Glossary

Collect - A Collect is the repayment entry, usually associated to a specific loan. It is a mechanism based on a set of direct debit mandates placed on all of the borrowers' account, found through BVN, 100% digitally.

Mandate - Is a Direct Debit order placed per bank account. 

Installment -Is the repayment parcel. It can be paid at a given frequency, or not.

Transactions -  Is the set of scheduled, paid, paid late and failed repayment installments. 

Automatically Generate Payments - The ability of the system to create a fixed repayment plan upfront. This means that you will define the full amount to repay and the repayment frequency and the system will determine the fixed installments overtime. 

Collect Duration - The time frame when you expect to do your collections. 

Collect Description - It should be a unique identifier to identify the loan or customer referring to that collect. 

Payment Frequency - The schedule of your deductions. 

Start Date - The day of your first collection.

Register Payment - The manual registration of payment that you received on a different method (bank transfer, cash deposit or other)  

Schedule Collect - When you create a collect without a predefined repayment plan, you can schedule your collections for a specific day and specific amount. 

Bulk Collect - When you upload multiple collects at the same time on Lidya Collect. 

Waiting - Menu - All the collects on Waiting status.

Active - Menu - All the collects with at least one mandate active. 

Expired - Menu - All the collects that have surpassed their validity. 

Paid - Menu - All the collects that were fully paid. 

Rejected - Menu - All the collects that were not successfully activated. 

Validation Identification Number - Status - When the system is verifying the borrower's BVN.

Waiting Consent - Status - When the system is waiting for borrower consent to search bank accounts to be given.

Waiting Document Signature - Status - When the system is waiting for the borrower to sign the mandates. 

Waiting Activation - Status - When the system is waiting for banks' feedback on mandates approval.

Active - Status - When at least one bank account mandate is active.

No Bank Account Found - Status - When there is a BVN problem fetching bank accounts- 

Failed to Initialize Mandates - Status - When none of the mandates is validated. 

Lidya Collect Fee - The % charged per collection.

Lidya Collect Set-Up Fee - The amount charged per collect for the account inventory search.

Lidya Wallet - Digital Wallet where the collections are settled and fees charged. 

User Role - Permissions of a specific role within the system.