FINX Cooperative Software expands use in Madhes with training on technology

JANAKPURDHAM: FINX Cooperative Software, developed by Zinob Inc, organised a programme in Janakpurdham on Friday, which saw the participation of more than 100 chairpersons, directors and managers from co-operative organisations in Madhes Province. The programme discussed the use of modern technology in co-operative organisations, the criteria for selecting software and the benefits derived from it.  

Facilitating the interaction, cooperative expert Kiran Paudel provided training on topics such as the use of technology and the selection of appropriate software in cooperative organisations. Paudel suggested that cooperative professionals look for features such as cloud-based systems, compatibility with the Co-operative Act and Rules, no need for third-party applications, and ease of regulatory compliance and reporting when choosing software.  

Inaugurating the programme, Nathuni Yadav, director of the National Co-operative Federation of Nepal, emphasised the need for full compliance with the Co-operative Act and laws, as well as transparency, for the development and expansion of co-operatives. Analysing the role played by cooperative organisations in poverty alleviation, addressing unemployment issues and contributing to the economic development of society, Yadav also urged the removal of negative perceptions towards co-operatives. Basudev Bhatta, an officer from the Office of Co-operative Registrar of Madhes Province, stated that the use of software would greatly assist in resolving problems and maintaining good governance in cooperatives.  

Ram Nagina Raut, chair of National Saving and Credit Co-operative, social worker Krishna Dikshit, and Binod Thapa, chief manager of Swastik Saving and Credit Co-operative, also shared their views on the co-operative sector during the programme.  

The software, operating under the name FINX Co-operative Software since last July/August, is currently being used by more than 500 organisations. The software, listed after meeting the standards set by the Procedures Regarding the Use of Application Software in Co-operative Organisations – 2081, issued by the Koshi Province Office of Co-operative Registrar, includes new features in addition to core banking, such as a detailed model related to the loan investment process, goAML, COPOMIS and Pulse Monitoring. Similarly, the software offers modern facilities including QR code payment and settlement, mobile recharge via missed call, amount transfer from bank to co-operative and from co-operative to bank account, amount transfer to wallets such as eSewa and Khalti and from wallets to the co-operative's account, ATMs and e-teller.