Products
Table of Contents Product Concept .................................................................................................................................................................................. 2 Product Status Overview................................................................................................................................................................... 4 Creating A New Product ................................................................................................................................................................... 5 Viewing Product Details ................................................................................................................................................................. 14 Editing Products ............................................................................................................................................................................. 16 Inactivating Products ...................................................................................................................................................................... 17 Deleting a Product .......................................................................................................................................................................... 19
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Product Concept Before you can upload a business with a loan, you first have to define which kind of products you want to divide your loan portfolio into. The product is a predefined set of criteria for loans. You set your own criteria for your own products, but the products have to be approved by MYC4 before they can be used for uploading loans. MYC4 Admin will only act as a control and confirmation centre for the Products that Providers will create. All loans will have a unique product „ID‟ that can only be relating to its key features. The justification for developing this product concept is to minimize the workload and error of uploading (e.g. no more fees errors), while increasing the information flow to investors. It will also cut inputting time and increase efficiency as well as give your management a tool to ensure your staff is adhering to your policies. Key Points: You create a new product and upload for MYC4 to review. MYC4 can reject a new product. You can then either edit or remove entirely by deleting. An active product can be frozen (made inactive) by you, if you want to stop using this product for a certain period. If you or MYC4 wants to permanently remove a product, it can be deleted. It is not possible to edit an existing product (whose status can either be active or inactive) so product definition should be done carefully to avoid errors.
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Product Workflow Products will need to go through a workflow to ensure that MYC4 has the opportunity to review product applications or amend changes on products prior to them being used for new loans. The workflow is as shown below:
The Provider creates a new product and uploads it. Under the „Uploaded‟ status, he can edit it if need be.
The provider submits the product. Under the „Awaitfeedback‟ status, MYC4 can either reject or approve it. If rejected, MYC4 returns the product back to „Uploaded‟ status for the Provider to either edit it and re-submit it or delete it, if he so wishes. If MYC4 approves the product, it moves to „Active‟ status.
Only the Provider can deactivate and activate a product as he so wishes. However, an inactive product cannot be used for new loans. Products can be viewed by public only at „Active‟ and „Inactive‟ statuses.
The Provider or MYC4 can delete a product. A deleted product can never be made active again. 3 Page
Product Status Overview To edit your newly created product, click here.
You can see the status of all your products here as well as manage them. Active: a product that is ready to be used Inactive: A product that you cannot currently use Uploaded: a product that has been newly created. You have a chance to either edit it or submit it to be reviewed by MYC4. Awaitfeedback: the product is being reviewed by MYC4 Deleted: we keep them in the system because there are loans running on them
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An activate product can be made inactive by clicking here. While inactive, it cannot be used for new loan applications, until it‟s made active again.
A Product can be deleted. Once deleted it cannot be reactivated.
An inactive product can be made active again by clicking here.
Click here to „Create new product‟
Creating A New Product
The ‟product ID‟ and ‟Product status‟ are populated automatically upon saving your information.
Click on the drop-down menu to select your Lender. Upon selection, „country‟ and „currency‟ are populated automatically.
If insurance is applicable, click „Yes‟ and input the insurance formation in the box below.min 10 characters. Otherwise, click „No‟
5 Page
Write the „Product Name‟ here.
The loan max amount cannot be more than 10 times the minimum value
These mandatory fields help you set min and max limits on the loans within which this product can be applicable. Once completed, click on the „Fees‟ tab above to continue.
6 Page
Input information based on your fee structure When finished click on the „Risk Mgmt‟ tab above to complete.
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The description of the product explains why and to whom this product is targeted to, the need or the market for this product. It should contain critical information such as product‟s target group (women, men, youth between ages 20 to 35etc), specific industry (e.g textiles, agriculture, import etc) or specific sub-provider, geographical location, gender, etc. Example: This shows the items or conditions you look for to demonstrate that a borrower‟s business can afford to comfortably repay a loan for which this product would be used for.
“Diva Mkopo is a loan product targeting women entrepreneurs whose annual return is not more than €30000.”
This indicates the method and steps you implement to verify whether a borrower qualifies for this product.
Example: „Client must have been in business for more than 1 year‟ or „Loan not exceeding 50% of business value (formality of business assets is not a condition)‟
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Example: 1- Initial meeting with client: documentation of business, approx 1 hour 2- 1st client visit on site: review of business facilities and client residence, 2 hours 3- 2nd , unannounced client visit on site: visit business site, 15 min 4- Disbursement of loan: client in the Bank premises
This will give guidance to what security a business must provide in order to qualify for this product. Example: „If married, both husband and wife must co-sign‟ or „Land agreement not less than 120% value of the loan‟. NOTE: if no collateral is required, please indicate so.
From this information, one can judge how stable selected businesses should be. Example: „The business must be profitable for 6 continuous months‟ or „The business must have been on the same premises for more than a year…etc This information serves in assessing the credibility of the client (e.g in paying loans, paying membership fees etc) and his character (e.g if he lies, or ends up using the loan for not the intended purpose etc). It can be obtained from references. Example: Reference letter from Trader‟s Union, and interviews with neighbors
This should be included if available. It can be used, e.g, as an additional selling point of this product that can be sold to qualifying borrowers. Example: „Upon successful repayment of the loan, an exhibition is arranged for the client‟s products‟.
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Refe Once all the fields are completed, click on „Save+submit‟ if all the information needed for this product is correct and it‟s ready for review by MYC4. Otherwise, Click „SAVE‟ and then you can be able to edit and submit later.
If some fields are not filled out correctly, you will get this error message.
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This confirmation message is generated when the product is successfully saved.
11 Page
Once you click „SAVE’, the product ID is generated. The successfully saved product‟s status would appear as „uploaded‟. This gives you the option to edit and submit later when the product is ready to be reviewed by MYC4
12 Page
If you click „Save + submit‟ you get this message. Click on „Yes‟, the product is successfully saved and submitted and its status appears as „Awaitfeedback‟.
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Viewing Product Details
To view the product details, click on the product name and the following screen will be displayed.
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15 Page
Editing Products
To edit a product, click on „Edit‟ to enable you key in the information needed. NB: only products that have not yet been SUBMITTED can be edited.
16 Page
Inactivating Products
To make an „Active‟ product inactive, click on „inactivate‟ against the product you want to make inactive.
This confirmation messages appears as a warning because inactive products cannot be used for new loans.
17 Page
A product made inactive immediately is seen as shown here. To make an inactive product active, click „Activate‟ next to your product.
18 Page
Deleting a Product
To delete a product, click on „Delete‟ against the product you want to delete.
This confirmation messages appears as a warning because DELETED products cannot be reactivated once deleted.
19 Page
Note: both active and inactive products can be deleted.
1 Page
Product Concept Before you can upload a business with a loan, you first have to define which kind of products you want to divide your loan portfolio into. The product is a predefined set of criteria for loans. You set your own criteria for your own products, but the products have to be approved by MYC4 before they can be used for uploading loans. MYC4 Admin will only act as a control and confirmation centre for the Products that Providers will create. All loans will have a unique product „ID‟ that can only be relating to its key features. The justification for developing this product concept is to minimize the workload and error of uploading (e.g. no more fees errors), while increasing the information flow to investors. It will also cut inputting time and increase efficiency as well as give your management a tool to ensure your staff is adhering to your policies. Key Points: You create a new product and upload for MYC4 to review. MYC4 can reject a new product. You can then either edit or remove entirely by deleting. An active product can be frozen (made inactive) by you, if you want to stop using this product for a certain period. If you or MYC4 wants to permanently remove a product, it can be deleted. It is not possible to edit an existing product (whose status can either be active or inactive) so product definition should be done carefully to avoid errors.
2 Page
Product Workflow Products will need to go through a workflow to ensure that MYC4 has the opportunity to review product applications or amend changes on products prior to them being used for new loans. The workflow is as shown below:
The Provider creates a new product and uploads it. Under the „Uploaded‟ status, he can edit it if need be.
The provider submits the product. Under the „Awaitfeedback‟ status, MYC4 can either reject or approve it. If rejected, MYC4 returns the product back to „Uploaded‟ status for the Provider to either edit it and re-submit it or delete it, if he so wishes. If MYC4 approves the product, it moves to „Active‟ status.
Only the Provider can deactivate and activate a product as he so wishes. However, an inactive product cannot be used for new loans. Products can be viewed by public only at „Active‟ and „Inactive‟ statuses.
The Provider or MYC4 can delete a product. A deleted product can never be made active again. 3 Page
Product Status Overview To edit your newly created product, click here.
You can see the status of all your products here as well as manage them. Active: a product that is ready to be used Inactive: A product that you cannot currently use Uploaded: a product that has been newly created. You have a chance to either edit it or submit it to be reviewed by MYC4. Awaitfeedback: the product is being reviewed by MYC4 Deleted: we keep them in the system because there are loans running on them
4 Page
An activate product can be made inactive by clicking here. While inactive, it cannot be used for new loan applications, until it‟s made active again.
A Product can be deleted. Once deleted it cannot be reactivated.
An inactive product can be made active again by clicking here.
Click here to „Create new product‟
Creating A New Product
The ‟product ID‟ and ‟Product status‟ are populated automatically upon saving your information.
Click on the drop-down menu to select your Lender. Upon selection, „country‟ and „currency‟ are populated automatically.
If insurance is applicable, click „Yes‟ and input the insurance formation in the box below.min 10 characters. Otherwise, click „No‟
5 Page
Write the „Product Name‟ here.
The loan max amount cannot be more than 10 times the minimum value
These mandatory fields help you set min and max limits on the loans within which this product can be applicable. Once completed, click on the „Fees‟ tab above to continue.
6 Page
Input information based on your fee structure When finished click on the „Risk Mgmt‟ tab above to complete.
7 Page
The description of the product explains why and to whom this product is targeted to, the need or the market for this product. It should contain critical information such as product‟s target group (women, men, youth between ages 20 to 35etc), specific industry (e.g textiles, agriculture, import etc) or specific sub-provider, geographical location, gender, etc. Example: This shows the items or conditions you look for to demonstrate that a borrower‟s business can afford to comfortably repay a loan for which this product would be used for.
“Diva Mkopo is a loan product targeting women entrepreneurs whose annual return is not more than €30000.”
This indicates the method and steps you implement to verify whether a borrower qualifies for this product.
Example: „Client must have been in business for more than 1 year‟ or „Loan not exceeding 50% of business value (formality of business assets is not a condition)‟
8 Page
Example: 1- Initial meeting with client: documentation of business, approx 1 hour 2- 1st client visit on site: review of business facilities and client residence, 2 hours 3- 2nd , unannounced client visit on site: visit business site, 15 min 4- Disbursement of loan: client in the Bank premises
This will give guidance to what security a business must provide in order to qualify for this product. Example: „If married, both husband and wife must co-sign‟ or „Land agreement not less than 120% value of the loan‟. NOTE: if no collateral is required, please indicate so.
From this information, one can judge how stable selected businesses should be. Example: „The business must be profitable for 6 continuous months‟ or „The business must have been on the same premises for more than a year…etc This information serves in assessing the credibility of the client (e.g in paying loans, paying membership fees etc) and his character (e.g if he lies, or ends up using the loan for not the intended purpose etc). It can be obtained from references. Example: Reference letter from Trader‟s Union, and interviews with neighbors
This should be included if available. It can be used, e.g, as an additional selling point of this product that can be sold to qualifying borrowers. Example: „Upon successful repayment of the loan, an exhibition is arranged for the client‟s products‟.
9 Page
Refe Once all the fields are completed, click on „Save+submit‟ if all the information needed for this product is correct and it‟s ready for review by MYC4. Otherwise, Click „SAVE‟ and then you can be able to edit and submit later.
If some fields are not filled out correctly, you will get this error message.
10 Page
This confirmation message is generated when the product is successfully saved.
11 Page
Once you click „SAVE’, the product ID is generated. The successfully saved product‟s status would appear as „uploaded‟. This gives you the option to edit and submit later when the product is ready to be reviewed by MYC4
12 Page
If you click „Save + submit‟ you get this message. Click on „Yes‟, the product is successfully saved and submitted and its status appears as „Awaitfeedback‟.
13 Page
Viewing Product Details
To view the product details, click on the product name and the following screen will be displayed.
14 Page
15 Page
Editing Products
To edit a product, click on „Edit‟ to enable you key in the information needed. NB: only products that have not yet been SUBMITTED can be edited.
16 Page
Inactivating Products
To make an „Active‟ product inactive, click on „inactivate‟ against the product you want to make inactive.
This confirmation messages appears as a warning because inactive products cannot be used for new loans.
17 Page
A product made inactive immediately is seen as shown here. To make an inactive product active, click „Activate‟ next to your product.
18 Page
Deleting a Product
To delete a product, click on „Delete‟ against the product you want to delete.
This confirmation messages appears as a warning because DELETED products cannot be reactivated once deleted.
19 Page
Note: both active and inactive products can be deleted.
