Verify income

Learn how to verify your users' income

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Overview

Okra’s Income API calculates an end user’s income using real-time financial transactions from their bank accounts. At the core of the Income API is the Okra NLU (Natural Language System), which incorporates online machine learning and active learning to provide data for your business needs.

Whether it’s a day laborer earnings, salary, pension, or an uncle who provides monthly aid, Okra makes it easy to understand the structured and unstructured income sources of your user. This provides a wealth of opportunity in KYC validation, enabling critical eligibility information like employment verification, spending patterns, and credit power.

Understanding your customer's income history enables you to speed up your decision-making process. Okra's API provides accurate and extensive income data for many use cases, including disbursement amounts, product recommendations, payment tenures, and more.


How it works

Once your user grants Okra permission to access their bank accounts, Okra services pull transactions and feed them into the Okra NLU. The NLU extracts income-related data such as Named Entities, Transaction frequency, and Transaction dates.

The NLU system analyzes and groups income data based on details such as:

  • Named Entities: Named Entities are special keywords and sub-text identified in the transaction descriptions. These entities include transaction beneficiary, utility keywords, reference codes, transaction narration, transaction channel, and income-related keywords.
  • Transaction Groups: Transactions can belong to any of these seven categories: VAT, Commissions, ATM/POS, Transfer, Deposits, Returns on Investments, and Reversals.
  • Transaction Frequency: The API also groups similar transactions together based on their rate of recurrence.

The Income Engine uses these data groups to accurately identify income streams, and group transactions that belong to the same income stream together. Okra sorts income streams into these categories:

Salary

Salaries are sums of money that registered Nigerian companies transfer to your user’s account. Salary-related keywords and Named Entities that belong to registered Nigerian companies are strong indications of salary-related transactions. The Income API then processes this monthly numeric credit inflow as income.

Recurrent Credit

Fixed sums of money periodically credited into your user's account. Recurrent credit can come from passive returns from investments and businesses or as a steady inflow from a third-party sender. These transfers can occur monthly, quarterly, or yearly.

Recurrent Deposit

Similarly to recurrent credit, recurrent deposits are sums of money periodically paid into your user’s account. Recurrent deposit mainly comes from cash deposits or checks, while recurrent credit comes from USSD or Internet Transfers.

Unstructured Income

The Income API classifies income on accounts that do not have a fixed amount of recurring inflow as unstructured income. The market structure in Nigeria accounts for this type of income: small business owners, gig economy workers, and SME proprietors usually belong to this category.


How to use

Okra recommends that you leverage the Income API in this order:

  1. Use the process income operation for first-time users

This operation analyzes the income data of a first-time user and returns a processed income profile. This process usually takes a few seconds - the duration depends on the depth of the user’s transaction history, and the number of income streams.

  1. Use the get income operations based on your business needs

These operations enable you to retrieve already processed income data faster. Power your application by retrieving data based on ID, customer, date, record, or by retrieving all your users’ income data in a single request.


Key features of the Income API

Trailing Income History

The trailing history gives a historical summary of each income stream using 3, 6, and 12 months’ chunks of transactions that the Income Engine refers to as history blocks. The Income Engine calculates the maximum credit amount, average monthly amount, total sum, minimum monthly amount, and count of an income stream in each history block.

These history blocks provide insight into how your users' income streams change over time.

Stream Ranking

Using a proprietary algorithm, the Stream Engine ranks the different streams of income in their order of importance. Each stream of income is weighted based on its contribution to the overall income value of your user.

This helps you identify your user’s primary stream of income.

Evaluating the Income Model

Your user’s income model is evaluated using a confidence score. The NLU uses a confidence score to indicate an estimated level of accuracy in classifying transaction data as income. By extension, the confidence score also indicates the correctness of the projected income sums and the trailing history figures.

As with most machine learning models, the NLU uses accuracy, recall, and precision to evaluate the performance of the system by deriving values from a confusion matrix:

  • TP: True positive - the number of income transactions in a stream correctly identified as income transactions
  • FN: False negative - the number of actual income transactions in a stream classified incorrectly as non-income transactions
  • FP: False positive - the number of non-income transactions in a stream classified incorrectly as income transactions
  • TN: True negative - the number of non-income transactions in a stream correctly identified as non-income transactions

📘

The confidence score is the total number of correctly classified income and non-income transactions expressed as a percentage:

Confidence Score = (TP + TN) / (TP + TN + FP + FN) * 100


Attributes of the income object

An income object can contain these attributes:

AttributeTypeDescription
confidencefloatIndicates an estimated level of accuracy in classifying transaction data as income.
summaryarray of objectsContains an overview of the income calculations. It includes summaries such as the number of streams, the projected sums, the sums from the previous year, and the histories (3, 6, and 12 month history blocks) for all streams of income.
streamsarray of objectsLists the identified streams of income ranked in order of importance using the Stream Ranking algorithm. Income streams with lower ranks are returned in the other_streams array of objects.
other_streamsarray of objectsLists the identified streams of income that are deemed less important. Has the same underlying objects as streams.
transactionsarray of objectsLists the transactions that are used to calculate the different income streams.

Attributes within summary

AttributeTypeDescription
account_age_monthsintegerIndicates how long the user has been using this bank account. The value is estimated from the length and timestamps of transactions.
average_monthly_incomefloatIndicates the average amount earned by the user in one month. The value is calculated as the average monthly amount of all the identified streams of income.
current_yearstringThe calendar year for which the income data was requested in YYYY format. The current calendar year is the default value. This value can be changed through the request object.
last_two_years_incomefloatIndicates the total income from two years ago. For example, if current_year is 2022, this value indicates the total income from the year 2020.
last_two_years_to_this_year_projected_incomefloatIndicates a total projected income using figures from the current_year, the previous year, and the calendar year 2 years back. For example, if current_year is 2022, this value uses figures from 2020, 2021, and 2022 to provide a more realistic projected income.
last_year_incomefloatIndicates the total income from last year. For example, if current_year is 2022, this value indicates the total income from the year 2021.
last_year_to_this_year_projected_incomefloatIndicates a total projected income using figures from the current_year and the previous year. For example, if current_year is 2022, this value uses figures from 2021 and 2022 to provide a more realistic projected income.
number_of_streamsintegerIndicates the number of identified income streams.
past_three_monthsobjectContains the summary of all income streams of the past 3 months.
past_six_monthsobjectContains the summary of all income streams of the past 6 months.
past_twelve_monthsobjectContains the summary of all income streams of the past 12 months.
primary_stream_age_monthsintegerIndicates the number of months the primary income stream has existed on a specific account. This value provides an estimate of how long a user has been earning income from that income stream.
this_year_projected_sumfloatIndicates the total income that the user is estimated to make by the end of the current calendar year. The value is calculated using the monthly_income, number_of_months, and projected_months of each income stream.
Attributes for past income data in the summary object

The objects past_three_months, past_six_months, and past_twelve_months contain these attributes. Each object returns data that corresponds to a specific period of time, which is shown in the object’s name.

AttributeTypeDescription
average_per_monthfloatIndicates the average monthly income which is calculated using all income streams.
max_per_monthfloatShows the highest identified income value from all streams.
min_per_monthfloatShows the lowest identified income value from all streams.
totalfloatIndicates the total monthly sum of all income streams.

Objects within streams

AttributeTypeDescription
detailsobjectLists the details of each income stream.
historyobjectLists the trailing history of each income stream.
Attributes within details
AttributeTypeDescription
accountstringThe bank account in which the stream was identified.
bankobjectThe name or ID of the bank that holds the user’s account.
sourceobjectProvides details about user's source of income as identified by the Named Entity Recognition (NER).
monthly_amountfloatThe amount of income generated on a monthly basis by this income stream.
number_of_transactionsintegerThe number of transactions that are part of this income stream.
occurrenceobjectLists details about dates, actual and projected occurrences, and total number of income transactions for this income stream.
primary_streambooleanIndicates whether the current stream is the primary source of income.
stream_idstring uuidA unique identifier for this income stream.
stream_rankfloatIndicates a relative rank of an income stream with respect to the other streams. The highest value is 1.0, while the lowest is 0.0. The stream with the highest value is designated as the primary stream. stream_rank is calculated using weighted attributes such as total amounts of income, and number of occurrences.
typestringIndicates the type of income. Possible values: salary, recurrent credit, recurrent deposit, rent, unstructured.
working_days_this_yearintegerIndicates the number of working days this year for which the income stream was made.
Attributes within source
AttributeTypeDescription
typestringIdentifies the type of an income source. For example, when the income stream type is salary, the source.type is shown as employer. Possible values: employer, others.
namestringNames the source of the income stream as identified by the Named Entity Recognition system (NER), which is part of the Okra NLU system.
Attributes within occurrence

Lists details about dates, actual and projected occurrences, and total number of income transactions for this income stream:

AttributeTypeDescription
first_datetimestampIndicates the date when the income stream was first identified. The timestamp value follows the ISO 8601 format.
last_datetimestampIndicates the date when the income stream was last identified. The timestamp value follows the ISO 8601 format.
occurrence_this_yearintegerThe number of months when the income stream has occurred in the current year.
projected_occurrence_this_yearintegerIndicates the number of months the income stream is projected to occur in the current year.
total_countintegerIndicates the total number of months the income has already occurred.

Objects within history

These objects provide the trailing history of each income stream:

AttributeTypeDescription
past_three_monthsobjectContains a summary of the income stream for the past 3 months.
past_six_monthsobjectContains a summary of the income stream for the past 6 months.
past_twelve_monthsobjectContains a summary of the income stream for the past 12 months.
Attributes for past income data in history

The objects past_three_months, past_six_months, and past_twelve_months contain these attributes. Each object returns data that corresponds to a specific period of time, which is shown in the object’s name.

AttributeTypeDescription
average_per_monthfloatIndicates the average monthly income which is calculated using all income streams.
max_per_monthfloatShows the highest identified income value from all streams.
min_per_monthfloatShows the lowest identified income value from all streams.
occurrencefloatIndicates the number of times this income stream has occurred in a given period of time.
totalfloatIndicates the total monthly sum of all income streams.

Attributes within transactions

AttributeTypeDescription
idstring uuidThe unique transaction ID.
stream_idsarray of stringsLists the UUID of the income stream where a transaction belongs to.
termstringDefines which history block a transaction within an income stream belongs to. Possible values: past_three_months, past_six_months, past_twelve_months.

📘

term helps pinpoint which 3, 6, or 12 months’ chunk of transactions, or history block does a transaction belong to. Transactions within the past_tree_months term are a subset of transactions within past_six_months, which in turn are a subset of past_twelve_months.

Sample objects

curl -X POST https://api.okra.ng/api/v2/income/getById
-H 'Content-Type: application/json' 
-H 'Authorization: Bearer <secretKey>'
-d '{id: xxxxxxxxxxxxx}'
{
        "income":{
            "_id":"1357e608c067dcd068014c85",
            "customer":{
                "_id":"1142188c965e0d0318fa4e44",
                "name":"User name"
            },
            "__v":0,
            "confidence":96.82,
            "created_at":"2022-10-25T13:35:04.691Z",
            "env":"production",
            "last_updated":"2022-11-02T15:17:26.643Z",
            "number_of_transactions":323,
            "other_streams":[
                "1357e608c067dcd068014c4b"
            ],
            "owner":[
                "5da6358130a943486f33dced"
            ],
            "projects":[
                "5ff62b99aea7a57a5c3baa01"
            ],
            "record":[
                "1357e5fd9fd44f0157940283",
                "135919279fd44f0157947c8a",
                "135fb2f9ccfaaa01a964abcf",
                "136242ca63712c2497b11f54",
                "136289fa63712c2497b1890e"
            ],
            "streams":[
                {
                    "stream_id":"1142188b965e0d0318fa4e43-1",
                    "__v":0,
                    "account":[
                        "1142188b965e0d0318fa4e43"
                    ],
                    "bank":[
                        {
                            "_id":"1d6fe57a4099cc4b210bbebc",
                            "name":"Bank name",
                            "colors":{
                                "primary":"#990D81",
                                "accent":"#990D81",
                                "bg":"#990D81",
                                "button":"#880972"
                            },
                            "logo":"Bank logo URL",
                            "icon":"Bank icon URL"
                        }
                    ],
                    "created_at":"2022-10-25T13:35:04.643Z",
                    "history":{
                        "past_six_months":{
                            "average_per_month":36585.96,
                            "max_per_month":27000,
                            "min_per_month":1.88,
                            "occurrence":6,
                            "total":219515.76
                        },
                        "past_three_months":{
                            "average_per_month":33916.59,
                            "max_per_month":20698,
                            "min_per_month":1.88,
                            "occurrence":3,
                            "total":101749.76
                        },
                        "past_twelve_months":{
                            "average_per_month":20742.98,
                            "max_per_month":27000,
                            "min_per_month":1.88,
                            "occurrence":12,
                            "total":248915.76
                        }
                    },
                    "last_updated":"2022-11-02T15:17:26.595Z",
                    "monthly_amount":300990.64,
                    "number_of_transactions":3,
                    "occurrence":{
                        "first_date":"2020-07-15T00:00:00.000Z",
                        "last_date":"2021-09-20T00:00:00.000Z",
                        "occurrence_this_year":0,
                        "projected_occurrence_this_year":0,
                        "total_count":15
                    },
                    "primary_stream":true,
                    "source":{
                        "name":"Multiple Sources",
                        "type":"other"
                    },
                    "stream_rank":0.9999999999999998,
                    "type":"Unstructured",
                    "working_days_this_year":0
                },
                {
                    "stream_id":"1142188b965e0d0318fa4e43-2",
                    "__v":0,
                    "account":[
                        "1142188b965e0d0318fa4e43"
                    ],
                    "bank":[
                        {
                            "name":"Bank name",
                            "colors":{
                                "primary":"#990D81",
                                "accent":"#990D81",
                                "bg":"#990D81",
                                "button":"#880972"
                            },
                            "logo":"Bank logo URL",
                            "icon":"Bank icon URL"
                        }
                    ],
                    "created_at":"2022-10-25T13:35:04.643Z",
                    "history":{
                        "past_six_months":{
                            "average_per_month":40000,
                            "max_per_month":70000,
                            "min_per_month":10000,
                            "occurrence":4,
                            "total":160000
                        },
                        "past_three_months":{
                            "average_per_month":160000,
                            "max_per_month":70000,
                            "min_per_month":10000,
                            "occurrence":1,
                            "total":160000
                        },
                        "past_twelve_months":{
                            "average_per_month":50000,
                            "max_per_month":70000,
                            "min_per_month":10000,
                            "occurrence":6,
                            "total":300000
                        }
                    },
                    "last_updated":"2022-11-02T15:17:26.595Z",
                    "monthly_amount":150000,
                    "number_of_transactions":8,
                    "occurrence":{
                        "first_date":"2021-02-15T00:00:00.000Z",
                        "last_date":"2021-07-15T00:00:00.000Z",
                        "occurrence_this_year":0,
                        "projected_occurrence_this_year":0,
                        "total_count":6
                    },
                    "source":{
                        "name":"User name",
                        "type":"other"
                    },
                    "stream_rank":0.8131059981494424,
                    "type":"Recurrent Credit",
                    "working_days_this_year":0
                },
                {
                    "stream_id":"1142188b965e0d0318fa4e43-3",
                    "__v":0,
                    "account":[
                        "1142188b965e0d0318fa4e43"
                    ],
                    "bank":[
                        {
                            "name":"Bank name",
                            "colors":{
                                "primary":"#990D81",
                                "accent":"#990D81",
                                "bg":"#990D81",
                                "button":"#880972"
                            },
                            "logo":"Bank logo URL",
                            "icon":"Bank icon URL"
                        }
                    ],
                    "created_at":"2022-10-25T13:35:04.643Z",
                    "history":{
                        "past_six_months":{
                            "_id":"13628a0663712c2497b1892c",
                            "average_per_month":11692,
                            "max_per_month":12000,
                            "min_per_month":30,
                            "occurrence":5,
                            "total":58460
                        },
                        "past_three_months":{
                            "_id":"13628a0663712c2497b1892b",
                            "average_per_month":13230,
                            "max_per_month":6000,
                            "min_per_month":30,
                            "occurrence":2,
                            "total":26460
                        },
                        "past_twelve_months":{
                            "_id":"13628a0663712c2497b1892a",
                            "average_per_month":29922.86,
                            "max_per_month":23300,
                            "min_per_month":30,
                            "occurrence":7,
                            "total":209460
                        }
                    },
                    "last_updated":"2022-11-02T15:17:26.595Z",
                    "monthly_amount":34910,
                    "number_of_transactions":44,
                    "occurrence":{
                        "first_date":"2021-02-15T00:00:00.000Z",
                        "last_date":"2021-08-04T00:00:00.000Z",
                        "occurrence_this_year":0,
                        "projected_occurrence_this_year":0,
                        "total_count":7
                    },
                    "source":{
                        "name":"User name",
                        "type":"other"
                    },
                    "stream_rank":0.6944853796438775,
                    "type":"Recurrent Credit",
                    "working_days_this_year":0
                },
                {
                    "stream_id":"1142188b965e0d0318fa4e43-4",
                    "__v":0,
                    "account":[
                        "1142188b965e0d0318fa4e43"
                    ],
                    "bank":[
                        {
                            "name":"Bank name",
                            "colors":{
                                "primary":"#990D81",
                                "accent":"#990D81",
                                "bg":"#990D81",
                                "button":"#880972"
                            },
                            "logo":"Bank logo URL",
                            "icon":"Bank icon URL"
                        }
                    ],
                    "created_at":"2022-10-26T11:25:39.624Z",
                    "history":{
                        "past_six_months":{
                            "average_per_month":66000,
                            "max_per_month":33000,
                            "min_per_month":33000,
                            "occurrence":1,
                            "total":66000
                        },
                        "past_three_months":{
                            "average_per_month":66000,
                            "max_per_month":33000,
                            "min_per_month":33000,
                            "occurrence":1,
                            "total":66000
                        },
                        "past_twelve_months":{
                            "average_per_month":66000,
                            "max_per_month":33000,
                            "min_per_month":33000,
                            "occurrence":1,
                            "total":66000
                        }
                    },
                    "last_updated":"2022-11-02T15:17:26.595Z",
                    "monthly_amount":66000,
                    "number_of_transactions":2,
                    "occurrence":{
                        "first_date":"2021-09-14T00:00:00.000Z",
                        "last_date":"2021-09-14T00:00:00.000Z",
                        "occurrence_this_year":0,
                        "projected_occurrence_this_year":0,
                        "total_count":1
                    },
                    "source":{
                        "name":"User name",
                        "type":"other"
                    },
                    "stream_rank":0.590443853272314,
                    "type":"Recurrent Credit",
                    "working_days_this_year":0
                },
                {
                    "stream_id":"1142188b965e0d0318fa4e43-5",
                    "__v":0,
                    "account":[
                        "1142188b965e0d0318fa4e43"
                    ],
                    "bank":[
                        {
                            "name":"Bank name",
                            "colors":{
                                "primary":"#990D81",
                                "accent":"#990D81",
                                "bg":"#990D81",
                                "button":"#880972"
                            },
                            "logo":"Bank logo URL",
                            "icon":"Bank icon URL"
                        }
                    ],
                    "created_at":"2022-10-26T11:25:39.624Z",
                    "history":{
                        "past_six_months":{
                            "average_per_month":27800,
                            "max_per_month":13000,
                            "min_per_month":100,
                            "occurrence":2,
                            "total":55600
                        },
                        "past_three_months":{
                            "average_per_month":27800,
                            "max_per_month":13000,
                            "min_per_month":100,
                            "occurrence":2,
                            "total":55600
                        },
                        "past_twelve_months":{
                            "average_per_month":27800,
                            "max_per_month":13000,
                            "min_per_month":100,
                            "occurrence":2,
                            "total":55600
                        }
                    },
                    "last_updated":"2022-11-02T15:17:26.595Z",
                    "monthly_amount":27800,
                    "number_of_transactions":10,
                    "occurrence":{
                        "first_date":"2021-08-09T00:00:00.000Z",
                        "last_date":"2021-09-14T00:00:00.000Z",
                        "occurrence_this_year":0,
                        "projected_occurrence_this_year":0,
                        "total_count":2
                    },
                    "source":{
                        "name":"User name",
                        "type":"other"
                    },
                    "stream_rank":0.4415437636637305,
                    "type":"Recurrent Credit",
                    "working_days_this_year":0
                }
            ],
            "summary":{
                "account_age_months":15,
                "average_monthly_income":115940.13,
                "current_year":2022,
                "last_two_years_income":8583323.14,
                "last_two_years_to_this_year_projected_income":5722215.43,
                "last_year_income":8583323.14,
                "last_year_to_this_year_projected_income":4291661.57,
                "number_of_streams":5,
                "past_six_months":{
                    "average_per_month":31087.54,
                    "max_per_month":70000,
                    "min_per_month":1.88,
                    "occurrence":18,
                    "total":559575.76
                },
                "past_three_months":{
                    "average_per_month":45534.42,
                    "max_per_month":70000,
                    "min_per_month":1.88,
                    "occurrence":9,
                    "total":409809.76
                },
                "past_twelve_months":{
                    "average_per_month":31427.71,
                    "max_per_month":70000,
                    "min_per_month":1.88,
                    "occurrence":28,
                    "total":879975.76
                },
                "primary_stream_age_months":15,
                "this_year_projected_sum":0
            },
            "transactions":[
                {
                    "stream_ids":[
                        "1142188b965e0d0318fa4e43-1"
                    ],
                    "id":"114218beabfcf35206834183",
                    "term":"past_three_months"
                },
                {
                    "stream_ids":[
                        "1142188b965e0d0318fa4e43-1"
                    ],
                    "id":"114218beabfcf352068341c6",
                    "term":"past_three_months"
                },
                {
                    "stream_ids":[
                        "1142188b965e0d0318fa4e43-1"
                    ],
                    "id":"114228aaabfcf35206c17bec",
                    "term":"past_three_months"
                }
            ]
        }
{
      "method":"INCOME",
      "callback_type":"INCOME",
      "callback_code":"PRODUCT_IS_READY",
      "type":"CALLBACK",
      "code":"PRODUCT_IS_READY",
      "callbackURL":"https://16764cf0511d.ngrok.io/v1/callback",
      "env":"production",
      "status":"is_success",
      "started_at":"2021-10-14T00:33:13.068Z",
      "ended_at":"2021-10-14T00:36:44.195Z",
      "message":"Record callback started!",
      "accountId":"xxxxxxxxxxxxxxxxxxxxx",
      "options":{},
      "meta":{},
}