The Power of One... The Power of Many!
Group Savings and Lending from Modefin is a forward-looking solution designed for Banks which wish to promote financial inclusion. Helps onboard customers in the lower income segment, or those in the periphery of the formal financial sector. Enables Group members to borrow for expenses, make miscellaneous payments, or avail funds for a contingency arising from adverse circumstances. For members wanting to save and earn interest, ensures safety of principal and transparency in operations.
value proposition Why Modefin’s Group Savings & Lending
Online portal for registration, migration and management of members.
Enables online appointment of a Treasurer - authorised to act on a member’s behalf.
Treasurer can make payment to a supplier, bank loan or a monthly contribution payment
Treasurer can impose fine or penalty on a member for not honoring a commitment.
Member can view Records pertaining to savings or borrowing, ensuring transparency.
Instant alerts through SMS and email to the member about deposits and lending
Manages the member’s loan lifecycle cost-effectively and with in-built flexibility.
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