Users now have the option to settle their self-guaranteed loans by utilizing the blocked amount, offering them greater flexibility in managing loan repayments. This approach allows borrowers to tap into funds that were previously set aside or restricted, thereby providing an alternative way to make payments without needing to access additional cash or assets. It…
Backdated transactions will now trigger an interest recalculation for the upcoming installments, ensuring accurate repayment schedules and interest adjustments for loans running on reducing balance. This is only applicable to loans with reducing balance Interest Rate calculation method. Steps First of all, edit the Credit Product Policy using the below steps Below is a loan schedule for a loan before making a backdated loan repayment Steps…
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 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…
Members can now borrow the same loan product multiple times. This feature allows greater flexibility in loan management and accessibility. This enhancement improves member financing options and streamlines loan processing. To enjoy this feature, the admins are required to edit the Credit Product Policy and enable its functionality Steps 5. The final step is to approve…
Loan trays have been introduced in the Pending Loans section to enhance the display of both loan details and the assigned user. This update improves the overall visibility and organization of loan applications, making it easier for users to track and manage pending loans. With this feature, users can quickly identify which loans are in…
This feature empowers tellers with the ability to reverse transactions originating from auto debits, enhancing flexibility and precision in managing financial transactions. With this functionality, users can efficiently reverse loan repayments and member charges, ensuring seamless transaction management. This feature provides a higher level of control, reducing errors and ensuring more accurate transaction processing for…
This feature introduces a mandatory review process to ensure that no single user can independently initiate, approve, or complete significant transactions or changes. Workflow and Approval Levels: Importance of Maker checker1. Enhanced Transactional Control.2. Improved Accuracy and Oversight.3. Clear Role Definition and Accountability.4. Strengthened Compliance and Audit Trails. Steps to set maker checker for teller…
This feature update introduces enhanced security and accessibility for USSD services by allowing users to create or reset their PINs. Here’s a summary of the key aspects: These updates significantly enhance the overall security of USSD access while providing a more accessible and streamlined process for users. To create or reset the PIN, the user…
The “Maker Checker” is responsible for creating and initiating data capture or editing, while the “checker” is responsible for verifying and approving these transactions. This separation ensures that at least two individuals are involved in updating member details. This ensures that security and accuracy are enhanced; a new approval workflow has been introduced, and the steps…
Integration of Mpesa with our Wakandi Business Account (WBA) platform is now complete. This enables financial institutions admins to top up their WBA using the STK push feature easily. This integration simplifies the process, making it more convenient and efficient to manage your account. Key Features: Follow the below steps to top up WBA successfully…