How can I set a mandate on a customer's account ?

Before disbursing the loan, the lender is required to set up a direct debit mandate on the customer's account.

Once the customer accepts the loan offer and agrees to the terms, including the loan amount and repayment schedule, the lender proceeds to create a mandate on the linked bank account.

This mandate serves as an automated repayment authorization, enabling the lender to initiate and receive scheduled repayments directly from the customer’s account.

Step 1: The customer accepts the loan offer

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STEP 2 : The lender creates  a direct debit/ mandate on customers' accounts.

The mandate ensures timely collections and promotes a seamless, secure repayment process for both the lender and the consumer.

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