Users can now combine self-guarantor (loan owner), member guarantors, and collateral during loan creation. This expanded flexibility simplifies loan guarantee management. This can be effected in two way;
Previous Implementation: When a loan was topped up with an additional amount, the loan application would enter a pending state with a new principal amount calculated as:(Outstanding principal + Additional amount). After approval, the previous loan status would update to “New” with the adjusted principal amount. The following are steps of the new implementation.
Credit officers and loan approvers can now modify the loan product during the approval stage without deleting the application, improving flexibility and efficiency. This feature applies to pending loans. Select the loan then click on Edit. At the product, select the loan a member would wish to change to then submit.
This allows admins to adjust loan repayments or reversals without affecting ledgers. Loans can be re-closed after adjustments for finalization. 2. Click on “unclose” loan tab. 3. Confirm to unclose the loan the carry out the corrections needed on the loan. Once done, close the loan.
Previously, the system used a single job (in SuperAdmin set up), Jobs.AutoDebitJob , to handle auto-debit transactions, including loan repayments, savings recurrence, and member charges. This feature required enabling auto-debit for each client and linking a specific savings account, which would then be automatically debited for these transactions based on a predefined schedule. To improve…
Objective:To improve data quality and ensure members provide complete and accurate personal information during onboarding by enforcing separate mandatory fields for First Name and Last Name. Follow the procedure below
Now we have easy access to quick loan through a very visible section in the Wakandi Member App. By just a click of a button(s), and you’re good to go. The SACCOs/MFIs have to choose eligibility filters for their members to be able to experience this improved feature. Below are the steps you can follow…