Title: Improving The Micro Financing Banking Sector Through The Implementation of an Internet Based Automated Account Management System
Date Posted: 06:51am - Oct 27
Microfinance or microcredit, is a financial service that offers loans, savings and insurance to entrepreneurs and small business owners. It is used by small business owners that do not have a collateral to collect loans from the commercial banks. They are instead offered small loans which are to be paid back with interest over a designated period of time.
The process of opening an account requires that the business owners leaves their place of work and spend time in the office of the micro finance bank. The account opening process usually takes a lone time which is a source inconvenience for business owners. Also the tracking of loan repayments by the loans officers of the bank is done manually.
The development of a an automated account management system that will enable the users of the bank to easily open accounts irrespective of their locations and apply for loans as well. The tracking of loan repayments will be performed online with the account officers being alerted of when a customer is to pay back their loans installment.
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