What is it all about?
Swosti is a comprehensive & complete Credit & Savings Management hosted solution for the MFls in Bangladesh. It ensures all required reports (as per different Regulatory & Funding Authorities like MRA, PKSF etc.) are updated real time. SWOSTI system maintains data in a highly secured and professional way. Its top-quality professional team is capable of managing & fulfilling all database related issues of MFI; which ensures hassle-free IT support for them,24/7. This allows MFI to concentrate on its core activities - Savings & Credit operations.
Data Entry Operator (as required in conventional method) does not require to ‘punch in ‘data (of loan & savings, disbursement & collection) separately. System automatically updates data Instantly, the moment transaction occurs. It generates all necessary vouchers at branch, and Head office without any manual entry.
Swosti system is completely web based solution; which allows MFI users to access the system at any time from any place to access any report or information instantly.
The system allows less manual involvement in data entry, data compilation etc. It increases efficiency of the FO, reduces stationery requirements, potential of forgery in the field level. If allowed comprehensively, an MFI has the potential of reducing its O&M cost by 1-3%,further.
All transactions are recorded instantly, which reduces time & efforts; otherwise required in the conventional data entry & compilation by the MFI staff's.
Transaction triggers instant messaging to the Member’s mobiles. They become sure about the amount of transaction, date of entry etc. - which brings member confidence & satisfaction in the field level activities of MFI.
Realization of Loan installment & savings within short time, transparency in transactions & reduction of operational expense ensure efficient fund management for the MFI.
RCash Misappropriation in the field-level is a big challenge of most of the MFls in the country. As the transaction record keeping is done instantly when it happens in the field, it eliminates manual entry by the field level staffs. This will reduce scope of cash misappropriation in the field level.
Reducing operational & administrative cost, scope of fraudulence and bringing efficiency in the field level & fund management - 'SWOSTI Classic' holds potential for MFls reduce their lending rate further; thus, creating more social benefit for the people who really need it in time.
Mobile credit card
• It is an emergency credit facility, with automated withdrawal and repayment facility for the borrower/customer.
• Registered SWOSTI Member can avail this emergency credit at any time and from any placein Bangladesh - like a 'credit card' using hisI her mobile phone.
• In order to avail this service, a registered member will have to open a mobile bank account with a designated Mobile Bank (Dutch-Bangla Bank Limited).
• Based on the monthly disposable income andexpenditure,loan limits are set. However,a typical credit limit may bein the range of BDT3,000 - BDT20,000.
• After being approved with a credit limit, the borrower can request forloan (withinthe approved limit) throughsimple SMS push / IVR call from his/her mobile andwithdraw cash from any ATM Booth /'cash point agent' I Branch of stipulated mobile bank.
• She can make regular repayment or loan adjustment by depositing cash to Branch /'cash point agent' of mobile bank. Alternately,she can also make payment through her designated MFIOfficer's Mobile Apps inweekly meeting.
• Borrower can make service / loan related query through SMS I IVR to Swosti system.
• Numerous auto-Alerts are generated and communicated to registered mobiles; so that, a Swosti member is regularly informed and updated on the process,due amount & date and so on.
• Partner MFI has access to swosti system for various reports and Application Tools to administer and monitor loan,fund etc.and reconciliation of funds & accounts.
• Swosti system is integrated with Mobile Bank platform in order to update transaction,fund transfer,withdrawal & repayment, loan creation & adjustment and generate notifications.