Savings and Credit Corporations (SACCOs) is a financial institution, a grouping of people who come together to save money, build financial assets and borrow from the organization. Different activities take place in a sacco, including depositing (saving), borrowing and repaying loans, interests, guaranteeing on loans, editing personal information including next of kin.
Saccos have internal and external systems. Internal systems are for internal use including managing members and their related transactions. All office procedures for all sacco functions are done using the internal systems.
External systems receive information from the internal systems and expose the information to the members, externally (online). This can be an online system, accessed through the internet, where members access their personalised information after login. Some information that can be accessed by members online, from the internal system include:
- members personal information
- members loans
- loan repayments
- deposit transactions
- next of kin information
- loan calculator
- members-only information - like news etc