• No paperwork
(No printed collection sheet, voucher writing)

• Reduce cost
(Reduce staff cost, stationery cost, time)

• Increase efficiency

•Switch for more benefits & options

Introducing Swosti-mfi247
Paperless Micro-credit & savings
Application in Bangladesh.

No paper collection sheet

Both App & Web based Application

Complete App based transaction entry

Comprehensive App based Reports

Instant member photo capture

Most secured cloud hosting platform

24/7 concurrent data backup

Transaction data encrypted

HTTPS certified protocol

Most Efficient IT team in local MC software sector

Most comprehensive App based
Micro-credit Application
in Bangladesh.

.......and many more benefits

awaiting for you

switch to SWOSTIcall for a DEMO

Microcredit & Micro-Finance Institutions (MFIs) in Bangladesh

Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, or a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty. Many recipients are illiterate, and therefore unable to complete paperwork required to get conventional loans. The term ‘Microfinance’ is interchangeably used for Microcredit.

Microfinance Institutions (MFIs) refer to those organizations who provide an array of financial services, including loans, savings and insurance, available to poor entrepreneurs and small business owners who have no collateral and wouldn’t otherwise qualify for a standard bank loan. Grameen Bank is generally considered the first modern Microcredit Institution in the world. Founded by Dr. Muhammad Yunus, Grameen Bank introduced group lending method to disburse collateral free loan among its group members. Later on this method of micro-lending was replicated by a no. of MFIs in Bangladesh.

Typical Micro-credit operations in Bangladesh

Microcredit Regulatory Authority (MRA) is the central body to monitor and supervise microfinance operations of NGO-MFIs in Bangladesh. License from the Authority is mandatory to operate microfinance operations in Bangladesh as an NGO. Currently no. of MFIs licensed by MRA is around 700.

Palli Karma-Sahayak Foundation (PKSF), an apex development organization, was established by the Government of Bangladesh (GoB) in May 1990, for sustainable poverty reduction through employment generation. A no. of MFIs receive low-cost financial assistance from PKSF and route this fund for their lending activities.

Swosti-mfi247 – 1st Paperless Microcredit Management Application in Bangladesh

Customized SMS Notification

Initiated in December, 2014 Swosti Ltd. (a sister concern of Bdjobs.com Ltd.) introduced 1st Paperless, fully-automated Microcredit and Micro-savings Management Software Application in Bangladesh.

Using handheld Mobile device (TAB) a Field Officer or Credit Officer inserts Loan and Savings collection data during the samity visit on the go. And that’s all for Loan and Savings collection! Your field staff is now free and does NOT have to write any other voucher or do paper works.  This makes the application highly user-friendly without needing any other staff to insert branch transaction data.

In case your organization intends to do web based transaction entry through PC or Laptop, we have web-based (online, fully automated) transaction entry facility running parallelly with the existing Mobile based transaction entry.

Our Microcredit software helps you manage all your client data including loans, grants, investors, donors and much more. And it is having awesome features to capture the historical data and Apps based numerous Management Reports for your stakeholders including Top Management and Donors.

No worry about security! ‘Swosti-mfi247’ application runs on world’s renowned cloud server with topmost security features utilizing latest technology, tools and frameworks. Our knowledgeable, highly professional and energetic team is ready to listen to your requirement further to customize products and features as per your special needs.

‘HR & Payroll’ is the integral part; and so is the ‘Asset Management’ with ‘Swosti-mfi247’. So your organization gets complete software support for all your programs – Microcredit, accounting & finance, human resources and asset management and so one.

Exciting Features​

  • Tools
  • Data Migration, Backup, Security
  • Transaction, Data Entry
  • Loan
  • Savings
  • Reports
  • HR & Payroll
  • ID based User Access
  • Role based User creation
  • Administrative Access
  • Easy correction process for wrong entries and auto-voucher generation
  • Easy Drop-out, Write-off, Member (Samity/Branch)Transfer and auto-voucher generation
  • Samity, Branch, District wise Holiday declaration & Recoverable setup
  • Integration with Mobile Banking platform (optional)
  • Circulation of different notices (holidays, meetings, other)
  • On-the-go report download and print facility
  • Both options for ‘day-end’ execution: Automatic/ Manual
  • Module based access: Branch, Area, Zone, Region, Head office, Consolidated
  • Best cloud hosting
  • Historical data migration
  • Concurrent data backup
  • Duplicate member checking
  • User login history, trail
  • No correction by transaction maker (FO/CO) once transaction is made
  • Disallow back-dated program (MIS: loan/savings) related transaction entry
  • Highly secured – transaction passes through SSL layer
  • Narration of each voucher mentioning transaction maker
  • Both, Apps-based & Web-based data entry
  • Both, Off-Line & On-Line Data Submission
  • Instant entry record
  • Very low internet bandwidth needed
  • Member receives Transaction SMS
  • No paper collection Sheet
  • Print collection sheet report
  • Easy Member Admission with instant Photo capturing
  • Search voucher by suffix/ prefix/ code/ ledger name/ date etc.
  • Ability to configure numerous loan products
  • Tagging Loanee as per different loan categories
  • Tagging General Savings as per loan categories
  • Customization loan as per duration, lending rate, interest calculation method
  • Available interest calculation method
    • Flat
    • Amortization (EMI)
    • Decline balance principal (Equal Principal / Index based)
    • Bullet / Balloon
    • Need based
  • Repayment schedule against each loan
  • Allow grace period manually (on top of system generated grace period)
  • Early adjustment (auto / manual rebate calculation)
  • Late adjustment and penalty charging (auto/manual interest calculation)
  • Updating repayment schedule automatically as per changes of installment day
  • Automatic write-off suggestions, smart write-off and automatic vouchering
  • Loan repayment of written-off members and automatic vouchering
  • Customized drop-out suggestions, smart drop-out and automatic vouchering
  • Smart samity transfer and automatic vouchering
  • Smart correction of wrong posting and automatic vouchering
  • Automatic voucher narration with reference to maker and corrector
  • Ability to configure various savings products namely Mandatory, Voluntary and Term
  • Automatic provisional saving interest calculation
  • Automatic savings interest capitalization
  • Smart correction of wrong posting and automatic vouchering
  • Automatic voucher narration with reference to maker and corrector
  • Automatic report consolidation (including Head office & all branches)
  • Comprehensive AIS & MIS reports including the followings (major ones) –
    • Trial balance
    • Receive Payment
    • Income statement
    • Balance sheet
    • General Journal
    • General Ledger
    • Cash/bank book
    • Voucher reports (Debit/credit/transfer/journal)
    • Subsidiary ledgers
    • Loan ledger
    • Savings ledger
    • Staff wise statement
    • Due report
    • Monitoring report
    • Passbook
    • Samity Loan/Savings Ledger
    • Pre/Post Write-off information
    • Pre/Post Drop-out information
    • Member balance information
  • MRA, PKSF, Donors & Bank compliant
    • MRA compliant reports (Branch/Consolidated)
      • Operational & Management Statement
      • Working area
      • Branch wise member savings
      • Monthly Summary
      • Branch wise loan information
      • Classification of loan disbursement and LO by size
      • Branch wise LLP and Written-off
      • Statement of income & expenditure
      • Consolidated statement of Financial position
      • Branch wise savings information
      • Savings information on savings size
      • Risk fund details
    • PKSF compliant reports (Branch/Consolidated)
      • POMIS-1 (Savings information)
      • POMIS-2 (Loan information)
      • POMIS-3 (Loan classification & LLP)
      • POMIS-4 (Income statement)
      • POMIS-5 (Balance sheet)
      • Notes to Balance sheet
      • Quarterly supplementary report-1, 2
      • District wise disbursement
      • At a glance – Program progress
      • Ratio analysis
      • Monitoring report (consolidated)
    • Need based Donors/Bank compliant reports (customizable as per needs)
  • All AIS including General Journal, General Ledgers, Cashbook, Trial Balance, Income statement, Balance Sheet
  • Cluster based reports view – Samity, Branch, Area, Zone, Region, Head office, Consolidated
  • Level wise view of same report– Level- 2, 3, 4
  • Ratio Analysis
  • Top Management Reports including Dashboard
  • & many more
  • Project/ program specific module
  • Location/ branch setup
  • Salary scale/ grade setup
  • Detailed staff information
  • Staff transfer, promotion, recruitment, termination
  • Provident fund
  • Gratuity
  • Income Tax calculation
  • Attendance & Leave setup and report
  • Salary & deductions heads setup
  • Payroll process
  • Payroll slip generation
  • More tools and many reports

Challenges faced by MFIs

Provision of microcredit (MC) played an important role as an instrument for achieving the objective of poverty alleviation in Bangladesh. The success of microcredit has been mainly due to its ability to address the credit needs of the poor. Microcredit Institutions (MCI) in Bangladesh have developed procedures for providing collateral free loans to the poor and assetless households. After more than three decades of operation, it is pertinent that we examine whether the microfinance institutions (MFI) in Bangladesh are making a continuous progress in achieving the objectives or what are the emerging challenges. 

With the advent of technological intervention and more & more financial institutions (FIs) including Banks and Non-banks entering the microcredit sectors, MFIs are facing a no. of challenges from within and outside their purview – 

 

Major Challenges of MFIs: 

  • Low skilled staffs
  • Lack of Product Uniformity
  • Diverse Business Model
  • Geographical Diversity
  • High cost of transaction
  • High lending cost
  • Lack of Monitoring & audit
  • High recovery cost

We at Swosti, are aware of the challenges & situation of MFI operations in Bangladesh. Swosti-mfi247 has attempted to address the issues & challenges faced by today’s MFIs and is relentlessly working to modernize & upgrade it through its paperless MC process.

Why it is a smarter option for MFIs in Bangladesh?

Particular Swosti-mfi247 Other software
Paperless?
Yes
No
Automation / Online
Fully Automated – both Branch & HO
Partially
Data Entry Mode
Both – Online & Offline
Online/Offline only
Data Entry Device
Mobile/TAB/PC
PC only
Data Entry Operator in Branch?
Not required
Required
Data Security
Yes; through SSL layer
--
Data Backup
Cloud hosting with concurrent data backup facility
--
PKSF/MRA Report? Instantly?
Yes – Branch & Consolidated.
Branch only.
Consolidate Reports? Instantly?
Yes
No
Technological Advancement
Latest
Old
Dropout, Write-off, Member Transfer?
Yes. Journals are generated automatically with Narration and previous History.
No
Can BM/HO correct wrong transaction, automatically?
Yes, all types of corrections – AIS & MIS (without needing to access database). No IT Specialist needed.
No
Transaction SMS Alert to Member
Yes, with detailed transaction break-down.
No
Branch Work load
Easy and Fast. No further voucher writing.
Lengthy.
Member Admission.
Easy & Fast. Photo can be captured & uploaded instantly.
Lengthy.

PKSF affiliated MFI Software

On January 15, 2017 Swosti presented ‘Swosti-mfi247’ in-front of senior officials of PKSF. PKSF after full deliberation of this Mobile-based Paperless application recognized ‘Swosti-mfi as PKSF affiliated software vendor.

Presentation of paperless Micro-credit system to the high officials of PKSF as on January 15, 2017 at PKSF conference room.
Presentation of paperless Micro-credit system to PKSF
Swosti CEO with Mr. Fazlul Kader, DMD, PKSF

Who we've worked with

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