Overview

SAVCO is Windows® based group of software for SACCOs, FSAs (Financial Service Associations), Saving Groups and Microfinance Institutions.

The following are computerized the following:

Member/Customer Registers and Beneficiaries
Loan Management
Share Management
Remittance and Transactions
Banking & ATM Processing
Fixed Deposit Management
Customer/Commercial Products Management
Integrated General Ledger (Book Keeping)
Exhaustive Querying and Reporting
Advanced Excel Import & Data Entry

SAVCO allows business to start at any stage and enables it to have unlimited growth both in capacity and outreach. From 10 members to millions can be served because it uses either IBM DB2, Oracle or Ms Access databases to store data. it supports clustered servers where data can reside in computer servers scattered over regions. It can be used in a local network, wide area network or in a stand alone computer.

Data can be collected using programmable Ms Excel Worksheet and sent to SAVCO for direct processing. There are several ready made Excel templates that be used for all types of SACCOs/FSA & MFIs. Data can also be entered directly into SAVCO usig very easy to manage window screens.

Transactions are recorded and processed immediately and reports are available real time or as per current, periodical and historical periods.

SAVCO Supports

CO-OP ATM Cards - Customers can use the cards to collect money at all ATMs with VISA signs, pay bills, buy supermarket, fuel their vehicles.
SMS Enquiries - Customers do not have to visit the branch to know their loan, shares and savings balances. They can simply send an SMS and will be promptly sent details.

Summary Highlights

Supports all standard Microfinance, SACCO and FSA functions and includes advanced features for data manipulations and reporting.
Update to data is real time and update statements are available after every transaction.
Produces statements for members and customers that can be printed or saved as word excel web pages and acrobat files to be sent via e-mail.
Allows you to design unlimited loan and saving products in the way you want using lookup tables, flat amount rates, and percentages or combined methods to accurately calculate commissions and charges.
Contributions from income sources such as salary and others can be automatically distributed to service loan repayment, loan interest and boosting shares. This automatic distribution saves time and ensures accuracy and marks those people who are not contributing enough to cover all Loans and Shares.
Customer savings are integrated within the system; tellers are logged and tracked such that their daily transactions can be reconciled at the end of the day and month.
Tellers can be tied to ledger accounts such that they are forced to balance cash at day end.
Has flexible saving interest calculation methods that are pegged to customer banking products.
Front Office Savings and back office are integrated and money can be transferred to service back office loans.
Saving interest are calculated quarterly based on user selectable methods and can be transferred to customer accounts automatically.
Supports recurrent transactions in members, customers and general ledgers so that you do not have to re-key common transactions but can to edit and re-post for each period.
Imports transactions for members, customers and general ledgers so that you can have a mobile or a branch site with an independent database that has not been connected to the central database export transaction to the centre.
Has customizable dividend calculations that can transfers to member’s shares or loans.
Any portion of data or reports can be exported to Excel, Word, Internet, Acrobat and universal rich text format.
Works within network environment and as well as stand alone.
Has no Limit on number of users, members, customers, accounts, transactions or reports that can be included.
Produces all standard general ledger reports including income and expense statements, trial balances, balance sheets among others.
Reports are both straight and graphical showing presentations to monitor integrity and performance at location levels.
Reports are not hard coded and can all be customized.
Report files can be sent via mail.
Supports and works with ATM cards.
Supports Oracle, IBM DB2, Ms Access databases.
Works full time without day end interruption and unattended backup can be scheduled to run at midnight.
+ many advanced features for data entry, imports and exports

Contacts us for more information on how SAVCO softwares can help you.

Versions

There are three versions that are fully supported and widely used.

SAVCO 3.3
Member based with a lot of automation for both Employee and NON Employee based SACCOs, Has Banking and is being used by over 41 SACCOs including universities. It is suitable for Employee based SACCOs that require self balancing of employers' contributions. Loan, interest and shares contribution are automatically worked out based on the contributions. Optional automatic interest penalty function is available for those contributing less than interest commitment or not contributing at all.

SACCO 3.5
Member and Customer based with Extended Functions used by SACCOs, FSAs, and MFIs. A member can have several saving accounts (FOSA) of various types that may or may not be controlled by the parent member number. This means you can choose to have FOSA accounts that are not attached to members or you can force all FOSA account to be guaranteed by a member.

It has extensive banking functions including Fixed Deposits. It has product buying, reselling and revaluation for customers.

SAVCO 4.1
It is Customer Centric used by SACCOs, FSAs, MFIs and Community Banking. It has product buying, reselling and revaluation for customers and is the same as 3.5 except that it restricts and heavily controls individual customers. It keeps microfinance organizations informed on activities of their customers.

The difference between 3.5 and 4.1 is that in 4.1 all members and customer (FOSA) details are in a centralized register and FOSA customer can be allowed to take loans based on their savings.

Other Versions
Versions 3.2 & 3.4 are in use by several companies and the migration path is to 3.3 and 3.5 respectively. However, there is no need of migration since this versions are still extremely stable and robust.

Requirement & Technology

Summary

SAVCO employs client server technology where it is installed in a user computer and is independentor of the database to be used. The same software connects to multiple databases either of any type. The user makes the choice of where the data is stored and can e IBM DB2, Oracle or Ms Access databases.

Oracle and IBM DB2 are used in a network environment and for medium and large organisations. They allow hundreds of computers distributed locally or within a large geographical area to access data. Software licences and the databases are bought separately for large organization with large number of members. however, there are free Express editions that can be used for small and medium companies and have all functions of licensed full products.

User Requirement

The client can only be installed on PC running windows 98, 2000, XP,Vista and any Windows Version. The client can also be installed on NT workstation but does not offer optimal performance.

A Pentium PC with over 256 MB memory and over 20GB hard disk is preferred. Higher specifications personal computers will deliver better performance. We recommend memory of 512MB or above and disk space of 60GB or above for optimum performance.

Databases

Oracle and IBM DB2
Oracle and IBM DB2 are supported and should be installed in a Pentium 4 or above Server or workstation with a memory of 512MB or above and at least 80GB hard disk or above. The server should be running Microsoft Window NT 4/ 2000/2003/2008 (and above) servers. We recommend memory of 1G or above for optimum performance.

Flat Database MS Access Compatible
Ms Access compatible is a flat file database and can be placed in any server taking into account of available disk space for current and future growth.

Network

Any configuration of TCP/IP network will work. Local Area Network may work with any number of computers as long as there is enough server memory. Bandwidth of remote connections should be adequate and will be determined by the number of remote connections. Small bandwidths will make remote computers respond slowly.

Licences & Support

Licence Notes:

No Limit on Number of Users or number of sites.
SAVCO License is given to the entire organization.
SAVCO License is supplied and paid within initial cost.
SAVCO License is permanent - No annual or renewal fees.
SAVCO License is not transferable to other parties.
Free Oracle/DB2 database available for small and medium organization.
Oracle/DB2 Licenses can be obtained from Providers or Dealers.
Only Oracle/DB2 server licenses are required as SAVCO users do not need database licenses.

Support Notes:

Annual Software Support Agreement is signed after the system is in production.
Support Agreement is necessary so as to receive updates and be assistated at all times.
Support Fee is 15% of the initial cost and the level of support can be negotiated.
Data support (Maintaining, entering and Serving SACCO Customers) is payable.
Data out sourcing is charged at the lowest available rate in the market.
We support our partner’s customers indirectly or directly through their own Vendor. We still can support you even when the software and the impementation was done by a third party or software dealer as long as we have software agreement with you.