Well-Known Charges

Well known charges

These are charges which are regularly applied in Financial Institutions.They are preset in the system.

We use this Module to link these charges to their corresponding charges that we had earlier created.

To access this module;

Click on Accounts Management-> Setup-> Levies & Charges -> Charge Determination -> Well-Known Charges.

The following window will open up:

Well Known Charges Fig.1

To map a charge to its transaction type:

Select the System Transaction Type from the drop down menu:

Well Known Charges Fig. 2

Select the Employer'S Contribution Type from the drop down menu: (applicable for specific charges)

Well Known Charges Fig. 3

Value - Input the value accordingly.

Check the appropriate applicable charge from the Applicable Charges pane, see below:

Well Known Charges Fig. 4

Click on the update button to save the determination into the system.

On successful completion you will get a pop up message confirming that the operation was successful.

Customer account activation fee - This the amount paid for customer account activation
Member Funeral Rider Claim Fee - This is the amount paid to the claimant when a member passes on
National Hospital Insurance Fund (NHIF)Fee - This is the fee attached to the medical cover provided by the NHIF body which a customer bears in every payout.
National Social Security Fund (NSSF)Fee - Refers to the fee a customer bears when registered with the NSSF body on every pay out.
Pay As You Earn (PAYE) Fee - This is the fee a member pays according to his/her earnings on every payout.
Provident Fund Fee - This is the fee a member bears when contributing to the retirement savings program according to stipulated policies.
Spouse Funeral Rider Claim Fee - This is the amount paid to the claimant when a member's spouse passes on