The problem
The loan officer’s book and the accountant’s cash book answer different questions about the same borrower. Collections then depend on whichever file was updated last.
How Levamen handles it
- The borrower and the loan live on the organisation.
- The schedule shows what is due.
- A repayment is recorded against the loan.
- Collateral stays attached to the loan.
- A write-off closes the amount that will not be collected.
In Zimbabwe
Repayments use the currencies the company has set up. The company starts in USD. This is the loan operation. It is not a return to the Reserve Bank and it does not disburse through a mobile wallet.
Collections are recorded on the loan. Credit-bureau checks and mobile-money payouts happen outside Levamen.
Questions
Is this a full banking core?
It is the loan book: schedules, repayments, collateral, and write-offs, beside the organisation’s ledger. It is not a deposit-taking core system.
Where do I see who still owes?
On the loan and its schedule. Accounting remains the place for the company journal.