The financial institutions are important institutions for providing financial services to marginalized communities and must be harnessed to help alleviate poverty in Uganda and Africa in general. There is a need to build the internal capacity to meet the challenges that constrain their development. Un favorable and weak governance and management information systems must be addressed. In order to succeed in the new era of globalization (liberalized), the Savings and Credit Co-operative Societies (SACCOS) in different communities need to be more efficient in record management and this can be done best by use of Sacco management systems.
Besides all, financial institutions Should adhere to good governance and codes of ethics and it should have flexible and transparent operating policies and systems as well as an in-built mechanism of learning. Also, they should be financially viable and sustainable.
SACCOS and other financial institutions operating an office is like a small bank need to have competent staff, quality systems and controls, security of the funds, manage liquidity (SCC, 2008)
Although a small institution should not be held to the same requirements as a bank, there is a need to develop the capacity of management, board members and the rest of the members so that informed decisions are made and the members’ savings are protected. This can be best done by the use of Mfuko Sacco management system.
The application of technologies should find its place in the SACCOS (and other co-operatives) so as to promote effectiveness and efficiency in services provided and reduces operational costs. For instance, shift from manual working to computer applications in managing loans, savings and record keeping. The leaders and staffs need to know how to use these computerized systems ensuring proper financial management and Accounting system.
For the SACCOS (and other financial institutions) to be effective in their operations and meet expectations of members, they require periodic analysis of the SACCO’s financial position, its operating efficiency, and proposals for expansion. A complete and accurate accounting system is vital for effective management. It must produce several financial statements needed in planning and controlling, such as: (a) monthly and annual balance sheets and operating statements; (b) functional or enterprise accounts pertaining to departments or specific lines of business; and (c) special accounts such as patronage records, accounts receivable aging, member equity, and patron financing which are all catered for in Mfuko SACCO management System.
Every financial institution dreams to grow widely by opening many branches. Get MFUKO a great SACCO management System which works well even when you operate it from many places at the same time, which is capable of storing huge data & keeping backup securely, which comes with separate admin, branch, agent, user panels to keep your work smooth and systematic, Which works without buffering (loading) too much even when lots for peoples working there. And choose a company where you can get the best technical support team with long term response.
Mfuko SACCO Management System is a Complete Sacco Management Software to manage all activities of your Saccos. By doing a strong research and analyzing all the aspects and transactions of SACCOs. Our team has built a robust & highly secured SACCO System which helps you in managing all your branch activities, staff management and customer/clients handling at your fingertip just using a computer and internet.
Nugsoft Technologies limited is the place where you’ll get a Multiple Branch, Fast Working, Highly Secured long-term worth Sacco Management System with free software training and always responding support team.