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    Home»MICROFINANCE

    Octopus Microfinance Suite – Free Opensource MIS Software for MFI

    By ADITYAUpdated:August 8, 2020
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    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.

    A Mfi Story Revisited

    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

    management information system microfinance accounting microfinance mis microfinance software octo octopus microfinance suites open source mis open source software oxus microfinance
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    ADITYA

    Aditya is a talented content writer with a passion for crafting engaging and informative content that resonates with readers. With 10 years of experience in the industry, he has honed his writing skills to produce high-quality content across a wide range of topics.

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