Loan management software for microfinance and market lending in Nigeria
Market-day collection matches a trader's turnover — and multiplies the places cash can leak. Vasool makes every naira traceable to a collector, a borrower and a payment method, tracks individual and group exposure separately, and ages your portfolio at risk as it happens. Amounts run in NGN on Africa/Lagos business dates, and the field app keeps working when the network does not.
Built around the risk that actually costs Nigerian lenders money
Frequent cash collection is good for repayment discipline and bad for cash control. The answer is not fewer collections — it is accountability at the point of collection.
Speak the routine, approve the consequential
Officers dictate collections in English, Nigerian Pidgin, Hausa and Yoruba and Vasool writes a structured record — borrower, amount, channel — not an audio clip. The records that carry real consequence go the other way: gate them per role and they wait in the approvals inbox until an owner or manager decides, with both outcomes on the audit trail.
Money out, spoken the same way
Expenses are dictated like collections — "Transport 1500" — and land in the income and expense ledger with a receipt photo attached. Both sides of the round are captured where they happen, so the day book closes against real cash rather than a number reconstructed from memory.
Agent cash accountability and daily close
Expected collection, actual collection, expenses and remittance are tracked per collector to a daily close, so a shortfall surfaces the same evening rather than at month end.
Group and individual exposure, recorded apart
Run solidarity groups and cooperative clusters alongside individual borrowers, with each member's own principal and history preserved beneath the group — the distinction supervisory guidance expects you to keep.
Portfolio at risk and ageing buckets
Overdue loans age into buckets automatically, so PAR is a number you can read today instead of one you reconstruct from ledgers at quarter end.
Offline collection across the market
Entries save on the device and sync when the signal returns — a collector never stops recording because the network dropped mid-route.
Borrower documents in one auditable place
Capture and store identification and address documents against each borrower, so onboarding evidence lives in the file rather than in a drawer at the branch.
Audit trail and maker-checker approvals
Every edit, discount, write-off and closure is logged with who did it and when, and staff changes can be held for owner or manager approval before they take effect.
The route is the unit of the day
Plan daily and weekly routes, assign them to officers, and track completion as it happens with live GPS and a location history behind it. Every collection and expense is tagged to the route it came from, which is what makes end-of-day cash settlement a reconciliation rather than an argument.
Reports that close the day and the month
A day book per route, officer performance with collection efficiency and expense breakdown, collection summaries, overdue and DPD ageing, cash flow by account and profit and loss — each exportable as PDF or CSV, and answerable by voice when you would rather ask than navigate.
From market day to reconciled book
Set up your company in NGN
Pick Nigeria at setup: naira amounts, Africa/Lagos business dates and local phone formats, on your own isolated database.
Organise lines and groups
Group borrowers by market, cluster, collector or repayment day, and register solidarity groups with their members.
Collect with proof
The collector records amount, payment mode and photo proof at the point of collection, and the borrower gets a receipt.
Close, reconcile, and watch PAR
Reconcile declared cash and transfers against expected collection per collector, then read PAR and ageing off the same book.
Who this is for in Nigeria
Nigeria has deep microenterprise and market-trader credit demand, served by microfinance banks at unit, state and national tiers, by cooperative societies, by rotating savings and contribution practices such as ajo, esusu and adashe, and by digital lenders. These are genuinely different businesses, and the differences matter before the first disbursement.
A savings-contribution arrangement is not automatically a loan business, and a cooperative member service is not the same as lending to the public. The Central Bank of Nigeria's revised microfinance bank guidelines address licensing, governance, individual and group lending, documentation, portfolio at risk, provisioning and operating controls — and the fact that they distinguish individual from group exposure is exactly why a collection route cannot stand in for credit-risk records.
Vasool is collections and portfolio software. It is not a licence, a registration, or regulatory approval, and no feature in it makes an unlawful loan lawful. Confirm your legal entity, lending permission and permitted product scope with a qualified local lawyer before your first disbursement.
Cash frequency is an operational choice, not a legal one
Daily contribution collection fits a trader whose stock turns daily. That is a cash-flow judgement about the borrower, made from their real turnover, and it belongs in the loan agreement. It is not what determines whether your lending is lawful — the lender's legal form, the borrower type, the pricing, the disclosures and the recovery conduct decide that.
In Vasool a line is an operational portfolio: a way to group borrowers by market, agent or geography so field work can be scheduled and a day's cash reconciled. Beneath it, every loan keeps its own principal, interest, fees, penalties and payment history, because a collector's cash total is not profit and an overdue borrower is not automatically a write-off.
Recovery conduct is not a feature toggle. Harassment, public shaming, contact-list abuse, threats and coercion are not collection techniques in Nigeria or anywhere else Vasool operates, and the system is built to record respectful, documented recovery — including the reason a payment was missed.
Voice entry and approvals in Nigeria
A collector standing in front of a borrower is holding a cash bag and a phone, and the queue behind is not waiting. That is where entries get skipped and written up from memory at night — and a book reconstructed at night is a book nobody can defend. In Nigeria the officer speaks the entry instead — English, Nigerian Pidgin, Hausa and Yoruba — and Vasool matches the borrower, parses the amount and the channel, and shows the match for confirmation before anything is saved.
Speed is right for a repayment and wrong for a decision. A collection is high-volume and low-consequence, so it posts as soon as the officer confirms it — the confirmation screen is the control. The records that change what a borrower owes are low-volume and high-consequence, so they can be gated instead: switch maker-checker on for the ones that matter here — a loan rewritten after a bad market day, a field expense booked against the round, and any new customer an agent adds without the office seeing them — and the change is held as a request rather than applied, routed to an owner or an assigned approver, and written to the audit trail whether it is approved or rejected.
The gate is set per role and per resource, so you are not choosing between slowing every officer down and controlling nothing. It covers customers, loans, chit and savings schemes, gold sales, expenses, staff, roles and routes today; holding an individual collection entry for approval is on the roadmap, not shipping. The voice approval workflow page walks through what is held, who it routes to, and what the trail records for each outcome.
A full day on the route, not just the collections
Software that records only repayments measures half a round. An officer working a route in Nigeria collects money and also spends it, and "Transport 1500" is exactly the kind of entry that never reaches the book when it is scribbled on a slip and typed up that evening — which is when the cash bag stops matching. Vasool takes both by voice: the collection at the doorstep, the expense at the moment it is incurred, each with a photo where the evidence matters.
Everything attaches to the route. Routes are planned and assigned ahead of the day, officers navigate them with GPS, completion is tracked as it happens, and a location history shows where staff actually went. Because each collection and expense carries its route, the day book is per route and end-of-day settlement compares one officer's cash against one officer's recorded movements — not against a pooled total nobody can decompose.
What comes out of that is reporting you can act on: officer performance with collection efficiency, attendance and expense breakdown; overdue and DPD ageing; cash flow by account; and profit and loss for the period, exportable as PDF or CSV. The voice approval workflow page shows how capture, control and reporting fit together across every market.
Before your first disbursement in Nigeria
Work through this with your own counsel. Vasool holds the records; it cannot answer any of these questions for you.
- Confirm your legal form and lending authority — microfinance bank, cooperative society, finance company or other licensed entity.
- Confirm whether your activity is public lending or a member-only cooperative service, and that your documents match.
- Confirm permitted pricing, fees and charges, and how they must be disclosed to the borrower.
- Record the original principal separately from interest, fees, penalties and recoveries.
- Define your provisioning and write-off policy in writing, and recognise loss only under it.
- Assess repayment capacity from the borrower's actual turnover before setting a daily schedule.
- Restrict collector access to borrower data, and review every correction, discount and closure.