We’re excited to announce the launch of Musoni 1.25, bringing a ton of exciting new features and functionality to the system. This article gives a comprehensive overview of the release highlights. For the full release notes please click on the button at the bottom of this article.
1. Support for Group level loans & savings
You are now able to give loans and savings accounts directly to Groups, rather than to the individuals within a group, inline with the Non-Solidarity Group lending methodology.
When giving a loan to a group you are able to specify the allocation of the group loan between the different individuals in the group, which then fees into the system reports.
Otherwise the loan disbursement and repayment processes are the same as giving loans or savings accounts to individuals.
2. Advanced Guarantor Functionality
While Musoni has always enabled you to link a Guarantor to a loan, you are now also able to specify the extent to which a Guarantor is guaranteeing the loan, by entering the amount guaranteed from the Guarantor’s savings account. Any savings linked to a loan as a guarantee can only be withdrawn in proportion to the repayments being made on the loan itself. This feature is particularly useful for SACCOs and other organisations where the funds being lent are coming directly from the savings of the particular members.
To enable the advanced guarantor functionality, first go to Configuration>Products and click on the Product you wish to use this for. At the bottom right of the ‘New Product’ tab, you will see a dropdown labeled “Lock Guaranteed Funds”. If you select “Yes”, then the options linked to configuring the savings guarantees are shown, also shown in red below.
When creating a loan, proceed in exactly the same way as before. However on the Guarantor tab, you will notice that you now have the option to specify the amount each client is guaranteeing.
3. Automatically suspend accrued income on NPAs
The Musoni System will now automatically suspend any income accrued (but not yet paid) on loans that are non-performing. You are able to configure the number of days in arrears a loan needs to be before it is considered an NPA as well as which GL Account the system books suspended income into. When a repayment is made into a loan, or the loan becomes performing again, then the suspended income is booked back into your income account.
4. Integration with Ecocash (Zimbabwe)
Musoni has now been integrated with Ecocash, and has the ability to batch process the incoming payments file from Ecocash, assigning the payments between each client’s loan or savings account based on the phone number used to send the payments. This will significantly increase the efficiency of any organisation accepting payments over mobile money.
5. Addition of RBZ and ZAMFI monthly reports (Zimbabwe)
Musoni now includes the standard reports required by the Zimbabwe Association of Microfinance Associations as well as the Reserve Bank of Zimbabwe making it easier than ever for organisations in the country to submit their monthly results. Any MFI in a different country wishing us to also develop their regulatory reports should get in touch as we’re happy to do so.
The new reports can be found under Reports>Organisational Reports, as shown below:
6. Grace Period on penalty fees
You are now able to apply a grace period on any penalties, ensuring that penalties are only applied on clients in arrears after X days in arrears, rather than immediately on the day they fall into arrears. This is particularly beneficial for organisations where there is often a delay between the payment being made by the customer, and actually being inputted into the system.
Please contact firstname.lastname@example.org if you’d like any guidance on setting this up.
7. New Credit Checks linked to Guarantors
We have added two additional credit checks that are specially linked to Guarantors. The first allows you to stop any Guarantor acting as a Guarantor for more than one loan at the same time. If this happens, then the system will either give you a warning, or block the loan from being approved / disbursed, depending on the severity level you have configured. The second stops any client who is acting as a Guarantor from taking out a loan at the same time. If this happens, then the system will either give you a warning, or block the loan from being approved / disbursed, depending on the severity level you have configured.
You can find the two new credit checks by going to Configuration>Products and clicking on the Credit Checks tab.
If you would like to learn more about any of the features described above, or see the list of all the functionality added to Musoni 1.25, then either download the release notes below, or contact the Musoni support team on email@example.com who will be happy to answer any questions you have.