SIM.Net FUNDAMICRO PRODUCT NAME VENDOR NAME SUMMARY Review* April Previous Reviews. Overall impression. Pros. Cons.

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1 PRODUCT NAME VENDOR NAME SIM.Net FUNDAMICRO 2010 Review* April 2010 Previous Reviews Not applicable SUMMARY Overall impression Fundamicro markets SIM.Net and provides technical assistance to microfinance institutions. The evaluation was carried out on the Web version, called SIM.Net (the company has an earlier version in client/server architecture). SIM.Net may be considered suitable for small and medium-sized microfinance institutions with well-developed business practices and which display a low propensity to change. It offers basic modules for managing a microfinance institution. While the application is geared to individual credits, it is increasingly used in companies that offer group credit instruments. Fundamicro asserts that it customizes the product to suit the needs of the requesting institution. The version that was evaluated (general version), was developed with rigid, pre-defined functionalities rather than parameters, possibly because it is customized for the institution. Responding to the needs of each institution is achieved in part by changing the source code of the program prior to implementation. This methodology should be analyzed by the MFI, as it could lead to over-reliance on the supplier and consequent delays to any changes that the institution may wish to implement. Pros Web architecture Company with experience in microfinance and technology Product (previous version) installed in regulated and non-regulated institutions (evaluated version) Partnership with microfinance institutions Readiness to negotiate the cost of the source program and provide a data dictionary Cons Product version that was analyzed still displays a certain level of instability Product developed for pre-defined processes could be considered more suitable for individual micro credit (but also has clients that manage group credits) Rigid functionalities, low level of parameterization Does not have all the functionality to allow it to be considered as multicurrency Reliance on the supplier to effect changes in working methods Access to Internet by the branches *Please consider the profile of a typical user when reading this review. Evaluations are conducted based on how well the product performs for the type of user indicated in the client profile section. 1

2 IT expertise required Medium to high expertise of systems personnel for implementation processes as well as for the execution of the application. For maintenance purposes, the institution has limited capacity to change the product so expertise required is limited to of the institution s computer site and the preparation of reports (the supplier could make available the data dictionary). CLIENTS Size ( clients) Small (less than 5,000) Medium (5,000-25,000) Medium-Large (25,000-50,000) with SQL version Large (more than 50,000) Other (specify) Type of institution User feedback (Sample of users) See User Surveys for detailed ratings. Commercial Bank Microfinance Bank Community Bank Finance Companies Savings and Credit Associations Cooperatives and Credit Unions Non-profit Organizations Overall Rating (Excellent,, Average, or Poor) Excellent Name of User Anonymous* Anonymous* ASAPORSAR Sta. Marta Association of Economic and Social Development* Installation by region See RFI for installations by country. Comments: * indicates user has Visual Version Fox Pro (Client/Server) Total Number of Clients (MFI) Europe and Central Asia 0 Sub Saharan Africa 0 East Asia and the Pacific 0 South Asia 0 Middle East and North Africa 0 Latin America and the Caribbean 14 Comments: The average number of branches per client is 3. RATINGS: * poor fair * good excellent Functionality The evaluation was carried out on the executable product and not on the source program. The executable program does not allow changes to the declared functionality. In the event that changes or adjustments are needed, the supplier must be contacted directly. The system offers basic pre-designed functionalities for the operation of a microfinance institution. Work should be done in a centralized manner, utilizing the following integrated modules basic version: 2

3 a) Administrator Module; b) Client Module; c) Accounting Module; d) Savings Module (program configuration); e) Reports Module; and f) Supplementary Modules i. Payroll ii. Fixed assets Configuration is done primarily at the programming level. The parameters that can be configured include the method of calculation, various options for dates on which payments are to be made, days between payments, etc. It manages risk portfolios. While a series of currencies may be incorporated into the system, it cannot be considered to have multicurrency functionality. Authorizations are given to groups and cannot be personalized. A number of errors and inconsistencies were observed during the demonstration. Ease of use * The system has a graphic interface which is similar for all input data forms. It may be said that it presents a medium to low level of difficulty for an operator with some computer experience. Depending on the profile assigned to each user, the menu will display only those options to which the user has access, based on the type of profile. Management reporting Offers a number of pre-designed reports that have been created for various needs, to which a variety of filters may be applied. The vendor may provide the data dictionary for the use of the institution. Personalized reports may be created for regulatory entities, according to their particular requirements. Implementation/ Training/ Support The company is experienced; however, implementation may be difficult depending on the degree of adjustments that must be made to the application to satisfy the requirements of the institution. This can lead to long delays because of the low level of parameterization. Implementation is carried out through a GAP Analysis after which the company adjusts the product to suit the needs of the institution. Implementation usually takes 2 to 18 months. Technical capabilities The application that was evaluated runs naturally in Windows with the Web architecture SQL Server data base. As indicated previously, the adjustments made to the system to meet the operating requirements of the companies (where necessary) are done primarily at the programming level. This approach can result in Fundamicro managing a different version for each client, with the result that the provision of support and maintenance services may become more complicated. 3

4 COST SUMMARY Range of user budgets (See User Surveys for detailed budget) Licenses: Min:$3,600 Max: $44,000 Investments and Telecommunications: Min:$500 Max: $22,000 Maintenance: Min:$900 Max:$1,500 (Annual) Standard costs Unit Comments License Per license US$ 30,000 to US$ 40,000, modules provided were not specified Implementation fees Per implementation US$ 18,000 on average, depends heavily on the customization required Training For end users Included in the cost, average of 60 hours for all modules, training provided by the implementation department For systems personnel US$ 2,500, average of 40 hours for all modules, training provided by implementation department Maintenance Per year US$ 5,000 to US$ 10,000, does not specify which service provides maintenance Pricing Cases (details in RFI) Clients Users Branches % Urban/ % Rural Price Case 1: MFI with Loan, Deposit, Domestic Transfer Products 100, /50 $54,460 Case 2: MFI with Group and Individual Loan Products 40, /80 $42,500 Case 3: MFI with Individual Loan and Deposit Products 15, /20 $42,500 Case 1- Products: Administration, portfolio, reports and accounting. Fixed Assets and Payroll Includes cost of licenses plus the implementation of the Modules Includes SQL License and access to connection for offices Training of end users included in the cost Includes the half-yearly cost for technical support and maintenance 13-month Project (approx.) Case 2 - Products: Administration, portfolio, reports and accounting Includes cost of Licenses plus cost for implementation of the modules offered Includes Data Base licenses for 4 branches End user training included in cost Includes annual cost of technical support and maintenance 14-month Project (approx.) Case 3: Products: Administration, portfolio, reports and accounting Includes cost of Licenses plus cost for implementation of modules offered Includes Data Base licenses for 4 branches End user training included in the cost Includes annual cost of technical support and maintenance 14-month Project (approx.) 4

5 DELIVERY CHANNELS FRONT OFFICE Functionality Map of SIM.Net CLIENTS PRODUCTS AND SERVICES Teller mgmt Loans Savings Transfers Others ATM POS Mobile Banking PDA Client information Potential client information Customer Relationship Mgmt (CRM) Individual loans Solidarity groups with individual loans Solidarity groups with group loans Collateral mgmt Guarantor mgmt Credit Scoring Savings account Current account Overdraft account Term deposit Planned savings Group savings Interbranch Interbank International Batch Payment card Check mgmt Foreign exchange Insurance LEGEND Function not covered BACK OFFICE NETWORK Function covered at less than 50% Function covered between 50 and 75% Function covered at more than 75% Function covered by additional module Function covered by partner software ADMINI- STRATION HR administration Payroll Share mgmt FINANCE & ACCOUNTING Finance Budget mgmt Treasury mgmt Asset mgmt Accounting Chart of accounts mgmt Sub-ledger updates Accounting GL REPORTING Operational reporting Regulatory authorities reporting Financial reporting Management reporting PC stand alone On line (WAN) Centralized LAN Decentralized with consolidation of Database transfer With off line option Incremental data transfer 5