Managing beneficiaries details on the Lendsqr admin console

Managing beneficiaries effectively is a critical part of any lending operation, especially when loans are disbursed directly to third parties such as vendors, institutions, or service providers. On the Lendsqr Admin Console, this process is designed to be simple, auditable, and tightly controlled to ensure both operational efficiency and compliance.

What is a beneficiary?

A beneficiary is a third party designated to receive a loan disbursement on behalf of a borrower. Instead of funds going to the borrower’s own account, they’re routed to a vendor, institution, or service provider. For example, a lender runs a school fees loan product. When a borrower applies, the loan should go directly to the school, not the borrower. The school is added as a beneficiary, with their bank details verified upfront. Later, if the school closes its account, the lender deletes that beneficiary and creates a new one with the updated details. This is the workflow you’re managing here.

Managing beneficiary details

To view and manage beneficiary’s details on the Lendsqr Admin console, follow the steps below:

1. Navigate to beneficiaries
On the Lendsqr admin console, navigate to “Beneficiaries” and select a specific beneficiary.

• Log into the admin console
• Use the side navigation panel
• Under the “Customers” domain, navigate to “Beneficiaries”
• Select the specific beneficiary you want to view or manage

On the page that comes up, you can view the beneficiary’s:

• name,
• account number,
• bank name,
• email address, and,
• phone number  of the beneficiary.

2. Editing a beneficiary
You can edit the beneficiary’s phone number and email address by clicking on the “Edit Beneficiary” button.

In the menu that pops up, you can edit the customer’s contact information.

Note: Only users with the appropriate admin role can add, edit, or delete beneficiaries. If you don’t see the ‘Edit Beneficiary’ or ‘Delete Beneficiary’ buttons, check your role permissions with your organization admin.

3. Deleting a beneficiary:
There are scenarios where a beneficiary is no longer relevant, such as:

• A vendor relationship has ended
• A one-time beneficiary is no longer needed
• Duplicate records were created

In such cases, the platform allows you to remove the beneficiary entirely.
To delete a beneficiary:

• Open the beneficiary profile
• Click on “Delete Beneficiary”
• Confirm the action

Deleting a beneficiary is permanent and cannot be undone. Ensure no pending or active loans are tied to the beneficiary before removing them.

Note: All changes to beneficiary records, edits and deletions, are logged in the audit trail. You can review them under Back Office → Audit Logs.

Also read: What lenders in Rwanda should look for in a loan management software.