Microcredit, we can call this microloan as well – the idea is simple enough: By giving a very small loan to someone living in a poor country, you could help them expand a small business, which would lift their family out of poverty. When they pay back the loan, the money can be cycled to more borrowers, getting more families out of poverty. Organizations offering microcredit to poor borrowers — many living on $2 or less per day — took off in those decades. Investors and donors poured money into microcredit, hundreds of organizations offered loans, and the number of borrowers worldwide skyrocketed to 211 million by 2013. We should see it as a way to expand options for poor people by offering more reliable financial services. Extremely poor people need these services just like everyone else, and the availability of capital to deal with irregular and at times unpredictable incomes is a huge help to them. This benefit, along with its impressive growth around the world, arguably makes microcredit a success.
Economist Muhammad Yunus as well as Dr Fazle Hasan Abed has played a big role in shaping the new perspective. Female empowerment also became integral to the story. Many microcredit institutions made it a priority to lend to groups of women (about 80 percent of microcredit borrowers are now women).
Microcredit institutions are facing difficulties in grasping automated software systems
Till date, many microcredit organizations are operating their services and calculating manually, top most they are using Microsoft Word for documentation and Excel for simple calculation. It’s a matter of regret that in this advancing world such brilliant and humanitarian, and most of all such financial, institutions are left behind of the ICT’s growth and advancement.
Yes, there are “some to many” software regarding microcredit on the market at present, in Bangladesh, in India as well as in some other countries. Though South Asia is the core place of microfinance system in the world, there are too many microcredit organizations out of league here due to some obstructions on the path of advancement to ICT here.
1 Microcredit institutions are facing difficulties in grasping automated software systems mainly due to financial aspects. The institutions run on borrowing very small amount to people and recycling that, so most of the time they cannot afford such advanced system on high price.
2 The next problem they face is the difficulty of operation. They might not be so well educated in the IT sector to operate any complex software or even software in English.
3 Such institutions find it problematic in terms of portability of the system as well as probable data loss.
4 Sometimes the software is not a full-fledged system rather they are charged differently for microfinance as well as office operations and others.
5 There are more unheard-of obstacles and most of all, microcredit institutions are not well aware of possibilities that exist for them in the ICT world for automated advancement.
To optimize microcredit operations and in a view to promoting them to the advanced IT world, we have thought of a wonderful idea. We have developed the Semicolon Microcredit Solution so as to diminish the obstacles mentioned above and facilitate these organizations in an automated mode.
Usually microcredit software takes a lot of time and manpower to prepare a full solution package, so the price is high. But Semicolon IT Solutions has prepared this within couple of months and with a very limited manpower. As a result, we can provide this solution real fast and of course at a price lower than the others.
Ours is a full-fledged solution that includes a complete microcredit system with proper accounting and banking module along with a full-fledged office management system that includes employee management, payroll etc. as well as a proper accounting and report generation modules. So, to speak, Semicolon Microcredit Solution is a complete automated solution to any microcredit institutions, small to large the scaling doesn’t matter. In spite of such provision, our time taken for production is low and our cost of production is under our client’s grasp
Our software is a modular one. We can set up this for multiple branches of the same institution and provide maintenance and controlling from a super admin dashboard.
Semicolon Microcredit Solution offers this automate solution online with security of data. As being online and web-based, client can access this from anywhere and anytime and with the help of any device that is connected to internet.
Ours is a fast software that works without lag (internet connection speed is not our part). This can be run offline as well if client desires. Semicolon Microcredit Solution is developed with modern technologies such as React JS for frontend, Node JS for backend as well as MongoDB for the database. Microcredit software developed with such modern technologies are a rare gem at this time.
This software is prepared from the scratch making user-friendly, fully customized to client’s needs and we are very much capable of further customizing this if necessity arises and customer demands.