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mPowerEdu – Online Loan Recovery Software and Online Credit Rating Software
About
SkyGold Group is a reputed firm in Zambia that is focused towards providing counselling to students who are graduates and wish to pursue further education in various fields and help in arranging Education Loans for the same. Also, they work towards streamlining the Credit Rating Process that revolved around Education Loan Repayment

Online Loan Recovery Software and Online Credit Rating Software

Executive Summary
SkyGold Group, Zambia, collaborated with Softlabs for various requirements including Website Designing, Logo Designing, and Online Loan Recovery Software Application Development.

Challenges
Formerly, the education loan recovery method followed by the Zambian government faced several difficulties in capturing and displaying the loan details accurately. There was no formal system in place to track the students who have received loans after they graduate and have started working. Consequently, the loan recovery process suffered as many students who have taken loans did not repay the loans. Due to lack of pertinent software application, the government incurred losses. Furthermore, due to non-repayment it became difficult to the government to manage funding education for the next generation.
The existing Credit Management System installed was not apt to the requirements and failed to capture all the critical details. Individuals borrowed from financial institutions and paid off their loans months or years ago. However, these repayment details were not correctly captured in the system. Subsequently, when people checked their credit, or when they tried to borrow from another financial institution, the system shows that they still owe money to be repaid from the previous loan. This not only made the borrower irate but also caused him inconvenience in obtaining new loan required for important purposes

Enhancements delivered by Softlabs
Softlabs developed an efficient Loan Recovery System (mPowerEDU ) and Credit Rating Management System to be used by Government Organisations, NGO and Financial Institutions to manage the scholarship, educational loan offerings and recovery processes in a very dynamic way.
The application would track all the details of students who received loans from the Zambian government. The software is a one stop reference point to all parties involved in the Student Loan Application and Recovery Process. At any given point, the government can look up the list of students who were granted Loans, pick up a student and view his entire loan repayment history and ensure that their granted Loan amount is recovered. Thus, reducing their incurred losses to a great extent.
The Credit Rating Management system developed, would track the students who received loans from the Zambian government, help create a repayment schedule and enabled the employer (of the borrower) to arrange the repayment of loan by calculating amounts to be deducted from the salaries each month. Also, the system captured and updated every re-payment made by the student, thus knowing the exact status of the Loan balance and apprising the individuals Credit status accordingly. This enabled the student to obtain favourable Credit Rating after repayment and be able to apply for new loans as and when required. It is a win-win for both the financial institutions and the individual as-well.
The system is designed in a user-friendly manner to allow all the stakeholders and financial institutions to interact, update and obtain accurate details about the Credit Rating of an individual looking for acquiring a loan.

mPowerEDU helps institutions to recover the funds disbursed earlier to the students so that they can fund the education of the next generation with ease.

The attentively designed software includes the below features:
  • University Management
  • Student Management
  • Employee Management
  • Loan Applications under a particular Loan Program
  • Mapping Educational Loan details with the Credit Report of Individual
  • Salary Management of Employees
  • Balance Loan Details and Summary Reports
  • MIS Reports
  • College Management
  • Employer Management
  • Loan Programs Management
  • Loan Disbursements Academic Year wise
  • Facilitating Loan Recovery Payments at various recognised Payment Centres
  • Facilitating Deductions from Monthly Salary of Employees for Educational Loan
  • Search Candidate at Companies’ Employee Database for Recovery

Their Results
After Deployment of mPowerEDU, the government were able to streamline the entire Loan recovery and Credit Management process. They were able to view all the details of the loan and the student and arrange the repayment through his employer in an intended manner. The losses incurred due to loss of track of loans disbursed was reduced considerably. The government was in better control of Funding loans to new students. The business efficiency was increased by 45%

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