Controls and roles
The maker is never the checker
Fraud is the biggest problem in the market. Akiba Ledger is designed so that no single officer can move members’ money out alone, the owner of the account included.
Two people for money going out
Withdrawals above the limit, loan payouts, reversals, manual journals and closing a month wait in an approvals inbox for a second officer. The one who entered it cannot approve it.
A tiny savings group with one literate officer may switch on single-officer mode, in group mode only. Every self-approval is then flagged on the audit and closing reports.
A role for each officer
Teller, accountant, manager, loans committee, supervisory committee and board, each seeing and doing only what the job needs. Officer positions carry their term of office and their approval limits.
Insiders step out
A committee member never votes on their own loan or a relative’s, and loans to insiders show on their own report for the board.
Every action has a name
Who entered, approved, reversed or changed what, and when, in the audit trail. Officers sign in with their own login and a PIN on their phone.
Officers’ phones
The app asks for a PIN, and signing out removes the SACCO’s records from the phone. Phones never hold members’ NINs.