We’re excited to announce the launch of Musoni 1.32, bringing a ton of exciting new features and functionality to the system. This article gives a high level overview of the release highlights. For the full downloadable release notes please click on the button at the bottom of this article.
1. Bulk Loan Creation
Musoni now supports the creation of loans for multiple members in the same group simultaneously. The goal of this is to make it much faster to give similar loans to everyone in a group at the same time. To start the bulk loan creation, navigate from the dashboard to Products>Loans.
You are now asked to select the Branch, Loan Officer and Group that you wish to create bulk loans for. Once you select the group you then are shown a list of all individuals in that group, and can select those you wish to give a loan to by clicking on the checkbox to the left of their name.
Once you have selected the members in the group whom you wish to create a loan for, click “Next” to select the loan product that will be used. When creating loans in bulk, all the individuals need to be given a loan of the same product.
Click “Select” on the loan product you wish to give to each individual in the group. You now have to create the specific loans for each individual in the group. You can enter the loan amount in the “Loan Size” field, and also configure the loan term, interest rate, disbursement date and repay start date for each client separately.
Once you’ve entered the required information for each client that you’re giving a loan for, click Submit to create the loans. You will be shown that the loan creation was successful and all loans can be viewed on the “Loans Pending Approval” page where they can be approved either individually or in bulk.
2. Adjust interest rate for active savings accounts
In Musoni you’re now able to adjust the interest rate paid out on savings accounts that have already been created (previously when you changed the interest rate on a savings product this only affected new accounts). Note – you’re only able to adjust the interest rate on regular savings accounts, not on Fixed Term Deposits where interest rate bands already apply. To adjust the interest rate on existing savings accounts, you need to navigate from the dashboard to Configuration>Products, and then click on “Savings Products”. Click the Edit icon on the product you wish to adjust the interest rate for, as shown below.
To configure a new interest rate for the savings product, click on the blue “Add Interest Rate Chart” button. You will be asked to enter the new interest rate, the start date from when this rate will be applied, and the end date when the product will revert back to the nominal interest rate. Note – it is not possible to backdate changes in the interest rate of a product, as interest may have already been paid onto those accounts.
Once you’ve entered the new interest rate, click Submit and it will be added to the product. You can add multiple interest rate charts onto a product, if for example you would like to configure different interest rates for 2017, 2018 and 2019. Once you’ve added the new interest rates to the product, click “Save” on the product configuration to finish.
3. Minimum balance for paying of interest on savings
It is now possible to configure a minimum balance required on a savings product. Interest will not be accrued on savings accounts with a balance below the minimum configured. For example, if the minimum balance for interest is 500, a savings account with a balance of 400 for the first half of the month, and 600 for the second half, will only accrue interest for the second half. To configure the minimum balance for interest you need to navigate from the dashboard to Configuration>Products, and then click on “Savings Products”. Click the Edit icon on the product you wish to add a minimum balance for interest to, as shown below.
To finish, click “Save” at the end of the product configuration and the new minimum interest balance will be applied.
4. Ability to extend loan term when installments land on a non-working day
Musoni now includes a new way of rescheduling loan installments that land on non-working days. This is most appropriate for daily loans where you would like installments to be due on every day of the week apart from Sunday. To configure this, navigate from the Dashboard to Configuration>Products, and then click on the “Working Days” tab, shown below.
Here you can see the days of the week that are considered to be working days, and also the “Repayment Reschedule Type” which determines how the system will handle installments that land on non-working days. To adjust this, click on the blue “Edit” button, shown above. You are then able to adjust both the working days, and the “Repayment Reschedule Type”, as shown below.
If you select “Reschedule Future Installments” from the dropdown, then any working days in the loan schedule will result in the whole loan term being extended by the same number of working days. For example, if you configure a 30 day loan with daily repayments, but make Sunday a non-working day, then the loan term will be extended to 34 days, with installments due on each day apart from Sundays.
5. Show company name & address on reports
You’re now able to add your Company Name and Address onto the key reports used by loan officers in the field (or distributed to clients):
- Client Report
- Group Report
- Loan Officer Groups Report
- Loan Schedule
- Field Officer Collections Report
- Expected Repayments (Detailed Report)
The reports will show the name and address that you have configured for your Head Office branch, which you can do in branch configuration. To adjust this, navigate to Configuration>Branches and click “View” on your Head Office Branch. Enter any branch name and address that you like before clicking Save.
When clicking view on the Head Office information, you can now also decide whether you would like the information to be displayed on the reports by clicking the button shown at the bottom of the image above (Show Company info on reports). If this is selected then the company name and address will be shown on the bottom of the reports listed above.
6. Print receipts straight from the system
You’re now able to generate receipts in Musoni for any loan repayment or savings deposit. To do this, from the Loan Details page, click “View” on the repayment or deposit that has just been made, and then click on the Receipt button at the bottom left of the popup, as shown below.
The system will now generate a receipt showing key information including branch name, user, client name, client ID, product name, account ID, date, transaction type, reference, amount and closing balance. An example receipt is shown below.
The receipt is designed to be printed using receipt printers such as the EPSON T88V or EPSON T2011. For any questions about printing the receipts please contact firstname.lastname@example.org
If you would like to learn more about any of the features described above, or see the full list of functionality added in Musoni 1.32, 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.