Display for Total Interest and Outstanding Balance

A new enhancement in the system now enhances the display of interest and outstanding balances, ensuring clearer financial information and preventing overpayment. This improvement allows users and tellers to see only the principal and accrued interest up to the current date, rather than the total interest for the full loan duration. With this update:✅ The…

Enhanced Name Field & Member Onboarding Improvements

Overview To enhance data accuracy and ensure complete member details, we have introduced improvements in the member onboarding process. Objective:We’re making it easier for you to provide complete and accurate information during onboarding by introducing separate fields for First Name and Last Name. New Name Field Configuration Exciting Enhancements to ‘Add Member’ Page and Member…

Transaction Processing with Unique Client ID

To improve security, accuracy, and efficiency, we have transitioned from using account numbers and phone numbers for transactions to a streamlined method based on each client’s unique numerical ID. The numerical ID is recorded under the Reference Number in the Member Details page and is now used for all deposit and repayment transactions, ensuring precise…

Teller Reversal for Loan Transactions

The Teller Reversal feature allows tellers to fully reverse transactions, restoring loan installments to their previous state. This ensures that any erroneous disbursements or repayments can be corrected seamlessly. Additionally, Concurrent Ledger Updates ensure that accounting ledgers reflect the transaction reversal accurately, maintaining precise financial records throughout the process. How to Reverse Loan Transactions Reversing…

Enhanced Member Data Import: New Fields for Improved Accuracy

The import tool has been upgraded to support additional data fields specific to members, enhancing profile accuracy and streamlining data management. These updates ensure more comprehensive member records, improving financial tracking and operational efficiency. New Data Fields Added ✅ National ID: Captures the member’s official identification number.✅ Occupation/Business Type: Records the member’s profession or type…

Flexible Loan Repayment Options: Bi-Weekly & Bi-Monthly

To enhance borrower flexibility and improve financial planning, we have introduced Bi-Weekly and Bi-Monthly repayment options under our Credit Product Policy. These new tenure options allow borrowers to choose a repayment schedule that aligns with their cash flow and financial commitments. New Repayment Options ✅ Bi-Weekly – Loan installments will be due every 2 weeks…

Statement Upload & Transaction Reconciliation

Managing transaction reconciliations manually can be time-consuming and prone to errors. This Automated Reconciliation Feature allows users to upload Mpesa or Bank statements in CSV, Excel, or PDF formats, ensuring a seamless and accurate reconciliation process. How It Works Once a statement is uploaded, the system validates its format and structure, then automatically matches transactions…

Automated Fund Settlement for Financial Institutions

Managing multiple group accounts efficiently is essential for financial institutions that oversee several groups, each with its own bank account. This Automated Fund Settlement feature streamlines fund collection and distribution, ensuring accuracy, efficiency, and transparency. How It Works This feature allows funds to be collected into a single bank account and then seamlessly allocated to…

Version Control for Credit Product Policies

Overview Administrators now have the ability to maintain version control for credit product policies, ensuring that unapproved modifications do not affect active loan products. This feature provides a reliable way to track and manage policy changes, enhancing transparency and control. By implementing version control, administrators can streamline policy updates and approvals, ensuring a systematic and…

Auto Debit Feature for Registration and Subscription Charges

Overview The enhancement to Auto Debit functionality, now enables the separate payment of registration and subscription fees through Auto Debit. This update streamlines the payment process, making it more convenient for members while ensuring timely fee collection for financial institutions. Key Changes Enhanced Auto Debit Capabilities: Membership Policy Configuration: