Amala Core Banking 3.5.0 – Release Notes

We are very happy and pleased to successfully release another major version of our awarding Amala Core Banking system for FinTech, especially in financial inclusion of the community in Tanzania.

In this release of Amala, we have added the following key new features among others:-

Compliance
To ensure our client automatically comply with new Microfinance Act 2018 and regulations 2019, We have updated some important features required by the TCDC for the purpose of self-comply. In this, We have updated Credit Info Report as per regulation-Version 2, Statement of Changes in Equity as per regulation-Version 1, among other features.

Data Validation

Data validation is a crucial aspect for every version of Amala as it ensures our clients that they can completely trust the data they use to be accurate, clean and helpful at all times. Making sure the data we use is correct in a proactive way to safeguard our clients demand;-

  • We have added a new field of Place of Residence and Residence Address.
  • We have unlocked the system dates.
  • We have restricted some important fields to be mandatory. Such fields includes Dates, Gender, Date of birth among others.
  • We have resolved the resolved issues with data capture from iOS devices.
  • We have resolved the issue with display of date in Saving Transactions.

Information security

The major key point for any banking application is security. Banking application needs to ensure they real take care of security standards. In this release, We have forced password change after a predefined number of days to ensure absolute security of our clients.

On top of that, we have given the ability to the Organization to close an employee when needs be. Also, We have updated tips to protect users. This area, We only ensure We have improvement for each release because of its criticality.

Reports

Reports helps to communicate within the company that is workers, to discuss the problems of the business and to give investor details of everyday running. In this release, We have improved and added some reports to enhance proper communication and effective decision making within our client companies. Few to mention, We have:-

  • Added all reports needed as per regulations (Disclosure Statement to Guarantor, Statement of Changes in Equity)
  • Reports that financial institutions needs to submit to TCDC every month. (Statement of Financial Position, a report that shows Liquid Assets of the Institution, Capital Adequacy report that shows if the financial institution has sufficient capital to meet certain risks.)
  • Updated the report Credit Info Report .

Together with new features added, bug fixes and some enhancements are done to improve performance and ease the business processes for our clients.

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