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Recova however has two main repayment two main repayment models
Recova Repayment Models
Recova Collection
Based on the repayment schedule you submit to our system at the point of creating the direct debit mandate, the Recova system proactively initiate repayment from the beneficiary repayment account on the due dates until the loan is completely repaid.
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The Recova system goes into recovery mode for delinquent loans, passed due dates loans and lost loans. The recovery mode targets all account linked to the loan beneficiary BVN to attempt to recover the defaulting amount. Recova recovery can be initiated in two ways; Proactive Recovery & Reactive Recovery
Proactive Recovery
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Reactive Recovery
Recova system waits for repayment initiation from the lender financial institution before initiating repayment of defaulting amount from the defaulting customers accounts
How to use the Recova Feature
Step 1: Configure Rules on the Admin
For this step, Please contact your Indicina Account Manager for assistance.
For Account Managers Use
Step 1: On Admin, navigate to the Requires Recova attribute as can be seen below.
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Step 2: When you check the Requires Recova checkbox, fill in the merchant's Recova API Credential token
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Step 3: Sign in to MP and navigate to the loan category that you would like to enable Recova direct debit.
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NB: Please note that you need to enable Recova from the loan attributes |
Step 4: Upon Loan Approval, the platform sends a notification to the user, requesting consent for their debit mandate. This notification is sent to the customer via SMS and email. When a customer logs into CP without providing consent, they are presented with a banner requesting consent so that their mandate can be activated.
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Step 5: After receiving consent, the debit mandate is activated and the loan is disbursed. Recova will now automatically debit the customer's account when a loan repayment is due.
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