MUSHANA E-SACCO UGANDA LIMITED, a limited liability company incorporated in Uganda 0n 22/05/2015, P.O Box 28594 Kampala (Hereinafter referred to as "Mushana E-SACCO System!") “Mushanapp” is web based software product that is used by SACCOs, Credit Finance and Micro Finance to enhance service delivery. MUSHANA E-SACCO Uganda through its E-SACCO SYSTEM Initiative seeks to remove barriers – such as p
hysical infrastructure – that prevent so many Ugandans from entering the formal financial sector. Through its electronic and mobile banking platform, MUSHANA E-SACCO Uganda connects mobile phone users to banking services, empowering them to manage their money more efficiently and effectively and create new opportunities for long-term economic growth. Access to financial services, including secure efficient banking, is critical to reducing poverty and stimulating sustainable economic growth. And yet, approximately 95% of Uganda’s citizens have limited or no access to banking services. This sector of the population – referred to as the unbanked and under banked – is prevented from accessing financial services because of limited physical bank infrastructure and lack of access to electronic infrastructure such as debit cards, Automated Teller Machines (ATMs), and mobile phone banking. Admission into the formal financial sector is further hampered by high banking fees, a mostly cash-based financial environment, and low rates of financial literacy. Mobile banking raises the prospect that financial services provided via mobile phones can overcome all these barriers to entry in the traditional banking system. In Uganda, where an estimated 20 million people own mobile phones, mobile banking has the potential to increase the efficiency of payment systems, reduce reliance on cash, and broaden access to financial services by increasing the accessibility and lowering the cost of offering formal financial services. MUSHANA E-SACCO Uganda deploys the latest in mobile financial technology to SACCO services to unbanked / under banked people in developing countries. This unique platform is the catalyst that will enable the transformation of developing countries to create cheap, efficient, and transparent and corruption free payment systems that will provide financial security to its citizens. MUSHANA E-SACCO Uganda’s E-SACCO platform contributes to an enabling environment for widespread adoption of mobile banking and taps into the market potential for banking services. To pave the way for a secure, mobile banking system, MUSHANA E-SACCO Uganda’s Electronic SACCO system enables people to save, apply for loans, pay Loans, money transfer, buy shares and communicating/sharing views from wherever they are which is time and cost effective to the entire society in Uganda where people find it difficult to travel to venues where SACCOS always hold meetings or SACCO offices to transact business. Mushana E SACCO system is a real time integrated system which means that Savings, loans, shares, statements, balance sheets, trial balances, income and expenses and all accounting are updated immediately. Customers get their results immediately not at any period end. It is easy to use and very customizable such that all customers’ requirements are met. Information and Communication Technology (ICT) now drives businesses in a fast-paced world, where competitiveness and customer satisfaction is measured by efficiencies, convenience, delivery speeds and cost-effectiveness. SACCOs cannot escape the hold of ICT over business operations, especially considering that ICT enables businesses to find new ways to drive down the costs of products and processes, in addition to improving performance. Poor management has led to the collapse of many SACCOs while others are at the verge of collapse, because of poor financial management, SACCO funds have either been embezzled or not accounted for and the repayment rate of the members is poor. Our ICT service aims at bringing SACCOs and the cooperative movement in general into the ICT fold to benefit from technological advances of internet connectivity, electronic communication as well as web-based production and delivery of products and services, besides closer customer service, secure and more data storage, as well as marketing and e-commerce
MUSHANA E-SACCO SYSTEM is unique in the sense that Mobile Money has made it possible for people to pay their public utility bills (i.e. Water and Electricity Bills) and even to operate bank accounts using their Mobile Phones. What was remaining to be done was simply to introduce an Electronic Savings & Credit Co-operative (E-SACCO) Society without borders that is able to capture daily remittances from all parts of the world (i.e. a border less global movement or society) where people who own and operate mobile devices are willing to upgrade their mobile phones with the capacity for Mobile Money Transfer (MMT) technology. MUSHANA E-SACCO SYSTEM can be used globally to pool savings by Internet and mobile phone users which can be invested in income generating projects that affect the poor directly. MUSHANA E-SACCO Uganda intends to partner with SACCOS, Government and Cooperate companies. MUSHANA E-SACCO Uganda is seeing a most excellent opportunity for members to save from any where they are without necessarily to move from one place to another for meetings and for one to be able to save. Mushana E-SACCO Uganda seeks to promote a culture of pooling savings in very small amounts on a daily basis through E-SACCO SYSTEM based on "economies-of-scale", investing these savings in income generating projects which affect poor people directly in a beneficial manner. In Uganda, we are targeting over 20 million subscribers who own, access internet and operate mobile devices. OUR SERVICES
MUSHANAPP® is a web based software product that is used by SACCOs, Credit Finance and Micro Finance Institutions. In general the following features are available:
Membership and Customer Details
Remittance Management
Loan and Share Management. Front Office Customer Service
Fixed Deposits, Standing Orders and Teller Services
Member Specific Reporting and Standard Reporting
SMS Services. Ledger Accounting. Budget Accounting. Data Imports and Exports from Microsoft Excel or text files. Un-Limited User Customizaion. Mushanapp is a real time integrated system which means that loans, shares, statements, balance sheets, trial balances, income and expenses and all accounting are updated immediately. You get your results immediately not at any period end. It is easy to use and very customizable such that all your requirements are met. Highlights
Members and Customers
Captures all legal and statistical details. Captures next of kin details. Captures all other references e.g. property documents, title deeds with no limit to what you would require the customer to represent. Captures passport photos and signatures. Allows you to include advisory, instructions or any notes to a member or customer. Can block, black list or restrict members and customers. Products - Loans, Shares and Savings
Gives standard controls and parameters to define products. Allows you to create your own controls. Allows you to define unlimited product types. Allows you to design products the way you want including interest rates, maximum and minimum amounts, standard insurances and other commissions and charges. Data Representation
Remittances can be exported and imported through Microsoft Excel or Text Files
Automates regular charges, standing orders, loan penalties and any other user required automation. Easy in data entry and allows storage of recurrent and repetitive transactions so that they are used again without re-keying. This saves time and ensures accuracy. Has all standard reports including those requested by regulatory bodies. Can Import and export data to Microsoft Excel, Word, Internet, Acrobat and universal rich text format. Unlimited number of standard and customizable reports. No Limit in number of users, members, customers, accounts, or transactions. Has immense audit control on all records including creation date, modifying date, by who and when. Does not limit you in the amount of data, both current and historical that you can store. Results
Produces statements for members and customers that can be printed or saved as word excel web pages and acrobat files to be sent via e-mail. Allows you online inquiries on balances, history and statements. Gives loan loan/share statements that can have your logos implemented. Allows special reports to print slips on special printers like the 60 0r 80 mm roll printers. SMS Services
Replies to member/customer loan and share balance requests. Allows you send messages to messages to members and committee. SMS is not limited to 160 characters and can be big as you want. Facilities
Tellers are logged and tracked such that their daily transactions can be reconciled at the end of the day and the month. Saving interest are calculated as advised based on user selectable methods and are transferred to customer accounts directly. Loan can be sent to member (banking) directly on approval. Loans can be serviced by Savings automatically. Members can have several concurrent active loans each with different completion periods. Automatic dividend calculations and transfers to member’s shares or loans. Allows Customers to use mobile phone SMS to query their Loan, Shares or Saving Balances.
