[Mifos-users] Specs for Share Accounts & Dividends

[Dayna Harp]

Hello All - 

As we announced in the Developer and User Meetups, I am gathering functional specifications for share accounts.  I would like to speak to every organization that supports any type of financial cooperative regardless if it is named SACCO, CO-OP, Credit Union or other.  I would like to learn:

1) Do you charge a membership fee?

If so, how do you charge it?

2) Do you offer a share account?

If so, is this share account separate from any other savings account?

3) How do you pay dividends on share accounts?

Your input is important to ensure core system development includes the features common to the community.  Once the features are collected, a Functional Specification page will be available in jira for your review and comment.

Please send me an email at dh...@mifos.org  to set up a Skype chat.  My timezone is UTC-6

Thanks for your input.  The best result stems from quality input. Your input is important!

Looking forward to hearing from you.

Dayna

Dayna Harp

Director Strategic Initiatives, The Mifos Initiative

dh...@mifos.org | Skype: harpcreek | Mobile: 850.312.9560

Collectively Creating a World of 3 Billion Maries | http://mifos.org  

[srinivasa Rao Yedida]

Hi Dayan
Plz. Find below information

1) Do you charge a membership fee?

Yes

If so, how do you charge it?

Member are divided into two types.
1) Nominal Members: this members don't have voting power but they can do all Banking transactions. And normally customer one time member fees have to pay. Fee mode is cash or cheque or transfers.

2) Do you offer a share account?

Yes

If so, is this share account separate from any other savings account?

Yes both are different. Share holder having voting right. Each share holder having one vote only(not based on share value or no of shares) Share holder can participate in annual meeting

Member Type :-
2) Share Holder
Contains
1) Share value of the co-opp
2) share fee (℅ or fixed amount)
3) admission fee.

Share Holder: 1) not getting any interest
2) share holder get only dividend every year based on the org profit

3) How do you pay dividends on share accounts?

Ever year profit after tax and allocation of all type of reserves on net amount devident will be declare to each share holder. Dividend amount pay cash mode or transfer to the customers savings account

Plz note: customer should be share holder or nominal member.

Plz let me know any other additional information

Thanks
Srinivasa Rao Yedida

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