MFI's

Micro-Finance Institutes (MFI's) are there to provide small loans and other financial services to those at the bottom of the pyramid who only other recourse for financial assistance is to go to local money lenders who typically charge extortionate rates of interest. MFI's are growing fast across the developing World given the almost limitless need for small loans to help the very poorest in society develop new businesses, but are limited by a general reliance on a paper-based infrastructure and reporting mechanisms. 

Mi-Pay provides MFI's with a client branded loans management and administration service utilising mobile phones issued to staff that enable them to dispense with paper, using the mobile phones to collect data and administer the entire loans management process in a discrete manner.  The service can issue SMS's or make voice calls to remind those with loans to make repayments either directly or at post offices, designated retailers or other locations that are convenient for both the end customer and the MFI staff. 

The basic loan management service can easily be augmented to provide a complete range of financial services to its customer base including banking, bill payments, micro-insurance and other potentially revenue earning services.