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Fund Settlement

Wakandi pooled account is shared by multiple SACCOs for the collection and disbursements. Wakandi provides full visibility to SACCOs on those transactions and total available funds at any point of time. Wakandi is supposed to transfer those funds to the SACCOs bank through settlement process.

Wakandi is required to settle the funds to the SACCOs bank account as per the agreement with SACCos and to be compliant with regulations. This might be immediate, daily or on request basis.

On defined interval or immediately Wakandi initiates fund transfer from Wakandi pooled bank account to the SACCOs bank account. Float is used and tracked by Wakandi to ensure that SACCOs do not have to wait for actual funds to be settled between MNO/Bank and Wakandi.

Manual Fund Settlement through Super Admin

1. Access SACCO Business Account

→ Navigate to Business Account > Accounts. → Select the specific SACCO for which settlement needs to be performed.

2. Add Withdrawal Account

→ Click on the Withdrawal Account section to add the SACCO’s withdrawal bank account. → Ensure that the account details entered here exactly match the bank account provided by the SACCO, as the same details will be posted in SACCO Accounting.

→ Enter all required fields and click Submit.

3. Open Settlement Tab

→ After successfully adding the withdrawal account, go to the Settlement tab. → The pending settlement amount will be displayed under the Amount section. → Click on the Settle button to proceed.

4. Complete the Settlement

→ The Settlement Page will open. → Select the destination account (the withdrawal account added in Step 2). → Select Wakandi account (Eg - DTB, NMB) as the sender account. → Enter the Reference ID, ensuring it matches the reference of the actual bank transfer. This is critical for accurate reconciliation.

→ After entering all required details, click Submit. → The system will initiate the transaction and automatically post it to the system.