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This guide details the complete repayment flow for digital lending, from viewing repayment information to making payments and tracking repayment history.
The repayment flow covers Viewing Repayment Information, Making Repayments, Payoff, and Tracking History.

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Phase 1: View Repayment Information

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Check Pending Repayments

Customers can view all their pending repayments across all active loans.

Pending Repayments

View all pending repayments

Manage Loans

View loan details and manage loans

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Get Repayment Instructions

Before making a repayment, customers can retrieve detailed repayment instructions including bank account details and payment reference.

Repayment Instructions

Get detailed repayment instructions

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Phase 2: Make Repayment

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Partial Repayment

Customers can make partial repayments (installments or custom amounts) for their loans.

Repay Loan

Make a partial repayment

Repaid Transactions

View repayment history

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Full Payoff

Customers can pay off their entire loan balance in a single transaction.

Payoff Loan

Pay off entire loan balance

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Repayment Process

  1. Choose Repayment Type: Customer selects either partial repayment or full payoff.
  2. Provide Payment Details: For partial repayment:
    • Repayment Amount: Amount to pay
    • Customer ID: Customer identifier
    • Account ID: Loan account identifier
    • Bank Account ID: Source bank account
    • Repayment Reference: Payment reference (if paid externally)
    • Payment Date: Date payment was made
    • Payment Narration: Optional description
  3. Submit Repayment: System processes the repayment:
    • Validates loan status (must not be CLOSED)
    • Checks if manual repayment is allowed
    • Records the repayment
    • Updates loan balance
    • Returns confirmation with repayment details
  4. Verification: Repayments are recorded with status PENDING_VERIFICATION:
    • System verifies the payment
    • Once verified, loan balance is updated
    • Customer receives confirmation
Some loans may use third-party collection services (e.g., Remita). In such cases, manual repayments through the API may not be allowed. Customers should use the designated third-party channel for repayments.

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Phase 3: Repayment Methods

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Manual Bank Transfer

For loans that allow manual repayment:
  1. Get Repayment Instructions: Retrieve bank account details and payment reference
  2. Make Bank Transfer: Transfer funds to the provided account with the reference
  3. Record Repayment: Submit repayment details via API
  4. Verification: System verifies the payment and updates loan balance
Always include the repayment reference in your bank transfer narration to ensure proper matching and verification.

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Third-Party Collection

For loans configured with third-party collection:
  1. Check Collection Channel: System indicates if third-party collection is required
  2. Use Designated Channel: Make payments through the specified third-party service
  3. Automatic Verification: Third-party service verifies and updates the loan automatically
If a loan uses third-party collection, manual repayments via the API will be rejected. Always check the loan’s repayment collection configuration.

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Phase 4: Track Repayment History

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View Repayment History

Customers can view their complete repayment history for all loans.

Repaid Transactions

View all repaid transactions

Loan History

View loan history

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View Loan Details with Installment Schedule

Customers can view detailed loan information including payment history and complete installment schedule.

Loan Details with Payment History

View loan details with installment schedule and payment history

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Key Concepts

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Repayment Status

Repayments go through different statuses:
  • PENDING_VERIFICATION: Repayment has been recorded but not yet verified
  • VERIFIED: Repayment has been verified and loan balance updated
  • REJECTED: Repayment verification failed (e.g., incorrect reference, insufficient funds)

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Payment Allocation

When a repayment is made, the system allocates the payment in the following order (based on loan product configuration):
  1. Penalties (if any)
  2. Fees (if any)
  3. Interest
  4. Principal

Learn More

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