As Mycomax>> works towards its vision – of dominating the Market with our SINGLE MANAGEMENT SOLUTION we are constantly searching for ways to enhance our already successful Solution. Today we are the only service provider that offers all the elements of running your Micro Finance Office. This includes your Loan Administration module to manage the full cycle of your loan, NLR checks & registrations, loading EDO Transactions with receipts as well as issue CashAccess cards for the disbursement of loans – all built on a strong Accounting backbone.
During 2010 Mycomax>> extended the Single Solution Strategy to its Pricing Strategy. In this approach you pay a single price per office for access to all the above mentioned modules in one seamless option.
To further enhance and add value we are proud to announce that we have negotiated an inclusive deal with MFSA (Micro Finance South Africa). From the 1st of August 2011 all Mycomax>> Clients will become automatic members of MFSA. This means that you will save your monthly membership payment to the MFSA. All your branches’ registration will be facilitated by Mycomax>>.
MFSA is a representative body of registered and legal Micro Finance Credit Providers in South Africa. They are the ‘Recognised Voice of Reputable Micro Financiers in South Africa’, and they represent almost 1500 Micro Credit Providers registered with the National Credit.
Their Vision is to ensure a sustainable Microfinance Industry and they are committed to promoting the interests of all members and their clients through:
- Continuous advocacy
- Creation of development and growth opportunities
- Facilitation of member interaction
The MFSA Contact Sessions and AGM’s are excellent platforms for professional interaction, networking and promotion of business products and services.
Your MFSA membership also includes your affiliation and monthly contribution to the following industry bodies:
- Credit OMBUD (CO) and CREDIT INFORMATION OMBUD (CIO) www.creditombud.org.za
NATIONAL DEBT MEDIATION ASSOCIATION (NDMA) www.ndma.org.za
NATIONAL LOANS REGISTER (NLR)
and CREDIT PROVIDERS ASSOCIATION (CPA) www.cpa.org.za
We, at Mycomax>>, firmly believe in the role that MFSA plays in ensuring a sustainable Micro Finance industry.
Please feel free to participate in discussions with them, attend the AGM and yearly contact sessions, confident that you are a full and paid-up member!
All thanks to your Single Solution Service Provider: Mycomax>>!
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (the Act) and is responsible for the regulation of the South African credit industry. It is tasked with carrying out education, research, policy development, registration of industry participants, investigation of complaints, and ensuring enforcement of the Act.
“Helping and relieving over-indebtedness one person at a time”
Welcome to the National Debt Mediation Association (NDMA). The NDMA is a free, confidential service offering advice and resources to consumers who are worried about debt.
The NDMA offers consumers who are debt-stressed advice and guidance as to:
• Assess the level of their over-indebtedness
• Make an informed decision as to whether to seek help to resolve their situation
• Who to go to for help
• Methods of resolving their situation
• The do’s and don’ts of credit usage, budgeting and avoiding the debt spiral
In the past year many changes took place regarding the access to EDO and the management of members as well as making sure that they comply with the necessary regulations.
The main change will compel all EDO Users to apply directly for Beneficiary Membership with the EDO PSSF regardless of their membership with MFSA, ASISA, eSPA or CIBA or any previous form of sponsorship via any technical service provider or system operator or third party payment provider. The changes aim to facilitate a central-focused approach where all EDO Users are centrally monitored and accounted for.
This approach will allow for easier identification and managing of Non-Compliant or Non-Member Users of EDO. Persons using EDO without the required EDO PSSF Membership are non-compliant to the EDO REGULATORY FRAMEWORK, and so is any Service Provider that enables such Non-Compliant User/s.
The National Payment System is constantly changing to ensure efficient safe methods for supplying payments to the general public. The EDO PSSF has entered a new era of growth in order to maintain their position in the NPS.
The South African Reserve Bank is the central bank of the Republic of South Africa. The primary purpose of the Bank is to achieve and maintain price stability in the interest of balanced and sustainable economic growth in South Africa. Together with other institutions, it also plays a pivotal role in ensuring financial stability.
THE CREDIT OMBUD
The Office of the Credit Ombud resolves complaints from consumers and businesses that are negatively impacted by credit bureau information or when a consumer has a dispute with a credit provider, debt counsellor or payment distribution agent.
To ensure that the South African payments domain is world class, by protecting its integrity thus ensuring it is safe, sound and relevant through:
- Alignment to and enablement of the SARB’s NPS Policies and Principles;
- Provision of strategic guidance based on sound principles;
- Focusing on the End-to-End Payment Value Chain; as well as
- Implementing of, amongst others, infrastructure and processes that are conducive to and optimal through:
- interoperability and innovation;
- efficiency and transparency;
- flexibility; and
- legitimacy and certainty for participants