Source: Daily Monitor.
Original article available here.
KAMPALA, February 22 – A team of Ugandan computer scientists has created a new accounting software that will help thousands of microfinance institutions and saving and credit societies to cut operation costs and increase efficiency at work.
Savings Plus, which was unveiled by the Minister of ICT, Dr Ham Mukasa Mulira, recently, is an information management system that manipulates an entity’s balance sheets, income statements, banking transactions, loan modules and members’ registers.
Mr Vincent Tumwijukye, the chief executive of FLT, the company that developed the software, said the administrative solution was developed to increase efficiency and ease accounting work of thousands of MFIs and Saccos in Uganda, besides providing a relevant service to the market. There at least 3,155 Saccos are in operation in Uganda.
“We thought solutions were being development in a whole different economic setting and were not relevant to the needs of our people. So, we decided to develop a solution that is basically going to take care of the accounting needs of consumers with special attention to their income constraints and computer illiteracy levels,” Mr Tumwijukye said at the launch.
According to FLT, most of the available software on the market is imported from developed countries where most people are computer literate and has no consideration for the developing world’s computer illiterate.
The software comes in two packages including the Single user License and the Multi-user license costing USD 770 (UGX 1.3 million) and USD 1,200 (over UGX 2 million) respectively.
Speaking at the ceremony, the Minister of ICT, Dr Ham Mukasa-Mulira commended FLT for the innovation.
“Saving Plus will increase the efficiency and transparency of microfinance institutions and Saccos hence improving the livelihoods of our ordinary citizens,” he said.
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