Digitizing operations, eliminating the use of manual passbooks and manual records prone to error, eliminating the risk of storing and handling physical cash, providing ease of reporting and easier monitoring of groups - these are all benefits to Savings Groups that come with Software Group’s solutions. They enable a higher level of security, building credit history and establishing linkages with formal financial institutions.
The MIS platform for Savings Groups run by Software Group and VSL Associates is called the SAVIX MIS. It is a data collection and reporting system that provides transparent and standardised data on community-managed microfinance. Available online, the reporting system collects and validates financial and operational data from over 300,000 savings groups in all regions of the developing world. The system eases the management of savings groups and the reporting associated. The SAVIX MIS has an associated mobile app that is designed to work in offline mode which can greatly assist with group data collection.
The Digital savings groups platform is a complete solution for savings groups that allows them to become digital. From small informal groups in rural areas to large investments groups in the city, all groups will benefit from using this platform which will make their financial activities easy and safe. The platform links to Financial Service Providers so groups can replace cash with virtual money. Not only will this add to their security, but most importantly it opens up financial possibilities for savings groups as they are now able to build a credit history. The platform is financial service provider (FSP) agnostic to allow links to any and multiple FSPs, including Banks, Mobile Money Providers and Payment Aggregators.
Software Group is also able to offer bespoke solutions to meet its customers’ specific needs around delivery channels and digitalization. Software Group’s bespoke team is able to complement our existing products and solutions, that cater to the financial inclusion market, as well as meet customized needs of development of specific solutions. The bespoke team also has the advantage of being able to draw upon the wealth of experience and skills of Software Group’s full team should the requirement arise. The team usually operates according to various agile methodologies according to needs of the customer.
For savings groups, our bespoke team has developed mobile systems and a number of other solutions that support digitalization.