MFUKO FREQUENTLY ASKED QUESTIONS
01 Can we import our existing data into the system?
Yes, the system allows you to import a wide range of data, including member information, savings, withdrawals, both new and existing loans, loan repayments, shares, dividends, and more. You can perform multiple uploads to seamlessly integrate your old data into the system.
02 Can the system determine the security valuation required for a loan, and how does it handle this?
Yes, the system can determine the required security valuation for a loan. During the setup of a loan product or loan type, you can specify a percentage of the security to the loan principal that will be used to calculate the necessary security valuation.
When processing a loan application, the system ensures that this requirement is met and will not allow the application to proceed to the next step until the required security valuation is provided.
03 Can members transfer funds between their accounts within the system?
Yes, members can transfer funds between their own accounts or to other members’ accounts within the system. The system facilitates secure and real-time transfers.
04 Is there a fee for transferring funds between accounts?
Transfer fees may apply based on the organization’s policies. The system will display any applicable fees before completing the transfer.
05 Can the system handle guarantors?
Yes, the system fully supports the management of guarantors. During the loan application process, you can assign one or more guarantors to a loan.
The system tracks and verifies guarantor commitments, ensuring that their guarantees meet the necessary requirements before the loan application can proceed. Additionally, the system maintains a record of guarantor obligations and notifies them of their responsibilities when required.
06 How are shares managed in the system?
Members can purchase and manage shares within the system. The system tracks share ownership, dividends, and allows members to view their share portfolio and transaction history.
07 How are financial accounts managed in the system?
The system manages financial accounts for both members and the organization. This includes account creation, tracking balances, and recording transactions. The system ensures that all financial activities are accurately logged and available for reporting.
08 Can administrators create and manage different types of accounts?
Yes, administrators can create various account types and manage them according to the organization’s structure and policies.
09 What types of financial reports can the system generate?
The system can generate various financial reports, including member statements, transaction summaries, loan performance reports, balance sheet, trial balances, income statement, expense report, revenue report and overall financial health reports of the organization.
10 Is the system secure and compliant with financial regulations?
Yes, the system is designed with robust security measures, including encryption, access controls, and audit trails. It complies with relevant financial regulations to ensure data protection and transaction integrity.