CAM Fee
Last updated
Udara360 User Guide
Last updated
CAM is an abreviation for Current Account Maintenance Fees. CAM is the same as what used to be previously known as Commission on Turnover (COT). These fees is computed as a predetermined amounts or a percentage of a transaction. The tool offers flexibility in defining parameters for each fee.
Log into the application using your credentials.
From the dashboard, navigate to Accounts in the side menu.
Select Fees from the dropdown list.
Select CAM Fee from the Fees dropdown list.
To create a new CAM fee:
Click on the “Add” button at the top of the page.
Fill in the Create New CAM Fee form fields:
Fee Name: Enter a descriptive name for the fee.
Percentage on Turnover: where you want to charge a percentage of a transaction amount, enter the percentage value. (e.g. If you want to charge N1 on every N1,000 transaction, you will need to enter 0.1 as the percentage value. The system will interprete is as 0.1% of 1,000).
Flat Amount per Transaction: where you want to charge a flat amount for every transaction, enter the fixed amount.
Maximum Fee Amount: In a situation where the computed fee value is greater than a specified threshold, you can limit the total fee amount that the system should charge as fee by entering the highest amount on this field.
Minimum Fee Amount: where applicable, enter the minimum amount for that can be charged as fee. In a situation where the computed fee value is lesser than a specified threshold, you can specify the minimum fee amount that the system should charge as fee by entering the minumum amount on this field.
Flat Amount: If you want to charge a flat fee amount regardless of the transaction amount or transaction volume, enter that flat fee on this field.
Fee Charge Cycle: Select how often the fee should be charged (e.g., Daily, Monthly, Per Transaction). This represent the time the system will attempt to debit the fee from the customer's account balance.
Transaction Type: Select the transaction type this fee applies to (e.g., deposits or withdrawals).
Fee Income GL: Select the Income GL the fee will be reporting once debited from the customer's balance.
Apply VAT?: Toggle this option to determined if the Value Added tax (VAT) should be applied on the fee.
Once you’ve filled in all the necessary fields, click “Save” to apply the new CAM fee.
To view an existing CAM fee:
In the Actions column, click the three vertical dots (⋮) next to the CAM fee you want to view.
Select View from the dropdown menu.
This will display the full details of the created CAM Fee.
To modify an existing CAM Fee:
In the Actions column, click the three vertical dots (⋮) next to the CAM fee you wish to modify.
Select Modify from the dropdown menu.
Update the necessary CAM Fee details.
Click Update to save and apply the changes.
Confirm the action by selecting “Yes, I want to proceed.”
To deactivate an existing CAM fee:
In the Actions column, click the three vertical dots (⋮) next to the CAM fee you wish to deactivate.
Select Deactivate from the dropdown menu.
Confirm the action by selecting “Yes, I want to proceed.”
