The Octopus team develops Octopus Microfinance Software, a robust and intuitive Management Information System, based on Agile methodology

Octopus aims at reinforcing microfinance institutions’ efficiency, transparency, and sustainability

Core functions

Clients management
Transactions
Loan management
Savings accounts
Reports
Security
Accounting
Core support
Network

Download the Executive Summary


® CGAP coverage (v7)

Client management

  • Prospect client follow-up
  • 4 types of client: individual, groups, villages bank, corporate
  • Automatic client ID with duplication control
  • Client status (Normal, Suspicious, Deceased, Blacklisted) and associated operation control
  • Client authorization control (Unauthorized, Authorized and Rejected)
  • Clients relationship management
  • Historical data: If he was guarantor for some loan, join account holder, member of the group, cycle of the loan and so on
  • Photos association
  • On-spot authorization to control client update
  • Geographical data, search by address
  • Attach additional documents to the client
  • Customizable fields
  • Additional modules like: Client follow-up, Social indicators, Webcam and Biometric integration

Loan management

  • Loan disbursement process management (including credit committee)
  • Different types of interest calculation
  • Flat (fixed principal, fixed interest)
  • Declining balance, with equal monthly installments (annuity)
  • Declining balance with fixed principal
  • Declining balance with fixed principal and effective interest rate
  • Schedule management
  • Flexible and fully customizable schedules
  • Grace period
  • Skip weekend and holidays days in the generation of the schedule or not
  • Installment management (monthly, daily, fortnightly…)
  • Rounding
  • Repayment control: early, normal,
  • Fees: late, anticipated partial, anticipated total
  • Set fixed interest rate or entry fee according to the client loan cycle;
  • Set mandatory coverage amount for guarantors or compulsory saving book
  • Set number of loan which can be covered by guarantor
  • Set if system should allow multiple loans or not
  • Line of credit
  • Funding line
  • Rescheduling
  • Delinquency management
  • Collection sheet per loan officer
  • Attach additional documents to the loan contract
  • Customizable fields per loan, for group loans per member of the group information linked to the loan. It allow analyzing evaluation of clients, for example, from first loan cycle to second loan cycle of the loan.
  • Additional modules like: Credit scoring, loan event tracking, loan monitoring

Deposit and saving books management

  • Common operations: initial deposit, deposit, withdraw, inter-branch and intra-branch transfer, transfer to specific general ledger account
  • Accrual and posting frequency for interest rate
  • Fees: entry, management, overdraft…
  • Account nature and associated operating instructions
  • Freeze debit/credit at account or product level
  • Term deposits
  • Compulsory deposit with possibility to repay a loan from
  • Set restriction for debit or credit transactions on specific account or deposit product
  • Attach additional documents to the deposit account
  • Customizable fields per loan, for group loans per member of the group information linked to the loan. It allow analyzing evaluation of clients, for example, from first loan cycle to second loan cycle of the loan.

Accounting

  • Chart of account
  • Accounting rules for every operation
  • Manual entries
  • Accounting closure process.
  • Configurable payment modes (cash, check, transfer…)
  • Teller management
  • Vault operations
  • Financial period management
  • Require on spot authorization to some operation like:
  • Transaction between vault and teller
  • You want to do a transaction upper you limit
  • Customization : export account transactions to third party solution

Security

  • Unique access per user with encrypted password
  • Access control by role
  • Maker/checker management for key operations
  • Configurable transactions limits for each user/cashier: per transaction and currency type
  • Subordination between users
  • User blocking/unblocking
  • Audit log per user
  • Audit log per transaction

Alerts for loan and deposit officers

  • Quick access to the list of pending loan contracts and deposit accounts;
  • List of validated or late contracts
  • The list of Loan contracts with repayment day today

Reports

All Octopus reports can be :

  • Printed;
  • Exported to Word, Excel, PDF format for further editing.
  • All Octopus standard reports check user subordination access. Most of them can be filtered per loan officer/branch/loan product.
  • Main reports:
  • Active loans – total number of active clients and active loans, total portfolio, portfolio by sector;
  • OLB per client/OLB and LLP per client/ Client information – more detail information per loan and client;
  • PAR analysis – total number of loans and clients, portfolio grouped by PAR (PAR 30, PAR 60 and so on)
  • Compulsory deposit accounts — display information about the loan and compulsory deposit account, for example, lien amount and actual balance of deposit account.
  • Operational report (day, week, month and year):
  • Collection sheet – the list for clients who should come and repay today, next 3 days this week and so on.
  • Delinquency report – more detail information about late loans, with penalty calculation
  • Repayments – all repayments for selected period
  • Disbursements — all disbursements for selected period with disbursement amount and entry fee;
  • Cash book — all operation done by cashier, can be generated before closure process
  • Transaction list – all transactions done by any user. Status of events posted to GL account or not; deleted or not
  • General ledger — more detail information about each accounting movement, should be generated after closure process
  • Trial balance
  • And more…
  • Additional/customized reports:
  • Social Performance Management (SPM) – SPM report and functionality is very effective which is developed based on internationally practiced indicators. The report contains 34 indicators related to the clients, loans and their savings. For example, total number of drop-out or retention clients for last year, evaluation of startup loans and so on
  • Reports of client developed according to client needs — for example, for local credit information bureau, national bank and so on.

Extensions

  • Customizable fields – can be created on client, loan, and branch level. Allow creating all type of fields, for example, on client level, you can create additional fields to fill more detail information about client’s family or financial status and so on. You can create client or user type of field as well, for example, if it’s client type of field, during the filling of this field you can select client from existing list of client in Octopus, the same for users
  • Webcam and Biometric integration
  • Credit scoring — possibility to set list of questions with answer and score for each answer
  • Loan monitoring — create some task for the loan officer, for example, to visit a client and set due date
  • Loan event tracking —you can customize it; create your own list of fields to fill, for example, to fill results of loan monitoring. The main difference between custom fields and Loan event tracking, here we keep history, for example, picture for the begging of the month and end of month. With custom fields we can’t track history per each event
  • Batch repayment — possibility to repay a list of contracts by one click
  • Blacklist — possibility to import a list terrorists from European Union, United Nations and other organizations to Octopus and check your existing clients for matching