How are repayments made and tracked? What about savings?
Depending on the MFI and geographic location, payments are made in cash, by voucher (a deposit slip showing a bank deposit) or, in some instances, by check. The loan officer takes a collection sheet with her that shows the expected payments and disbursements to be made. She updates the members passbooks and marks the collection sheet with any differences and returns it to the branch at the end of the day with the remittances. She deposits the cash, and the collection data (repayments, disbursements, savings, withdrawals, fees) are entered into the MFIs MIS system, spreadsheet, or manual register. It is reconciled with the remittances, both balancing the cash and allowing aggregation of the data for reporting. In the event the MFI has a savings product, the credit or loan officer will also be responsible for updating the members passbooks with any changes.
