The Micro Finance solution is designed to meet the needs of financial institutions that require distributing, collecting and managing funds. This solution is designed to be a “turnkey” solution for Micro Finance institutions or banks to facilitates the entire process, from registration and creation of account holders, agents/teller management, and provides a full interface for account holder to interact with their accounts.
The system provides for the capture and registration of each user’s details including biometric finger print and photograph. The system provides electronic imaging of KYC documentation. This approach will allow the financial institution to take the next leap in transaction security using biometric authentication branch or agent cash out point.
A multi-channel account holder interface allows account holders and agents to interact with the system via SMS, WAP, IVR and Internet.
At the Agent, all transactions are processed on a secure POS terminal that has a dual SIM GPRS unit that provides for communication redundancy. Power is provided by a battery thereby allowing for mobility and reach into rural and underserved areas. The POS supports multiple applications allowing for registration, P2P transactions as well as international card Association processing capabilities.
With integration, the solution allows for money to be moved between the formal bank account system and the TranGate account. A unique benefit is the ability for money to be moved to and from SIM based solutions mobile financial solutions (like Mpesa).
The solution consists of modules for:
- Registration of users with full Biometric and KYC
- Account holder multi channel interface to their accounts
- Agent management providing Cash in and Cash out