Micro-Finance

Mi-Pay's micro-finance solution provides a fully managed, client branded mobile solution for distributing loans (funds) and managing the collection of loan repayments as well as enabling the secure transfer of grants and other government funds to farmers, fishermen and other communities. The service is also designed to be used by NGO's wishing to make payments to agents and employees "in the field" and handles all client management from a mobile phone securely interfacing to the loans administration system or other back-office applications.

Mi-Pay's service seeks to solve three of the most important challenges of micro-finance institutions:

• Collecting information from remote or rural clients
• Managing financial transactions in remote or rural areas
• Reporting back to fund owners and compliance managers

Mi-Pay's Micro-finance service enables MFIs to handle client management from a mobile phone, interfacing to the loans administration system or other back-office applications used by an MFI, Bank or NGO. This means the loans officers can always have up to date information on their phones and should be able to handle more clients than can be handled on paper. Further more, repayments can be made at approved agents (merchants, banks, Post offices or mobile phone operators). Such payments are recognised in real time in both the Agent and Individual accounts so all parties always know the financial situation, whether there is local access to the Internet or not. Loans can be viewed, and payments against existing loans can be managed. Loan officers can manage accounts remotely, and could travel to remote rural areas to administer transactions, but with mobile connectivity to loan databases reducing the need to carry paper.