KATHMANDU, Nepal– The Nepal Federation of Savings and Credit Cooperatives (NEFSCUN) is working with a local software developer to build a multi-tenant, cloud-based enterprise resource planning (ERP) system that will allow member credit unions to automate and manage their core business processes, according to the World Council of Credit Unions (WOCCU).
WOCCU said the rollout comes two years after the association was inspired by WOCCU’s Challenge 2025 initiative to launch the effort.
According to Radheshyam Shrestha, NEFSCUN’s assistant executive officer of Finance and General Administration, Myra ERP, developed by Neosys Technology, will allow NEFSCUN to provide its credit unions with a “one-stop department store for all kinds of information and communications technology (ICtT needs."
“NEFSCUN has realized the gravity of WOCCU’s Challenge 2025 and identified the need for strong, powerful software to foster the credit union movement,” said Shrestha. “We conducted research titled: ‘Effective and Feasible IT Systems for NEFSCUN to Enhance its Role and Member Servicing’ in 2020, which recommended NEFSCUN should develop a single, integrated ERP system for all cooperatives, and be a platform service provider for all kinds of ICT needs.”
The Systems Provided
Based on that research, WOCCU reported NEFSCUN and Neosys Technology worked to develop an ERP solution in a SaaS (software as a service) model that will provide its credit unions with systems for:
- Core banking
- Accounting
- Member and share management
- Fixed asset management
- Inventory management
- Quality assurance, supervision and monitoring
- Business intelligence and reporting
- HR, training and capacity management
- Business process management
- Compliance management
- Document management
- Alternative channels and cross connectivity
Two Phases
NEFSCUN has divided the development of Myra ERP into two phases, WOCU said. The first phase includes the development of the core banking system, member and share management system, accounting system, Inventory management system and alternative channels—which include mobile banking.
“NEFSCUN is currently implementing the data migration and user acceptance testing of phase one,” the World Council reported. “They expect all first-phase systems to be fully implemented and operational by mid-January 2023, with the development and implementation of second-phase systems following soon afterwards.”
By the end of 2023, NEFSCUN expects 500-member credit unions will be using Myra ERP as their single integrated software solution, WOCCU stated.
Every Morning. The Freshest CU Headlines. For You. For Free. Or Your Money Back
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.