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…
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…
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…
The system supports configurable automatic loan provisioning, enabling financial institutions to customize provisioning rules to align with their specific requirements. This enhancement provides greater flexibility while ensuring compliance with internal policies, allowing institutions to manage loans more efficiently.
Implementing a PIN on USSD is crucial for enhancing security. It ensures that only the authorized user can access loan applications, by protecting against unauthorized access. This helps to curb fraud, ensures privacy and builds trust. This is an advanced security feature. Users must now create/reset a USSD PIN via the USSD portal before applying…
This feature aims at improving the accuracy and flexibility of loan management. it gives admin the ability to reverse loan disbursements through the teller. This implementation allows tellers to correct errors in loan disbursements under specific conditions. This feature is designed to enhance operational efficiency and reduce the impact of accidental disbursements. Conditions for Disbursement…
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…
Overview The STK Push functionality ensures a smoother loan repayment and savings contribution process. Clients will now receive a prompt to enter their mobile money wallet password upon initiating a payment. Once confirmed, the payment is securely processed, deducting the amount directly from the client’s wallet and crediting it to the SACCO/MFI account. This functionality…