Loan management software for Sacco – Savings and Credit Cooperative Organizations
These organizations are formed by like-minded individual mostly drawn from members with common economic activities or area of residence. Member contribute to saving accounts, money received in saving account is pooled for the purpose of funding for loans to be issued to the members.
Savings saved with the Sacco do not attract interest since loans are offered at discounted interest of 1% per month or 12% interest rate per annum.
However members earn dividends based on their share capital in the Sacco at the end of the financial year. Dividend is drawn from profit or surplus incomes registered during the year. The main income generating activity is loan interest received from loan issued to members.
Jisort takes in to consideration this type of business model.
Allow Sacco to issue loans on reducing balance to their members and directly receive loan interest income directly into their income accounts.
Jisort loan management system calculates surplus incomes automatically upon closure of the financial year. The loan Management software further allows payment of dividends to members at the end of the year. Jisort is a comprehensive system that allows Saccos to manage savings and deposits, issue and manage loans to members, perform Sacco accounting procedures as per regulatory body requirements