Franktek Microsystems Sacco Software

Franktek Microsystems Sacco Software is a management solution designed for small to medium-sized microfinance institutions. This cloud-based desktop application aims to facilitate efficient management of Saccos with offices in different geographic locations. According to the vendor, this software caters to the needs of microfinance managers, Sacco managers, loan officers, office clerks, and microfinance institutions across various industries.

Key Features

Cloud based: According to the vendor, this software operates on the cloud while functioning as a desktop application, allowing for easy management of Saccos with offices in multiple locations.

Supports unlimited offices: The software allows for the creation of multiple offices, including a head office and branch offices, aiming to enable efficient management of microfinance operations across different locations.

Unlimited system users: According to the vendor, the software allows the creation of an unlimited number of system users, such as clerks, loan officers, and Sacco software system managers.

Unlimited product categories: The software supports the creation of unlimited product categories, aiming to facilitate easy categorization and organization of Sacco products, such as development loans, emergency loans, and personal savings.

Dynamic charges (Fees and penalties): According to the vendor, the software provides the ability to define dynamic charges, such as Sacco membership fees, late payment penalties, and monthly ledger fees.

Create unlimited shares products: The software allows Sacco administrators to create an unlimited number of shares products, specifying different face values and current prices for each product, such as ordinary shares and special shares.

Create unlimited savings products: According to the vendor, this software enables the creation of unlimited savings products with customizable parameters, including dormancy period, interest rates, minimum withdrawal, and maximum withdrawal amounts.

Create unlimited loans products: The software supports the creation of unlimited loan products with varying repayment periods, interest methods (flat or reducing balance), interest rates, and minimum/maximum loan amounts. According to the vendor, it allows for customization of loan products based on the Sacco's lending policies and member requirements.

Account suspension and automatic account status changes: The software offers the ability to suspend accounts based on specific criteria or rules. It also automatically changes account status to dormant or late, depending on the Sacco's settings.

Dashboard with real-time information: According to the vendor, this software provides a dashboard that offers a snapshot of key metrics, including the number of clients, shares net worth, savings balances, and loan balances.

Generate statements and reports: The software allows users to generate savings, shares, and loan statements with just a single click. According to the vendor, it also provides a wide range of Sacco accounting software reports for comprehensive financial analysis and reporting.