The Disbursement Process
Once a customer accepts a loan offer, the application is queued for disbursement.1. Wallet Creation
Upon the admin triggering disbursement:- The system automatically creates a virtual wallet account for the customer if one does not already exist.
- This wallet serves as the destination for the loan proceeds.
2. Fund Crediting
- The approved loan amount is credited to the customer’s wallet.
- The loan status changes to
DISBURSED. - The repayment schedule is activated.
Check Balance
Customers can view their total approved/disbursed loan amount.
Withdrawal Process
Customers cannot spend directly from the loan wallet; they must withdraw the funds to their personal bank account.Step 1: Add Bank Account
The customer must link a valid bank account to their profile.- Select Bank: Choose from a list of supported banks.
- Enter Account Number: Input the 10-digit NUBAN.
- Verification: The system verifies the account name against the customer’s profile name to prevent fraud.
Step 2: Initiate Withdrawal
The customer initiates a transfer from their wallet to their verified bank account.- Source: Disbursed Loan Wallet.
- Destination: Verified Bank Account.
- Amount: Any amount up to the available balance.
Withdrawal Fee: A processing fee (e.g., 10 Naira) is automatically deducted from the withdrawal amount or the remaining wallet balance.
Step 3: Processing
The transfer is processed via our payment partners (e.g., Remita).- Instant: Most transfers are instant.
- Status Tracking: Customers can track the status of their transfer.
Track Transfer
View the history and status of withdrawal transfers.
Post-Disbursement
After disbursement, the focus shifts to repayment. The system will automatically track due dates and can initiate auto-debits if configured.Manage Loans
Customers can view their active loans and repayment schedules.