Full Project – Design and implementation of microfinance accounting information system

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CHAPTER ONE

1.0  INTRODUCTION

This project “design and implementation of micro-finance accounting information system” is carried out to critically analyze and fashion out a way of implementing real time micro-finance banking operation especially in the area of accounting.?

The term “real time’ can be defined as descriptive of on-line computer processing data system that receive and processes data quickly enough to produce output, control, direct or effect the outcome of an ongoing activity of effect the outcome of  an ongoing activity of process real time banking operation is simply an online description computer system where customers account is updated at any point in time whenever a transaction is made by the named  customers such as deposit or withdrawal all these are done in an electric speed in an matter of nano second.

In this chapter the background of the study the statement of the problem, the significances of study, objectives, scopes and limitations as well as definition of terms for the study are fully established.

1.1  BACKGROUND OF THE STUDY

Ekeoha n micro-finance bank Plc is the case study of this project. The micro-finance bank under study has distinguished it self as a leading micro-financial institution and a major contributor to the economic advancement and development of rural communities in Nigeria.

The bank was incorporated as a limited liability company on March 31, 2001 with head office in Abia State. It started business under the auspices of Bordeaux.com million naira. In its early years of operations, the bank recorded an impressive growth and worked closely with the Abia State government in granting loans to petty farmers in rural communities. The bank had a major commercial bank as its backbone from which transactions between her and major traders in the state was strengthened. to justify its national courage, a branch was opened in Akwa-Ibon state in 2003 and another Ebonyi state in 2004. These marked the genesis of the banks national banking operators.

although, Ekeoha micro-finance bank’s operations does not include the issuance of cheques and keeping money vaults, it has gained the confidence of its  customers through its partnership with commercial banks that have strong capital base.

To reposition and take advantages of opportunities in the changing environment, the bank had at various times embarked on human capital development initiative.

In 2005, the bank introduced a decentralized structured with five regional administrations. To further enhance the bank’s operational efficiency this was are configured into sixteen area offices in 2007. In view of the foregoing, it was therefore a natural progression when it’s corporate identifies to reflect its rejuvenated focus. The transformation process which began early 2004 gained momentum in 2007 and was launched on Tuesday, April 2^nd 2008 with the introduction of a new corporate identity.

In line with the banks mission statement, “ remain focus to the needs of our customers by providing best financial services possible”, the bank will consistently transform itself as it forges ahead in its second century of qualitative banking to communities and nation at large.

1.2  STATEMENT OF PROBLEM

Micro-finance banks in Nigeria at the earlier stages of their inceptions have always earliest manually operated. That is, every transaction is done by human (physically) except perhaps the addition of figures in a ledger book with the aid of an adding machines such as calculators with the increase of customers in micro-finance banks, the above system failed to met the requirement wanted by the customers.

The following complains were noticed frequently.

(a). Customers complained of spending too much (sometimes during or before deposit and withdrawal)

(b). Mistakes in mathematical operations involving balancing of customers accounts.

(c). Bank personals were often complained of being rude to customers probably out of frustration of being pressured by impatient customers who want quicker services.

(d). Loss of large sums of money through fraudulent bank personals who alter customers account in order to steal.

All these led in frictions of minutes can actualize and reduce a lot of those constraints through the introduction of customized computer based accounting software.

• SIGNIFICANE OF THE STUDY

Most micro-finance banking operations lie on savings account and at such, the use of computer based accounting information system will help in centralizing information as well as easing the job of auditing. It will also help in linking two or more banks and also modernize the banking business in order to move ahead of competitors.

Finally it will encourage micro-finance banks to incorporate the enhanced computer based accounting information system into their operations as it exposes her to the profit maximization measure which cannot be ignored if her objectives must be met at all.

• OBJECTIVES OF THE STUDY

The objectives of this study is to create an information storage system for efficient record keeping and automated for data information system software for data computing which solving involves both input of vital data to calculate new balance which includes all modes of operations like saving accountings, etc. also includes are the interest rates and services charges other objectives includes;

a). Customers hence forth will not spend much time in collecting their money.

b). There will be less mistakes because almost all operations will be handled by the computer thus, if there is any, the computer will easily debating it.

c). There will be increased customers satisfaction.

• SCOPE OF THE STUDY

The application of computer in micro-finance banks with the degree of their responsiveness to accounting operations in micro-finance banks especially in current mode of operations, however, for the purpose of this study shall limit it scope to the real time computerization of savings accounting only, and this is solving carried out at the accounting department of the named micro-finance bank.

1.6  LIMITATION

Some factors had caused some constraints in the cause of this study or research work; they are:

1. TIME: the duration for this research work was too small for the study to be carried out in a more complex scope or form. In other word, the time needed to meet bank personnel’s for consultation on this study was limited.
2. RESOURCES: the limited resources available for carrying this research work posed on constraints during the research. There was little resources (money) to visit. The available in some geographical areas. The available related materials in this research work/topic were not enough and some respondents were unwritten to supply more information.

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Full Project – Design and implementation of microfinance accounting information system