DataSoft Systems Bangladesh Ltd has entered Indonesia with its micro-finance management software—Microfin360—as part of the IT solution provider's plan to expand its geographic reach.
Microfin360 can be referred to as a credit bureau for microfinance institutions that provide a number of services, such as unique borrower identification, product risk management and overlapping identification, said M Manjur Mahmud, director and chief operating officer of DataSoft.
The company signed an agreement with Indonesia-based IT firm Gamatechno in this regard in Germany on Thursday.
“We want to take Bangladeshi software to the global stage. The deal will obviously help the company get wider coverage,” he said.
The software is especially deve-loped for microfinance institutes, nongovernmental organisations and cooperative societies to automate their workflow, he said.
“The software features integrated management information systems, accounting information systems and human resource modules. It is a core microcredit web-based solution,” Mahmud told The Daily Star by email on Sunday.
The software has been designed and developed as a standard procedure of Microcredit Regulatory Authority and Palli Karma-Sahayak Foundation compliance solution, he said.
The company has similar partners in Nepal, South Africa and Sri Lanka with a plan to go to other continents and area like Balkans, the Middle East and Latin America, the official said.
The software provides low-cost financial services in rural areas, he said. “It helps reach out to the distant people where they have limited banking services.”
The Microfin360 Services were developed in 2007 and the current version of it is 3.6, Mahmud said.
“FAQ (frequently asked questions) and online training manuals are also embedded with the application to help our clients with a way out whenever they face problems.”
Mirofin360 licence fees depend on the location and size of the MFI. For example, if an MFI has 10 branches—each with 2,000 members, the initial cost will be $10,000 along with a monthly cost of $1,000.