Mexina Daniel

Mexina Daniel

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Wednesday, 31 July 2019 10:58

Amala App Suite 19.07.00 - Release Notes

We are happy and pleased to successfully release another major version of our awarding Amala App Suite platform for FinTech, especially in financial inclusion of the unbanked and underbanked community in Tanzania, a platform based on Apache Fineract and Mifos.

 

In this release of Amala we have shipped in the following key new features among others:- –

Delinquent is a situation where a borrower is late or overdue on a payment, such as income taxes, a loan,a mortgage, an automobile loan, or a credit card account.

There have been traditional thinking of what could be the causes of loan delinquency, on this traditional way of thinking, people think loan delinquencies are caused by external factors. Some of the factors that they consider are illness or death in the family, calamities, weather conditions, poor economic conditions, price fluctuation and poor business practice of the client.

For the institution that has this way of thinking, they believe they can’t do anything about it since they are out of their control. And for them, loan delinquency becomes the big challenge in the business and to some lead to business failure.

The increase of non-performing loans (NPL) is one of the critical challenges that banks and financial institutions face nowadays. The benchmark of non-performing loans for bank industry is set to 5 per cent but in the third quarter of the year 2017, unaudited accounts for 19 banks and financial institutions indicated that NPLs ranged between 4 per cent and 51 per cent which is very high from the benchmark. Higher per cent of NPL will mean lower in collecting of repayments, no return of expected interests and even the borrowed principal. This reason could lead to institution bankruptcy.

One of the strategies that BOT recommended to banks and financial institution on reducing NPLs is to establish NPLs policies, some of them are arrears management policy, debt recovery policy, collateral management, valuation and reporting policy and early warning policy. Also, some of the banks have started to provide a group loan on their way of reducing NPLs as group are easy to make follow up.

We are happy and pleased to successfully release our first major version of our awarding Amala App Suite platform for FinTech on November 2018 that will serve the financial inclusion of unbanked and underbanked community in Tanzania, a platform based on Apache Fineract and Mifos.

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

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A technology for financial inclusion that has features for financial institution flexibility to grow and advance in its way of managing customers, financial products, fast and regular reporting capabilities.

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SingoAfrica Limited
Mbezi Beach "B"  | Mwai Kibaki Road | 6 Wasafi Str.

P.O BOX 78908 | 14121 Dar es Salaam

This email address is being protected from spambots. You need JavaScript enabled to view it. | +255 71 262 8896 | singo.africa | amala.co.tz

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