Octopus Microfinance Suite – Free Opensource MIS Software for MFI

Written By ADITYA

OCTO Technology started the Octopus project in 2005* with Oxus, a subsidiary of a large French NGO (ACTED) with a strong microfinance presence in Central Asia. From the beginning, the idea was not only to bring an outstanding tool for a specific MFI in Tajikistan, Afghanistan, and Kirgizstan but to provide a general-purpose MIS suitable for all Microfinance Institutions (MFI). Open Source was an obvious mode of distribution from this perspective.

Octopus Microfinance Suite – Free Opensource MIS Software for MFI

After two years, the product was stable and efficient. More than a strong product, we had set up a very strong process. We were able to deliver new features at a very fast pace while keeping the product very stable, robust and simple

This unique ability in the market allows Octopus to aggregate the best microfinance practices found around the world, for the greatest benefit of our customers

Slide Presentation on how Octopus can transform your Organisation.
The story of an MFI, and the issues it faces with its Information System.

General Features of Octopus Microfinance Suite

Mono or bi-currency
Multi-user
Multi-branch
Multi-language: currently English, French and Russian, but others can be easily added

Clients

Individuals, solidarity groups, corporates
Customizable fields
Pictures
Duplicate client checking
Client watchlist
Client blacklist
Client History
Multi-criteria search engine for clients

Amortization (Repayment) Schedules

Preset types of schedules (constant payment, constant principal)
Fully customizable schedule (‘exotic products’)
Grace periods on principal/interest payment
Schedules skip holidays (customizable)
Schedules skip weekdays (customizable)
User-selected payment frequency (daily, weekly, monthly, 28-days, etc.)
User-rounded total payment
Rescheduling module (supporting multiple reschedules)
Management of Prepayments (automatic reschedule can be disabled)

Interest

Flat / declining interest rates
The variable annual basis for interest accrual
Daily accrual/cash method
Upfront / standard interest payment

Fees and Penalties

Disbursement fee – origination fees
Penalties on principal payment
Penalties on interest payment
Penalties on overdue principal
Penalties on overdue interests
Anticipated repayment fee

Defaults and Overdue Payments

Quick access to loans in arrears in the ‘Alert window’
Due payments are prompted
Overdue payments are prompted
A detailed report on loans and clients in arrears
Reports on Portfolio At Risk, with a customizable breakdown

Other Loan Features

Loan cycles managed at the product level
Credit committee
Tracking approved, rejected, suspended and abandoned applications
Multi-criteria search engine of contracts

Collaterals & guarantors

Customizable categories of collaterals
The editable contract for collateral
Tracking of guarantors
The editable contract for guarantors

Resource Management (funding lines)

Donors and creditors tracked
Grants and credits tracked
Resource balance controlled before disbursement

Reporting & Analysis

Default reports for detailed analysis of clients, applications, loans, and collaterals
Default ‘consolidation reports’ for management
Exportation to MS Word, Excel, or pdf.
Customization or addition of new reports through Crystal Report

Accounting module

Accounting schemes by default from the French PCEC
Customizable according to local schemes
Manages Cash/Accrual methodology
Loan loss reserve matrix
End-of-period closure showing the loan degradation and write-off
Exportable to an external accounting application

Users and Security

User password encryption
Different user-level rights and restrictions
Event log and audit trail

Technical Specifications and Requirements

Octopus is an Open Source software, built with MS .Net Technologies
Pre-requisites: Framework .NET 3.5
Database: SQL Server Express (free) or SQL Server 2005
Reports: Crystal Report XI

Download at the below link


Octopus Installation Guide

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