AXON Microfinance is a tailor made solution for microfinance institutions which is blended with a unique technology. NLS AXON Microfinance is a next generation solution which is customized exactly for the need of Microfinance institutions.
The system has modules that include:
This module enables the micro finance institution to manage all the details of their individual, business and group clients as well as group member clients.
These include the group location, contact details, officials authorized to transact on behalf of the group well as the group members personal details that includes their contact information, identification, income and next of kin details as well as the capture and maintenance of their photos and signatures.
The system can be used to track and manage the organisations savings accounts by tracking all deposits and withdrawals done on the Client’s Savings Account for the individual, groups, group members as well as the business clients. Depending on the organizations credit policy, the client savings can be used to determine the amount of loans that the clients can borrow.
Using this module, members can buy and sell shares using the current share value which is different from the nominal or stated share value. The current share value refers to the prevailing market value of a share which might fluctuate as it is determined by the dynamics of the law of supply and demand.
The Credit Management Module forms the heart of the NLS AXON Microfinance and has the following sub systems:
The credit policy of the microfinance institutions is critical to their survival in the competitive field in which they operate.
NLS AXON Microfinance ensures that all the parameters are adhered throughout the loan life cycle i.e. Application, Guarantors, Collateral, Appraisal, Approval, Disbursement and Repayment.
NLS AXON Microfinance provides different parameters for the classification of loans to ensure that microfinance institutions are fully in-charge of this valuable asset depending on the number of days that the loans fall in arrears as the credit policy of the microfinance institution. There is also provision of interest suspension.
The loan classifications include Normal, Watch 1, Watch 2, Substandard, Watchful and Loss
NLS AXON Microfinance provides loan provisioning to ensure that the microfinance institutions operate prudently and minimize losses in case of defaults. The provisioning is done net of the suspended interest and collateral value or as per the credit policy of the microfinance institutions.