collinsomwoyo / log Goto Github PK

#Table banking is an increasingly popular concept in the Kenyan funding systems. Members of individual table banking systems meet on agreed dates either monthly or fortnightly to make savings to their kitty and take out loans. #After observing some table banking financial management practices, it was obvious that there is a huge technological gap. #Members send their contributions to the group treasurers who then make records in counter books. #The books are used to record and track weekly or monthly contributions to the kitty fund as individual records. #It is very hard to maintain the physical records and get accurate records of account for individual contributions. #Mobile money lending systems have had great success in the personal finance environment, which is estimated to be a billion-dollar industry. #Lately, the existence of public API’s like MPESA can help members make their contributions without physically meeting. #Drawing on this technology, this project provides an alternative table banking management system which will allow members to create accounts, deposit weekly contributions, take loans, view their account history, view the group’s records and withdraw their already calculated interests at the end of a fiscal year. #The system will be able to calculate fines for late payments and automatically calculate the accrued interest for each type of loan facility. #Currently, the application will only be able to handle already existing table banking groups but future updates will have features to enable users to create their own groups from other application users.