E-lender: an online money lending system

Abstract

Money lending is a financial transaction in which person A lends person B a sum of money for a fixed period of time with the agreement that it will be returned with interest (Brook, 2014). The practice enables both the lenders and borrowers to benefit from each other. The borrower can then have access to money that he would otherwise not be able to access, in exchange for paying the lender an agreed-upon premium in addition to the principal amount of the loan. There is scarcity of money lenders is Uganda due to the increased high costs of living. Our project research aimed at designing an online money lending system which could effectively manage the various money lenders and borrowers in Uganda. This report details the steps undertaken by the researchers to devise a comprehensive solution to this problem. Different data collection methods like interviews and questionnaires were used to collect data about the manual money lending system that was being used to lend and borrow money in Uganda. Different technologies were used for the design and development of the system for example Microsoft Visio for data and process modelling i.e. the context diagram, data flow diagram and entity relationship diagrams, Microsoft Visual Studio among others. The online money lending system was successfully developed and validated by a number of users. We are confident that the system will therefore provide a long-lasting solution to the scarcity of money lenders in the country at all times.