4. Glossary

Each entry is one plain sentence. Terms are in alphabetical order.

Term	Meaning
Account readiness	The percentage shown on a public account's overview, based on name, verified email and at least one request.
Accrued dividend	A dividend that has been earned but not yet paid.
Active member	A scheme member whose cooperative and identity have been verified, and who can contribute and redeem.
Application	A formal request for finance, started from the marketplace and moved through review stages.
Appraisal	The review of an application's risk, terms and recommendation before it goes to committee.
Approval reminder	A message sent 24 hours after a decision is requested, as a first warning that the decision is due.
Area-yield insurance	An insurance policy that pays when the yield across an area falls below an agreed level.
Audit trail	The list of every important action, who did it, when, and why, which cannot be edited.
Authenticator code	A six-digit code from an app on a phone, used for two-step verification.
Collateral	An asset pledged to secure a loan, which the lender can claim if the borrower does not repay.
Collection account	The custodian bank account that scheme members pay into, shown to members under "How to contribute".
Committee decision	The independent decision on an application, which approves, declines or sends it back, with the final terms.
Condition precedent (CP)	A requirement that must be met before money can move, such as identity checks, signed documents or insurance.
Conditions ageing	A report showing how long conditions precedent have been open.
Conditions waiver	A decision to set aside a condition, which needs a different approver and a written reason.
Cooperative	A member-owned society of farmers or workers, which can apply for finance or register members for a scheme.
Co-lending (50/50, 70/30)	A structure where the programme and a bank lend together, sharing the loan in the stated split.
Cost basis	The average amount a member paid for their units, used to work out the return above cost.
Custodian	The licensed bank or institution that safely holds a scheme's money and assets.
Dashboard	The summary page showing key totals and charts for the user's scope.
Data scope	The limit on which records a user sees, by programme, state, SAPZ, institution or organisation.
Disbursement	Money paid out of the programme to a borrower, a supplier or a scheme's custody account.
Disbursement schedule	The planned dates and amounts for paying out a loan in tranches.
Double-entry	A bookkeeping method where every entry has an equal debit and credit, so the books always balance.
Dividend	A payment to scheme members from the scheme's income, declared per unit and paid net of withholding tax.
DSCR (debt-service coverage ratio)	Cash available to pay debt, divided by the debt payments due. DFFMS warns when it falls below 1.20 times by default.
Early warning	A message that a case, facility or market has crossed a set threshold, sent in the app, by email and by push.
Escalation	The automatic move of a stalled decision up to a more senior administrator.
Escalation level 0, 1 and 2	Level 0 is the people assigned. Level 1 is the Programme Administrator. Level 2 is the Client System Administrator, the highest level.
Evidence	A document or reference that supports a record, such as a bank statement or a signed agreement.
Executed agreement	A signed financing agreement, recorded with its version, date and signatories. An executed agreement cannot be changed.
Facility	One of the five financing windows of the programme (F-I to F-V), each with its own allocation, rules and pricing.
Final terms	The approved amount, interest rate, tenor, grace period and contribution in a committee decision.
Financing case	The file that follows one approved application from conditions to disbursement, repayment and closure.
Financing agreement	The contract between the lender and the borrower that sets the amount, rate and conditions.
First loss	The first part of any loss on a pool of loans, absorbed by a designated party before others are affected.
Fresh sign-in	A sign-in made within the last few minutes, required before a sensitive action.
Grace period	A set time at the start of a loan when only interest is paid, or no payment is due.
Guarantee	A promise by a third party to pay part of a loan if the borrower defaults.
Identity token	A secure code that stands in for a NIN or BVN. DFFMS stores tokens, not the numbers.
Insurance condition	The requirement that a financed asset or crop is insured, with the lender named as loss payee.
Institution	A bank or financial partner that works on a facility.
Interest buy-down	A structure where the programme pays part of the interest so the borrower pays less.
Invitation	A single-use link, valid for 72 hours, that lets a new staff member create their account.
Issue price	The price at which a new scheme unit is first sold, which is ₦1,000 for SCAFI and SAIF.
Ledger	The record of all money movements, in double-entry form, which is never edited.
Ledger account	A named place in the ledger, such as custody, unit holders, withholding tax or distributable income.
Listing	A marketplace opportunity published by a provider, such as a loan window or an investment.
Loan-to-value (LTV)	The loan amount divided by the value of the collateral, shown as a percentage.
Maker-checker	The rule that one person records a money movement and a different person approves it.
Marketplace	The public list of open opportunities that applicants can apply for.
Market price	A recorded price for a commodity in a market and state, used to watch price drops.
MFA (multi-factor authentication)	Two-step verification. A password plus a code from the user's phone.
MFA policy	The rule that sets whether every staff user must enrol two-step verification.
Monitoring	The daily checking of facility results, early warnings and climate and market readings.
NAV (net asset value)	The value of a scheme's assets minus its liabilities.
NAV per unit	The NAV divided by the number of units outstanding. Units are issued and redeemed at this price. Before the first approved valuation, the issue price of ₦1,000 applies.
NIN	The National Identification Number, which DFFMS stores only as a secure token.
BVN	The Bank Verification Number, which DFFMS stores only as a secure token.
NUBAN	The 10-digit Nigerian bank account number used for payouts.
Offtake	An agreement to buy a producer's future output at an agreed price or volume.
Operator mode	The way a scheme runs: DFFMS mode (members join and pay on DFFMS) or external platform mode (members join on an SEC platform).
Outbox	The queue of messages that the system retries if it could not send them at once.
Pay-by date	The date by which a scheme redemption must be paid.
Passkey	A device-based sign-in key that the PSA registers when MFA is mandatory.
Partial credit guarantee (PCG)	A guarantee that covers a fixed percentage of a loan's loss, so the lender takes less risk.
Portfolio	The list of investments the programme holds, with their status, amounts and returns.
Portfolio at risk (PAR 30+)	The share of the loan book with a payment more than 30 days overdue.
Programme	A group of SAPZ activity under one programme scope, which can be used to limit access.
Recovery rate	The share of a defaulted loan's value that the programme gets back.
Redemption	A member's request to sell units back to the scheme at the current NAV.
Reference	The unique code on a record, such as MKT-YYYYMMDD-XXXX for a marketplace request.
Repayment schedule	The planned dates and amounts a borrower must pay back.
Reversal	A new, linked entry that cancels an earlier posted entry. It is approved like any other entry.
Revenue share	The percentage of a business's revenue paid to an investor instead of fixed interest.
Risk assessment	A review of the risk of a case, facility or borrower, with a rating.
Role	The set of rights given to a staff member, such as Finance Approver.
Role policy	A saved rule that narrows what a role can do. It cannot widen a role's access.
SAIF (SAPZ Agro-Investment Fund)	An investment scheme where investors buy units through an SEC-licensed crowdfunding platform.
SAPZ (Special Agro-Industrial Processing Zone)	A designated zone where agro-processing is built up under the programme.
Scheme	A collective investment, such as SCAFI or SAIF, in which members buy units at NAV.
SCAFI (SAPZ Civil Service Agricultural Funding Initiative)	A scheme where civil servants, cooperative members and the public buy units through DFFMS.
Scheme status	Whether a scheme is DRAFT (hidden), OPEN (members can join and pay) or CLOSED.
Scope	See Data scope.
SLA (service level agreement)	The agreed time within which a decision or step should be taken. Overdue items escalate.
Stage limit	The number of working days an application may stay in one review stage before it escalates.
Step-up check	The extra check (two-step verification and a recent sign-in) required for sensitive actions.
Tenant	One client organisation that uses DFFMS with its own data, staff and settings.
Tenor	The length of time a loan, investment or scheme runs.
Term sheet	The October 2026 SAPZ indicative term sheet that sets the facilities, allocations and rules.
Ticket size	The smallest and largest amount an applicant of a given type can request from a facility.
Tranche	One part of a loan that is paid out in stages, each with its own approval.
Transaction	A recorded money movement, such as a collection, a disbursement or an adjustment.
Trustee	The party that oversees a scheme on behalf of its investors and holds the legal protections for their interests.
Unit	A share in a scheme, bought at NAV and redeemed at NAV.
Unit register	The record of every unit movement, which is append-only.
Warehouse receipt	A document that proves goods are stored in a licensed warehouse and can be used as collateral.
Warning threshold	The set value that triggers an early warning, such as a receipt expiring within 14 days.
WHT (withholding tax)	Tax that is deducted at source from a dividend or redemption before it is paid to the member.