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Micro Finance

Microfinance is a form of financial services for entrepreneurs and small businesses lacking access to banking and related services. MicroFinance enables micro-finance institutions (MFIs) and mobile money services providers to implement new, cost-effective, mobile phone based processes for disbursement and collection of micro-loans. With the ubiquity of mobile phones, this service, with its added convenience, security and privacy, has become extremely popular with MFIs large and small.
With mWallet MFIs can use a secure, Web based payment gateway to register beneficiaries, distribute micro-loans, set interest rates and repayment schedules and manage collections. With mWallet, loans can be disbursed directly into, and repaid from, the beneficiary’s mobile wallet. All transactions are securely managed via mWallet hub.Beneficiaries can use their mobile phones to apply for loans and funds received can be cashed-out, transferred to other mobile wallet users and make repayments without having to visit the MFI’s offices.Key features of MicroFinance include a white-label Web interface MFIs can use to register beneficiaries, manage micro-loans, set up scheduled reminders, monitor repayment status, and manage mass disbursement to large groups of beneficiaries.
MicroFinance supports flexible interest rates, KYC and sign-up processes and provides instant notification and acknowledgment of disbursements and repayments, comprehensive reporting and reconciliation and auditable transaction data for future verification.Integration of MicroFinance with the Mobile Wallet strengthen MFIs to reach to the needy people located in rural areas.