World Council Member Association in Nepal Embraces Challenge 2025 with Development of ERP System2022-11-23
Two years after launching a research project inspired by World Council of Credit Unions’ (WOCCU) Challenge 2025 initiative, the Nepal Federation of Savings & Credit Cooperative Unions. Ltd. (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.
Myra ERP, developed by Neosys Technology, will allow NEFSCUN to provide its credit unions with a “one-stop department store for all kinds of ICT (information and communications technology) needs,” according to Radheshyam Shrestha, NEFSCUN’s Assistant Executive Officer of Finance and General Administration.
“NEFSCUN has realized the gravity of WOCCU’s Challenge 2025 and identified the need for strong, powerful software to foster the credit union movement. 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,” said Shrestha.
Based on that research, 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.
- 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.
NEFSCUN has divided the development of Myra ERP into two phases. 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. 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.