customize particulars like period that a member should be active for before he/she can apply for
a loan, number of guarantors allowed per loan application, the savings factor to calculate the amount a member qualifies for etc.
Our software deploys a simple yet comprehensive loan processing cycle that consists of Loan Application, Review, Approval &
finally Disbursement.
The system uses the Maker Checker Process whereby the user who creates a loan is not permitted to either approve or disburse it.
Some of the critical modules worth a mention include the Loan Refinancing/Top-up, Loan Rescheduling, Loan Bridging, Loan Interest
Freeze, Loan Interest Waiver, Loan Repossession, Loan Write-Off & Chattels Registration.
Reports in this module include Applied Loans, Approved Loans, Rejected Loans, Disbursed Loans,
Loan Portfolio, Loans Ageing Reports, Percentage Per Age Class, Outstanding Report, Loan Ledger Card, Loan Arrears Report & Loan Repayment
Report.
System Security is Paramount
The system requires all users to be assigned to a specific user group that has different rights & permissions allocated to each.
SaccoTek is IFRS 9 Compliant
IFRS 9 directs how a Sacco classifies & measures financial assets, financial liabilities & contracts to buy or sell non-financial items.
Financial Accounting is our Forte
The system has a Maker-Checker workflow meaning that for each transaction, at least two individuals are necessary for its completion.
Data Encryption & Security
Our system deploys an Advanced Data Encryption Algorithm tool that promotes fool-proof Data Protection & enables Data Integrity.
Comprehensive Regulatory Reports
The software is integrated with numerous statutory reports & financial statements that are all exportable to Word, Excel or PDF.
Paybill Automation
The system can receive payment notifications from your M-Pesa Paybill Account & save you precious time used in data entry.
Notification Alerts Module
The system can send automated reminders for AGM alerts, contribution notifications, late loan payments or any other relevant communication.
Data Encryption & Protection To Secure Data.
Internal Audit & Controls For Transparency.
Time Savings On Searches & Data Retrieval.
Automatic Backup & Restore Tool.
System Scalability & Operations is Unlimited.
24 / 7 Online Client Support.
Accessible On Mobile Devices & Computers.
Easily Integrates with our Payroll & Inventory Software.
Document Management System Platform.
Synchronized with M-Pesa & Select Bank Networks.
