lendsqr

Introduction

In large organizations with multiple levels of authority, a standard single-approval process is often insufficient. Different transactions or requests require varying levels of scrutiny based on their complexity, risk, and value. Multi-Approval System is used to manage approvals for various types of requests, such as Loan management, transactions, and lots more. This system ensures that approvals follow a structured hierarchy, where different levels of authorization are required based on the complexity or value of a request. A small request may need approval from a single officer, while a larger, more critical request might require multiple levels of authorization from senior management. Given the nature of lending, approvals must go through a controlled and well-defined process to ensure that loans are assessed properly before disbursement. The system allows lenders to set up different approval workflows based on loan amounts, risk levels, and internal policies. For example, a loan of N5,000 may require approval from just one officer, while a loan of N500,000 may require multiple levels of authorization before it can be disbursed.

At Lendsqr, the Approval workflow is only available for loan management at the moment.

Steps on how to create an approval workflow.

1.  Login to the Admin Console

• Open your web browser and log into the Lendsqr admin console with your credentials.

2. Navigate to the “Approval Workflows" module in the menu under "BACK OFFICE".

3. Click on “Create a workflow” to create a new workflow.

4. Fill the workflow details.

• Name: Enter a unique name for the approval workflow.

• Description: Provide details about what the workflow is for.

• Applied To: Select the entity (e.g., Loan management) this workflow will apply to.

• Minimum Approvals: Set the minimum number of approvals required before an action is finalized.

5. Click the "Add a rule" button to set specific approval conditions.

Note: The system requires at least one rule to define who approves what.

6. Add an approval rule.

• Select Entity Type: This is a dropdown menu where you choose who the rule applies to. Options are Admin Role (e.g. Super Admin, Admin) or Specific Admin User.

• Enter Minimum Amount: The lowest amount this approval rule applies to.

• Enter Maximum Amount: The highest amount this rule applies to.

• Sequence: Defines the order of approvals. Example: A sequence set to 1 means this rule must be approved first before moving to the next step.

• Final if within limit: If enabled, this approver’s decision is final as long as the amount is within the set range.

7. Click on the “Submit” button to add the approval rule to work .

• Note: When initially creating the approval workflow, the number of approval rules must not be less than the “Minimum Approvals”.

8. Click on “Create workflow” to create the workflow. 

• Once the workflow details are filled and rules are added, the "Create Workflow" button will become active. Then proceed and click “Create workflow” to create the workflow.

9.  Activate the workflow 

• By default, the workflow is set to "Inactive." You need to activate the workflow to make it available to be added to a request.

• To activate the workflow, click on the three-dot menu (...) at the top right and select “Activate”.

• When you click “Activate”, a prompt will appear as a second check. To confirm that you want to activate workflow, click “ Activate approval workflow”.