THE MYCOMAX HERITAGE
In the Microfinance Arena, long term sustainability requires you to keep the cost of capital and overheads as low as possible, to manage unlawful behaviour and to promote savings. Sustainability is also about staying involved, and through innovation and constant product development, our solutions are testimony to our on-going commitment to offering a wide variety of options to save costs and to simplify the way people do business. In any country, the Microfinance Industry is an effective method for the alleviation of poverty to more disadvantaged communities and groups. Services delivered by the Micro Financier, must have a positive impact on shortages and these positive changes must be sustained over a longer period of time to enable families to emerge from their state of insufficiency and to sustain the future of the Microfinance Industry.
Our products have developed over time and show consistent momentum toward changing market expectations and business priorities. Our intuitive, seamless and secure Software Platform is the ultimate productivity tool and the master key to cost-effective and fluent operations in your business.
The key to progress, particularly in times of economic crisis, is INNOVATION. Our innovation and development span more than 23 years and at Mycomax we believe in coordinated efforts with our clients in order to execute strategies that are flexible to the constant change we see in our industry today.
Our visionary approach to the business is moulded by our extensive knowledge and experience in the financial services field. Not only do we produce solutions for today, but we embrace a proactive approach in developing solutions for the future.
Mycomax has proven itself as an innovative developer and has supplied diverse solutions to various sectors of the Southern African Economy, notably the Micro Credit Market.
Mycomax has proven itself as an innovative software developer and has supplied diverse loan management solutions over the past 23 years to various sectors of the Southern African Economy, notably the Micro Credit Market.
A broad overview of our product history include the following:
QuickMoney was a comprehensive loan management software solution, designed to simplify your life, our single solution includes everything your business needed to keep the pace ahead of competitors. Our dynamic software platform offered you multiple innovative solutions.
QuickMoney was our Loan Administration Software with everything from NCR compliant loan agreements, credit enquiries and Advanced Management reporting to a cashless solution called CashAccess.
QuickMoney managed your entire loan cycle, from application to payment collection and was aptly known as a ‘all-in-one’ solution. QuickMoney operated with an advanced Security Module.
If you want to know more about our exciting new platform, MAXMONEY, click HERE.
What We Did
Mycomax began issuing cards in 1996 and therefore we understood the challenges around the implementation of cards in practice.
This product development was the first major breakthrough in providing a real answer to the controversial payment issues in the microfinance industry, back in 2000.
Was developed as a solution to the growing need to to find cashless option for loan distribution, especially regarding the risk factor and costs of keeping cash on the premises.
The Portal was a Web-Based Payment Collection System that enabled you to electronically deduct future and recurring payments from your client’s bank accounts via the Non Authenticated Early Debit Order (or NAEDO) stream.
The key role players in the microfinance industry have been seeking an ideal payment system for many years.
An ideal payment system was defined as:
Being able to send payment instructions to all major issuing banks;
Presenting the ability for payment instructions to be processed as close as possible to the time when the account holder’s remuneration is credited into his/her bank account;
As well as presenting timely feedback on the outcome of such payment instructions.
Various service providers have tried to develop this ideal payment system, but unfortunately, as a rule, these solutions were perceived as a ‘one-bank-solution’; meaning payment instructions were only processed for a specific bank.
The banking industry decided that a new payment system should be developed to provide an acceptable solution to the microfinance industry. Most role players in the industry worked with the SARB-assigned project team to develop the functional specifications for the Early Debit Order System (EDO), including Mycomax.