SAVINGS

INTRODUCTION

The Akilaah Solutions platform plays a pivotal role as a valuable tool for both cooperatives and their individual members, providing extensive support in the seamless and efficient management of savings. Here's a detailed elaboration on its key facets:

1. Holistic Savings Management:

The platform is designed to handle all aspects of savings management comprehensively. This includes not only basic transactions but also intricate processes such as interest accruals, account updates, and other financial activities related to savings.

2. User-Friendly Interface:

With a user-friendly interface, the platform ensures that both cooperative administrators and individual members can easily navigate and utilize its features. This simplicity enhances accessibility and promotes widespread adoption among users.

3. Automation of Financial Processes:

The platform leverages automation to streamline financial processes, reducing the manual workload associated with savings management. Automated record-keeping, transaction processing, and account updates contribute to accuracy and efficiency.

4. Member-Centric Account Management:

For individual members, the platform offers robust account management capabilities. Members can view their account details, track transactions, and monitor their savings progress with ease. This member-centric approach fosters engagement and transparency.

5. Real-time Transaction Tracking:

Through real-time transaction tracking, the platform ensures that members have immediate access to their latest financial activities. This feature enhances transparency and empowers members to stay informed about their savings.

6. Customizable Reporting Tools:

The platform's reporting tools allow cooperatives to generate customized reports tailored to their specific needs. This functionality aids in the analysis of savings trends, financial health assessments, and the generation of insightful reports for decision-making.

7. Communication Hub:

Serving as a communication hub, the platform facilitates transparent interactions between cooperative administrators and members. Announcements, updates, and personalized messages regarding savings accounts can be efficiently communicated, enhancing the overall cooperative experience.

8. Efficiency and Resource Optimization:

By automating routine tasks and offering a centralized platform for savings management, Akilaah Solutions contributes to the overall efficiency of cooperative operations. This efficiency, in turn, optimizes the allocation of resources, allowing cooperatives to focus on strategic initiatives.

9. Encouraging Financial Literacy:

Through accessible account information and transaction history, the platform promotes financial literacy among members. It empowers them to understand their financial standing, set savings goals, and make informed decisions about their financial contributions.

10. Scalability and Flexibility:

The platform is designed to be scalable, accommodating the growth of cooperatives and their increasing membership. Additionally, it offers flexibility to adapt to varying cooperative structures and savings products.

PRE-REQUISITE

To integrate the Savings Module into Akilaah, ensure that your organization

- selects the module during the onboarding process. This step is crucial for unlocking the functionality of the Savings Module.

- Creates saving products on the setting and assign relevant parameters.

1. Dashboard

Utilize the dashboard to obtain a quick snapshot of savings activities. The dashboard provides a consolidated and visual overview of key metrics, allowing for immediate insights into the current state of savings, recent transactions, and overall financial health

2. Create Savings

Leverage the functionality to choose a savings plan, enrol, and make payments. This feature enables users to conveniently select their desired savings scheme, subscribe to it, and complete the payment process seamlessly.

3. Top Up Savings

You have the option to add funds to the savings of a specific member who is enrolled in a savings plan

4. Bulk Upload

This feature enables organizations to upload members'; savings schedules, providing information such as total savings, total interest, and other relevant details.

Reports within the Savings Module

The Savings Module in Akilaah provides a variety of standard reports to offer insights into savings-related activities. Here are some of the standard reports available: Printable Report: Overview of all active, pending, accepted and declined savings. Savings Type Analysis: Breakdown of savings accounts by type (e.g., Live savings, Fixed savings), providing insights into the distribution of funds.

TROUBLESHOOTING

Common Issues and Resolutions