Update to Loan Payment Flexibility

A member can pay more than the due amount but less than the total outstanding balance. This feature gives members greater flexibility in managing their loan payments.

Procedure

1. Login to Wakandi Cams, on the side bar
2. Select Transactions > Teller then on Account Type, choose Loan > Transaction Type, choose Repayment then for Account Details choose Member Loan Account
3. Check the either ,”Current Outstanding”, “Past Due”, or “Partial Payment” depending on the member’s request.
4. Submit the transaction to effect it.

• A member is equally able to enjoy this feature on their member app.
• On the member app, open the loan you would wish to make partial repayment on in case you have a number of loans.
• Select the option you would wish to implement, that is, Current Outstanding, Past Due, or Partial Payment, as shown below.

Security Customization

Administrators can now choose to enable or disable OTP verification for online loan disbursement. This can be done during onboarding or after, with help from the Wakandi Support team. Our security while disbursing loans can now be attached to 2-factor authentication technology.

When a member is in need of getting disbursement of a loan using online channels, they must have set up the loan application and choose Destination type as MNO. After the application is put in and approved, we can follow the steps below to disburse:

• The administrator initiates disbursement of a set-up and approved loan.
• The member receives an OTP prompt on their end.
• The member has to share the OTP with the administrator to approve the online loan disbursement.
• A confirmation message happens on the member side when the disbursement is successful online.