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ASP FinFinacials

Definition

‘An application service provider is any third party whose main business is providing a software-based service to multiple customers over a wide area network in return for payment

ASP refers to the architectural principle whereby the FINFINANCIAL software runs on our servers, while serving multiple SACCO societies.

Each SACCO has its own auditable customized application with its own separate database.

The ASP has been developed by Fintech Kenya Ltd, in collaboration with WOCCU and ICK. 3 year process.

Capabilities

  • Demand Deposit Products & Accounting
  • Term Deposit Products & Accounting
  • Loans Accounting - able to support a variety of loan products
  • Customer Relationship Management (CRM) - provide users with a view of the entire “relationship” with each SACCO Member.
  • Cash Management Capability
  • Investments Management Capability
  • Fully Integrated General Ledger
  • Fixed Asset Management Capability

The FinFinacial System

  • Accounts Module - with an integrated GL System that handles all Sacco transactions and supports Real time posting;
  • BOSA Module - for loan management (recording, recovery and follow-ups), Share management system, Guarantor management, Back office operations . It has a computerized Interest Calculation Module
  • FOSA Module - all Cash based and cashless transactions relating to front office. Sub modules under this module include fixed deposits, savings.
  • Cash / Cheques Management module - receiving all cash and cash equivalent into the system

Benefits to SACCOs with ASP

  • Participant SACCOs will access back office accounting, credit administration, savings administration and reporting services via the ASP data service bureau.
  • SACCO will have quick access to ready made regulatory financial reporting - (SASRA).
  • SACCO will be able to access their data and information for supporting management from anywhere in the country.
  • Standard access methods (via GPRS/ Internet/ Dedicated line) - Lower investment in remote access equipment
  • .
  • Reduced Total Cost of Ownership
  • Business critical data is maintained by professionals
  • Improved information technology will offer SACCOS greater accuracy, transparency, efficiency, member convenience and product expansion capacity
  • SACCO will be able to operate from their convenience in a secure, efficient and low cost manner.

How do we make it Better?

  • Due to subsidies from various sectors, we are offering it for RENT and not for SALE!
  • We have built in Value added services that are cost friendly and convenient to the SACCO without purchasing!

Value Added Services

The system can be linked to SACCO Member Mobile to enable them perform:
  • From SACCO account to my Mpesa/Airtel
  • From my Mpesa/Airtel to my SACCO Account
  • Loan Applications
  • Balance enquiry
  • Cell phone airtime top up

Reports

  • Statement of financial Position
  • Statement of Comprehensive income
  • Trial Balance
  • Member Statements
  • Activity Reports
  • Audit Trail Reports
  • Delinquency Reports
  • Regulator Reports (SASRA)

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