Income provides a clear and insightful analysis of a user's income over a certain period. This includes a general summary of the income streams, type, description, and period. The Income API provides income insights via the webhook. Here, an API response will be sent indicating that the request is being processed and the data can be accessed via webhook.
The Income API endpoint has been upgraded to v2 to give you more value and help you understand your customers better and build a clear profile around their earning capacity, income types (both formal and informal, such as wages), frequency, amount, description, and more.
As a lending company looking to lower lending risk or a banking service looking to build customer profiles and engage users better, the Income endpoint provides needed insights and is of great value to these operations.
Income Records
For Income records, you can get the insights directly in the body of the API response without referring to the webhook. Here's the API reference for the Income Records API endpoint.
Here's a breakdown of all insights that can be gotten from the income API:
VARIABLE | SAMPLE VALUE | DESCRIPTION |
account | 6656ee88b4385629bf9f7954 | The account id |
accountName | Samuel Olumide | Name on the account record |
accountNumber | 0100000058 | Account number on the account record |
income_summary | income_summary: { | Income summary: most recent income stream where income type is salary |
income_streams | "income_streams": [ |
|
income_type |
| The type of income. This can either be |
frequency |
| The frequency of income. This can either be |
monthly_average |
| Total income in the stream / number of months |
average_income_amount |
| Total income in the stream / total count of income |
last_income_amount |
| Last amount received for the stream |
currency |
| currency |
stability |
| Variance of transaction amounts in the cluster. Ranges between 0-1 |
last_income_description |
| Transaction narration for last transaction received for the stream |
last_income_date |
| Date of last transaction received for the stream |
periods_with_income |
| Number of months with income in stream |
number_of_incomes |
| Total count of income |
|
|
|
income_source_type | income_source_type: "BANK" |
|
first_transaction_date | first_transaction_date: "2022-06-09" | Date of earliest transaction from all the income streams. Format YYYY-MM-DD |
last_transaction_date | last_transaction_date: "2023-02-09" | Date of latest transaction from all the income streams. Format YYYY-MM-DD |
number_of_income_streams | number_of_income_streams: 2 | number_of_income_streams: Number of streams |
monthly_average | monthly_average: 2500 | total monthly average from all streams / total number of months from all stream |
monthly_average_regular | monthly_average_regular: 2500 | Regular = stream.stability ≥ 0.6 |
monthly_average_irregular | monthly_average_irregular: 0 | Irregular = stream.stability < 0.6 |
total_regular_income_amount | total_regular_income_amount: 22500 | total average income amount for regular streams |
total_irregular_income_amount
| total_irregular_income_amount: 0 | total average income amount for irregular streams |
Pricing
The Income API endpoint costs NGN200 per successful call.