Like faulu kenya, kwft has branches all over kenya. This is replicated in surrounding countries such as uganda, rwanda and nigeria, which has a very high population and thus a bigger market. Our sacco software,matatu sacco software providers in nairobi mombasa kenya,chama software and church sacco software resellers and suppliers,chama,sacco cooperative,cooperative union,community banks,housing cooperatives, microfinance institution software is very comprehensive with the following features. It is expected that the cabinet secretary responsible for the ministry of.
Existing shareholders of the company joined alterfin in this round. If you are looking for the best sacco software in kenya to serve chama, sacco cooperative, cooperative union, community banks, housing cooperatives, microfinance institutions, sacco system kenya, microfinance software then call us because we serve all saccos and microfinance with latest sacco management software in kenya. Microfinance includes microcredit, the provision of small loans to poor clients. Grant brooke, ceo and cofounder, twiga foods and kevin gakuru, a food kiosk owner, who used the blockchain for a microfinance loan. With stateoftheart technology the microfinance software delivers operational transformation to microfinance organizations of all sizes, by adding high service value and financial regulatory compliance. Nearly 140 million borrowers worldwide received funding from microfinance companies in 2018. Bimas microfinance kenya is a leading microfinance institution in kenya,a human and enterprise development organization without religious, political or governmental affiliations that provides access to financial and technical assistance services for sustainable wealth creation. Digital transformation of microfinance and digitization of microfinance services to deepen financial inclusion in africa for microfinance providers embracing digital finance, the digitization of existing products, services and operations is usually the first step.
Our microfinance software solution is a robust and scalable platform that helps to automate all business processes of your organisation on a single technology backbone, thereby helping you to plan your business growth at lower investments, enhance customer reach multifold in a secure manner and keep track of the. By utilizing the token, users will have access to credit build their credit score be able to pay fees the more people utilize the lpesa token and network, the greater the benefit they receive a truly virtuous cycle. List of microfinance institutions in kenya investment news. Adaptable microfinance software that provides efficiency in business processes, risks mitigation and operational control. Sasra compliant sacco software system for kenya microfinance industry. Smes are touted, by reputable institutions such as the world bank, as the economic growth engines that shall drive africa out of chronic. Microfinance software engsoft valley solutions kenya. The microfinance sector in kenya has faced a number of constraints that need to be addressed to enable them to improve outreach and sustainability. First choice finance zimbabwe the advanced features of the musoni system enabled virl to expand. Aspekt microfinance software is specialized, microfinance sof. In a bid to support and accelerate the growth of small startup mfis, loan performer has been made free of charge for small micro finance organisations.
Mambu has just launched its revamped community edition which gives an organization of up to 1500 clients, access. Microfinance solutions microfinance management software. A token to revolutionize microfinance lpesa is powered by the lpesa token. With several satisfied customers we continue to offer limitless capabilities. Rural borrowers accounted for about 65% of that number, reports the microfinance barometer. Ibm and twiga foods introduce blockchainbased microfinancing. The evolution of kenyan microfinance expanding the realm. The microfinance industry in kenya has been rapidly growing, fuelled by the demand for credit facilities, and numerous business entities that require financing their activities once in a while. Adaptive, open source software for microfinance opencbs is the easiest financial management solution to install, use and customize. Tech startups are flooding kenya with apps offering high. Microfinance industry in kenya microfinance software system. When linked to mobile money, microfinance members are able to transfer their savings and loan repayments directly into a shared bank account, and the paperless system is used to record the transaction. Microfinance institutions are now innovating new products to help meet these needs, empowering the worlds poor to improve their own lives.
Regulation and supervision of microfinance institutions in kenya. Aspekt microfinance software i workflow technology for loan. Whether you need to go digital, add process automation, or facilitate the transformation of current operations, our microlending solutions meet your business needs in an everchanging lending market. Octopus micro finance suite free download and software.
Microfinance industry in kenya microfinance software. This opened a window of opportunity for institutions such as faulu kenya and kenya women finance trust to become deposittakers. A workplan for the evaluation of microfinance programmes in kenya as supported through the dutch cofinancing programme 129 b questionnaire for the client level impact assessment study of kenya women finance trust 143 c policies of dutch cfas regarding the provision of financial services by southern counterpart organisations 153. Cgap consultative group to assist the poor is an independent think tank that works to empower poor people to capture opportunities and build resilience through financial services.
Software for microfinance mfi micro loan management. As part of our endeavor to meet our strategic objectives, we have advertised for the following post. Kenyas mpesa proves that when people are empowered, they will use digital tech to innovate on their own behalf. Currently, more than 10,000 companies operate in this market. Microfinance manager anthony kamau kawangware branch krep centre, wood avenue.
Our various services are website design, software development and mobile application development. How to register a microfinance in kenya updated 2019. Craft silicon is financial solution provider in banking software,microfinance software, mobile and switch solution in the global market today. To get a smep group loan, create or join a registered selfhelp group of fifteen or more members. Loan performer, microfinance software, sacco software, micro finance software, loan software, loan, for savings and loan tracking by crystal clear software limited. Jan 14, 2019 africa focussed microfinance software company musoni services has raised an equity investment from alterfin. By utilizing the token, users will have access to credit build their credit score be able to pay fees the more people utilize the lpesa token and network, the greater the benefit they receive. Knowledge of various sacco software systems an added. Feb 06, 2020 download cobis banking microfinance software for free. Mifos is a community of of microfinance institutions, technology professionals, business people, volunteers, and contributors with a vision to create and deploy technology that allows the microfinance industry to scale. Dec 12, 2019 the financial industry is highly regulated and the fines for noncompliance can be hefty.
Vision africa sacco is a fast growing open membership sacco in nakuru county. Download cobis banking microfinance software for free. Caritas microfinance bank ltd owned by the catholic church of kenya download the microfinance act 2006 and microfinance deposit taking institutions regulations, 2008 followed by cbk when licensing and regulating all microfinance institutions in kenya. With the help of capterra, learn about cobis microfinance software, its features, pricing information, popular comparisons to other banking systems products and more. Musoni is an excellent core banking system perfectly suited to supporting visionfunds digitalisation strategy. Smep is among the microfinance institutions in kenya that offer small loans, with group loans as low as ksh 5,000. The main objective of the system is to achieve the following functionalities. Mifos x is the next generation of the mifos software.
An evaluation of microfinance programmes in kenya as. Microfinance software, cooperative,nbfc software, loan. Full list of microfinance institutions in kenya updated 2019. This is a small scale example, however rutherford 2009 describes a woman he met in nairobi and studied her rosca.
Feb 12, 2020 talas problems in kenya are the same ones she observed in microfinance a decade ago. Knowledge of various sacco software systems an added advantage. Sacco or microfinance software in kenya call 0706505232. This software is available to the community of micro finance institutions. Lenders end up charging high rates to cover the losses from people who dont pay. Simple enterprise financial model for microfinance management. Momentum credit was founded in march 2017 with purposeful intent to meet an overwhelming market need of providing structured working capital solutions to individuals and small medium enterprises smes. The following is a list of the major micro finance institutions in kenya, their locations, contacts and contact persons. Informal financial services ranging from loan sharks, community members and saving groups were once the only source for low income individuals who were.
Faulu kenya, opportunity international, wedco, kwft, micro kenya 4 companies limited by guaranteee. Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Yet, the industry is still misunderstood or poorly perceived by the general public. How to make the most out of microfinance digitization. Micro savings a possibility to save money without no minimum balance. The system was initially built for the kenyan microfinance market and has. The microfinance project of saving through is shown in nairobi, kenya which includes a rotating savings and credit associations or roscas initiative. Late last year nairobibased twiga foods, a businesstobusiness logistics platform for kiosks and food stalls in africa, was looking to expand its logistic services into a total market ecosystem by adding. Apr 04, 2018 download mifos microfinance open source for free. The free and open source software solution aims to provide a platform for microfinance institutions to manage the wealth. Based on microfinance act 2006, the related regulations aimed at regulating deposit taking microfinance institutions, came into effect in may 2008. The major impediment to the development of microfinance business in kenya is lack of specific legislation and set of regulations to guide the operations of the microfinance subsector. Kamal budhabhatti as one of the key speaker in the event discussed on credit scoring in digital banking.
Our sacco software,matatu sacco software providers in nairobi mombasa kenya,chama software and church sacco software resellers and suppliers,chama,sacco cooperative,cooperative union,community banks,housing cooperatives,microfinance institution software is very comprehensive with the following features. Craft siliconbanking software microfinance software mobile. Sacco software and microfinance software based on simple enterprise financial model. Allows people to retain money for future use or for unexepected costs. Craft silicon proudly participated in lapo institute international microfinance 3 day workshop as a gold partner. The association of microfinance institutions kenya amfik is a memberbased institution, registered in 1999 under the societies act by the leading mfis in kenya, with the aim to build the capacity of the kenyan microfinance industry. Craft siliconbanking software microfinance software. Choose carefully and invest wisely from these and other microfinance institutions in kenya. Redesigned to be a true, fully functional platform for financial inclusion, it builds off the experiences of our legacy codebase, mifos 2. Musoni system kenyas awardwinning banking software why you should select musoni as your core banking system market expertise musoni is already used by organisations all across kenya including musoni kenya, jitegemea, microensure, five talents, zawadisha, agrics, bidhaa sasa and more. Popularly known as kwft, kenya women microfinance bank ltd is one of the biggest deposit taking microfinance institutions in kenya, and was licensed to operate as an mfi by the cbk on 31st march, 2010. Best sacco management software microfinance sacco erp. Apr 18, 2018 grant brooke, ceo and cofounder, twiga foods and kevin gakuru, a food kiosk owner, who used the blockchain for a microfinance loan.
Octopus micro finance suite omfs is an open source lgpl micro finance it software. Jisort has been approved as an accredited sacco accounting system by regulatory authority. Microfinance ngos 56 companies limited by shares e. Visionfund myanmar the best allinclusive microfinance software we have ever used with incomparable and excellent support services. List of microfinance institutions in kenya 2020 urban. Products common used in the microfinance sector today is. Most of these changes have been laid out with the intention to enhance customer experience to make the institutions the excellent lending option for kenyans. Fully configurable and robust, the software for microfinance by hes fintech meets the critical demands of global finance and banking institutions. Before starting a microfinance business, consult an attorney and research the legal requirements. Sacco and microfinance software in kenya engsoft valley. Microfinance institutions in kenya list mfi top banks. Momentum credit expanding your possibilities, we are a microfinance company in kenya that provides working capital, lpo financing, unsecured low price competitive financing within 24 hours to individual entrepreneurs, smes and medium businesses and help transforming africa.
Jisort is not only sasra and kuscco compliant but has fulfilled international regulatory standards governing microfinance and banking systems. The funds will be used for expansion into new markets, though the details of the transaction remain undisclosed. Sacco management software in kenya helps hundreds of sacco and microfinance enterprises, saccos, banks, loan companies, credit financiers in kenya. How far can microfinance institutions go and craft silicons new innovation offerings for the nigeria market. Microfinance banks in kenya, as well as the regulations that govern them, have experienced significant developments since the mid90s. Full featured completely customizable software for microfinanace institutes this is micropyramid opensource initiative for microfinanace management. Microfinance software, cooperative,nbfc software, loan software. Decide on a business model, such as a microfinance bank or a credit union, and define your target audience. The number 1 micro finance software, software for microfinance, software for microcredit. Microfinance software company musoni services gets investment. Craft silicon is financial solution provider in banking software, microfinance software, mobile and switch solution in the global market today. Websoftex software solutions private limited, a bangalore based company, an authorized software service provider engaged in microfinance, banking, cooperative, nbfc, pigmy, mortgage, rd fd, loan software, accounting, ecommerce, billing, and core banking in bangalore with maximum level protection. The steps to follow in applying for a microfinance bank licence are as shown below. This is the procedure for registration of microfinance bank in kenya.