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10. Contributions and units

Money comes into a scheme in one of two ways:

  • From bank evidence. Staff record a payment that the custodian bank shows, or a platform statement line for SAIF. This is the route for SCAFI bank transfers and for all SAIF payments.
  • Online. A SCAFI member pays by card through Paystack. No staff approval is needed.

10.1 Units: how many units a payment buys​

Units = amount paid ÷ NAV per unit, rounded down to 0.0001 of a unit.

  • The NAV used is the latest approved NAV on or before the value date.
  • Before any valuation is approved, the issue price of ₦1,000 is used.

Worked examples:

PaymentPrice per unitUnits
₦500,000₦1,000 (no approved valuation yet)₦500,000 ÷ ₦1,000 = 500 units
₦100,000₦1,000 (no approved valuation yet)₦100,000 ÷ ₦1,000 = 100 units
₦100,000₦1,020 (approved NAV)₦100,000 ÷ ₦1,020 = 98.0392 units (rounded down)

If a member has 500 units and buys 100 more at ₦1,000, they then hold 600 units.

10.2 Record a contribution from bank evidence​

Who can do this: a Finance maker (CSA, PA or FEO), with MFA.

Before you start:

  • The scheme must be Open.
  • The member must be ACTIVE.
  • Have the bank credit reference, or the platform statement line.

Steps​

  1. Sign in and open Investment schemes.
  2. Open the Contributions tab.
  3. Select Record a contribution.
  4. Fill in:
    • Member. Only active members are listed.
    • Amount (₦).
    • Value date. This cannot be in the future.
    • Evidence. Choose Custodian bank credit, or SEC platform statement (SAIF). The platform option only appears for SAIF.
    • Bank or statement reference.
  5. Select Save.

What happens next​

  • A collection is created with status PENDING_APPROVAL.
  • A ledger draft is made: debit {code}-CUSTODY, credit {code}-UNITHOLDERS.
  • The item appears in the queue "Awaiting finance approval", with the link "Approve in Transactions".
  • A Finance Approver checks the bank credit or the statement, and approves it in Transactions.
  • When the approval posts, the ledger is updated and units are allotted at the NAV in force.
  • The member is told: "{code}: contribution confirmed", with the number of units and the price per unit.

The series-size check​

DFFMS checks that the total does not go over the series size:

Capital raised + pending contributions + this new amount must not be more than the series size.

Example for SCAFI (series size ₦250,000,000):

  • Capital raised so far: ₦249,900,000.
  • Pending contributions: ₦50,000.
  • New contribution: ₦100,000.
  • Total: ₦250,050,000. This is more than the series size, so DFFMS blocks the entry.

10.3 Approve a contribution​

Who can do this: a Finance Approver (FA), with MFA and a fresh sign-in. The FA cannot be the person who recorded it.

  1. Sign in and open Transactions.
  2. Find the contribution in the queue.
  3. Check the bank credit or the platform statement line against the record.
  4. Approve it.

Units are allotted only after approval.

10.4 Pay online (SCAFI only)​

Who can do this: a member, from their Investments page. This is not done by staff.

  1. The member opens Investments, and the scheme card.
  2. In Amount in ₦ (from ₦{NAV}), the member types an amount. The minimum is one unit at the NAV in force.
  3. The member selects Pay online.
  4. Paystack's secure page opens. The member pays there.
  5. The member comes back to DFFMS on the payment-return page.

What happens next​

  • The payment is marked PROCESSING, with a reference that starts {code}-SUB-.
  • DFFMS checks the payment with Paystack when the member returns. It also checks by webhook, and a worker checks again 15 minutes later as a backup.
  • If the payment succeeds, the ledger is posted and units are allotted at once. No staff approval is needed, because the provider confirms the money.
  • The member sees one of these messages:
    • "Your payment was verified with the provider and your units were allotted."
    • "…being confirmed…" (the check is still running; wait)
    • "The payment was not completed. No value was posted; you can try again."
  • An unfinished checkout holds series capacity for 24 hours.

Online payments are not available for SAIF. The page blocks them and says: "Subscribe to this fund on its SEC-licensed crowdfunding platform. Your units are recorded here from the platform's statements."

10.5 The unit register​

The unit register is a list of every unit movement. It is append-only: a row is never edited, only reversed by a new row.

Columns: Value date, Member, Scheme, Movement, Units, NAV per unit, Amount, Evidence.

Evidence values:

  • BANK_EVIDENCE
  • PLATFORM_STATEMENT
  • ONLINE_CHECKOUT
  • CORRECTION
  • REDEMPTION_PAYOUT

If a contribution is reversed, DFFMS cancels exactly the units it allotted. The reversal fails if the member no longer holds those units.

If the unit step fails after the ledger has posted, the ledger posting stands and the failure is recorded in the audit trail as SCHEME_MONEY_EFFECT_FAILED. Tell the team at once.

Common problems​

ProblemWhat to do
"The scheme is not open for contributions."The scheme is Draft or Closed. Open it (section 6), or check with the team.
"Online payment is not available at the moment."The Paystack keys are not set up for this environment. Tell the team.
The member's payment is still "being confirmed"Wait. The backup check runs 15 minutes after the payment. Then check the Transactions page.
The series-size check blocks the entryThe scheme is near its series size. Check the figures on the Overview tab.
Units look wrongCheck which NAV was in force on the value date. Before any valuation is approved, the price is ₦1,000.