Hostalite Signs MoU with Investment Club Association of Uganda to Provide club Management Software
Starting an Investment club is unfortunately not as easy as simply having a vision. Founding members face several obstacles in their bid to run and produce well-maintained club records.
East Africa’s leading web hosting and development company, Hostalite LTD on 25 August 2017 signed an MOU with the Investment Clubs Association of Uganda (ICAU). The event was held at the Ministry of Finance, Planning and Economic Development offices in Kampala.
Cinnamon Clubs Software
Cinnamon Clubs is a premier investment club management software designed and developed by Hostalite Ltd.
The software is an easy to use software package that does not require advanced skills in information technology. At UGX 700 per member per month for a club of 20 members, Club officials can very easily register their clubs and add club members to the platform. Club members are able to interact with the system and access their individual records at any time.
According to Dickson Mushabe, Regional Manager E.A Hostalite Ltd, The club software will offer the ICAU membership wide ranging solutions for their clubs.
“The system is able to capture member contributions in accordance with specific club rules on regular payments and invoicing. Penalties on defaults can also be set up in the system and automatically deducted” he adds.
For clubs that use loan products, the club can initiate loan applications, process guarantees and keep track of repayments. Clubs whose members are spread out in different geographical locations, the Cinnamon clubs system has the advantage of being available online and can therefore be accessed globally.
“With Cinnamon clubs software, Hostalite, delivers on our commitment to listen to our clients’ needs and deliver valuable and practical solutions” notes Mushabe
Speaking after the signing, The Chairman ICAU, Mr. Stephen Luyonjo said that this was a very good strategic partnership which will enable the clubs manage their activities with ease
ICAU was founded by several investment clubs in Uganda to mobilize and support investment clubs to grow into high return investment vehicles for members. It is also supported by the Competitiveness and Investment Climate Strategy (CICS) program under Ministry of Finance, Planning and Economic Development. The umbrella organization comprises over 2400 members in their respective investment clubs.
In order for investment clubs to run well and deliver on the objectives of their membership, they need to have well-kept records.
Investment club officials face several obstacles in their bid to produce well-maintained club records. Most elected officials offer their services on a voluntary basis taking time out of the busy schedules of the rest of their responsibilities. Many are not trained accountants or financial management professionals.
In addition, some investment clubs have members who do not all reside in the same geographical locations. This poses challenges of communication and timely processing of financial statements of contributions, loan applications and loan repayment records.