Get introduced with ChiefERP’s specialized product that’s renowned as “Mi-Fi,” a complete solution for MicroFinance Institutions and special funding enterprises.

Mi-Fi is an online loan management system developed for micro finance and lending companies. Manage all client loans and savings in one location. Send SMS to your borrowers. View detailed stats and charts. Download loan statements and reports. Manage expenses and payroll. Cloud based loan software that is secure and easy to use.

Mi-Fi includes all the tools needed to operate and manage your operation. Features include solicitation, loan application processing and approval, pull and save credit bureau, document prep, insurance calculation and tracking, collections and reporting.

Mi-Fi software would go a long way in helping microfinance institutions (MFI’s) in streamlining their service provision and management processes, if implemented. Microfinance institutions serve the purpose of being mini banks, for those who are not able to access the financial services offered by banks. They have smaller scale operations, and their transactions though quite considerable, are much smaller compared to those of commercial banks.

LOANS MANAGEMENT

View loan details including repayments, loan terms, loan schedule, collateral, files, and comments. You can also print loan statements and schedule for your borrowers. Set loan fees, grace period, and penalties. 

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SAVINGS MODULE

Create savings account for your borrowers and add transactions such as deposits and withdrawals. You can also print savings statement and give this to the borrower.

The system will automatically add interest to the savings account depending on your savings product. 

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EXPENSES

Debt defaulters have troubled lending institutions for a very long time. Commercial banks have tried to mitigate this by sharing customer credit information with other banks, sometimes with the help of the credit reference bureau. MFI's can use Mi-Fi software to connect with the credit reference bureau to help speed up the exchange of such information. Consider the case scenario where a defaulter is tracked down, through social media, a possibility enhanced by Mi-Fi Business One's CRM application. There exist a lot of possibilities in this avenue.

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REPORTS MANAGEMENT

The greatest benefits would be reaped by the management of the MFI. The software will for one, provide effective monitoring and control systems that will help the managers keep up with the changing circumstances within and outside the organization. The software will help in making confident decisions that will help to spur the growth and competitiveness of the MFI. The attainment of all the above-mentioned does not downplay the virtue of a learning organization as Mi-Fi software encourages learning and improvements in all aspects of the organization. It is a great tool that will not only help the organization balance its books, but also will coordinate all other activities, in the quest to attain predetermined objectives.

 

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BRANCHES & USER MANAGEMENT

Mi-Fi software can effectively enhance internal system controls, helping reduce slack time and the efforts directed at other activities such as research and development. It would lead to increased co-ordination creating efficiency so good that it allows the MFI to effectively compete with a large financial institution. The business intelligence module helps the organizations gather important information about their competitors.

Applications in the software help the MFI s to create profiles of their customers such as their buying habits and the preferences, through the stored customer databases and from outside sources. This would help the MFI to produce tailor-made communications and products for the different customers.