MyraERP, a cloud-based software platform aiming to fully digitalize Nepal’s cooperative sector, has added a ‘Loan Processing and Document Management’ module to its system. Developed by Neosis Technology, the module allows cooperatives to manage the entire loan lifecycle digitally and automatically while simplifying compliance with regulatory requirements.
According to Manoj Tiwari, CEO of Neosis Technology, the new module will significantly improve operational efficiency within cooperatives. Using a single-login system, cooperatives can process loans while effectively resolving member identification challenges (Know Your Member – KYM).
The system automatically evaluates member creditworthiness, collateral value, and historical transaction data using Five C Analysis, thereby reducing risk and strengthening financial transparency between cooperatives and their members.
MyraERP also supports reporting to regulatory authorities. Whether submitting data to the Cooperative Department’s COPOMIS, or generating TTR reports for AML/CFT compliance, the system provides all required reports in Excel or XML formats. The software also facilitates data reporting for local bodies, cooperative associations, federations, and the National Cooperative Regulatory Authority (NCRA). Cooperatives engaged in primary savings and lending activities can directly report to the Credit Information Center through MyraERP, ensuring seamless compliance.
From a security standpoint, the ISO 27001:2022 certified software protects sensitive loan and collateral data using a digital document vault. Over 700 cooperatives have already adopted MyraERP, benefiting from modules for savings and loan management, member and share management, full accounting, mobile banking, and SMS alerts. Additional features like MR Collector app, inventory management, and online bill payments enable cooperatives to operate in a fully paperless and technology-driven environment.
Built on a highly scalable SaaS cloud architecture, MyraERP requires no additional physical infrastructure or servers, allowing cooperatives across Nepal to provide services comparable to modern banking and digital wallet systems.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
