Micro Finance Solutions
Micro Finance is collection of small sum of money for a limited duration within a group of people (called Chits or Fund) and at the end of period return the same with additional monetary benefits. The concept is being put to use by various industry segments like, grocers, bakers, confectioners to attract people to invest and at the end of tenure, to return either in the form of money or its equivalent in terms of Sweets, Cakes and grocery with additional benefit in form of small gifts.
The concept is popular as the end of tenure is being so arranged that it ends on a festival season, so that people need not spend on Sweets, cakes and grocery and rather use it for purchase of other essentials.
From the management angle this concept is beneficial as there is constant money flow during the period and an assured business at the end of the tenure. This also indirectly helps the management to procure bulk quantities of raw materials at lower cost, invest on machinery and the like. Use of today’s technology helps in maintaining accurate records of the subscriptions with less manual works and timely alerts to management and the customers.
Micro Finance solution consists of
- Customer Management
- Fund (Micro Finance) Management
- Bank Reconciliation Management
- Fund distribution Managementent
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