Auto-debit is a financial feature that enables the automatic deduction of funds from a designated account on a scheduled basis to fulfill specific obligations or payments. Commonly used for recurring transactions like loan repayments, savings contributions, subscription fees, or utility bills, this functionality ensures timely payments without manual intervention, reducing the risk of missed deadlines….
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…
Overview The login and authentication process for both the Admin and Member app now utilizes a PIN, enhancing security, streamlining the login process, improving the user experience, and minimizing the likelihood of forgotten credentials. Steps to Set Up PIN: Forgot PIN:
This feature allows eligible members to apply for and receive loans instantly, providing fast and convenient access to funds. The admin can amend an existing loan policy to a quick loan or set up an entirely new loan with a chosen name. Popular names are Mobile loan, Instant loan, Chap chap among others. The convenience…
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…
The Holiday Management feature provides financial institutions with the flexibility to manage interest collection during holidays and working days. Institutions can adjust interest rates on holidays, either applying standard rates or waiving them entirely. Additionally, this feature allows them to configure working days by excluding weekends or other non-working days, ensuring alignment with operational policies….
The multiple charges offers greater flexibility and efficiency in managing recurring charges for member accounts. It supports better management of various charges associated with a member, such as lateness, absenteeism or any other penalty charges. Key Features How to Configure the Multiple Charges The Benefit of Multiple Charges
Wakandi CAMS gives provision to add multiple fees to a single loan application and manage them seamlessly. Borrowers can repay all associated fees in a single transaction through the teller module. How to Configure the Multiple Fees In the Teller module, all applicable fees for a loan will be displayed for streamlined payment processing.
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…
The system supports calculating loan penalties based on various time intervals giving the financial institutions a wide range of options which are listed below The admin is required to edit and approve the Credit Product Policy (CPP) and approve it to ensure the feature applies Here is How