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…
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…
Overview The system supports configurable Loan Risk Classification within the Credit Policy, enabling the financial institution to define and customize risk management criteria based on their policies. This feature allows institution to classify loans according to risk levels, ensuring a more tailored approach to loan provisioning and compliance. By setting specific risk parameters, the credit…
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…
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….
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.
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
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