The AppendPay Mobile Application is a Microfinancing solution, that provides an aggerated service to deliver the end-to-end process of Microfinancing. Its primary purpose is to put in place the essential components of digital financial inclusion such as:
1) digital transactional platform;
2) tools and devices for clients/members to electronically connect to this platform and perform financial transactions;
3) the provision of mobile financial services that include, but not limited to: payments and microfinance services without engaging in the business of lending under R.A. NO. 9474 – An Act Governing the Establishment, Operation and Regulation of Lending Companies, or financing under R.A. 8556 – An Act Amending Republic Act No 5980, as Amended, otherwise known as the Financing Company Act , or microfinance under R.A. 10693 or an “Act Strengthening the Non-Government Organizations engaged in Microfinance Operations for the Poor.
Mobile App Key Features:
⭐ Fast and Safe KYCs
Easy three step process: Link your MFI Number, Verify your identity and submit all the requirements in the app with at least one (1) valid ID to complete your Account Profile.
⭐ Microfinancing
Microfinance loans are small loans granted to the basic sectors, as defined in Republic Act No. 8425, otherwise known as the “Social Reform and Poverty Alleviation Act”, and other loans; as defined by the government as to their amount, scope, and coverage that are granted to the poor and low-income individuals for their microenterprises and small businesses so as to enable them to raise their income levels and improve their living standards. Microfinance loans are granted on the basis of the borrower’s cash flow and are typically unsecured;
Microfinance loans being provided by the MFIS have typical features and terms as follows:
Criteria for accessing microfinance loans, savings, microinsurance and other non-financial services (scholarships, training and community development programs):
a. Low-income or poor – defined by the quality of houses, income bracket of the individuals
b. Have attended a social preparation training of the MFIs for a period of one day to one week
c. Regularly attends a virtual meeting of the group of women borrowers
d. Have a micro-enterprise that is running for at least 6 months
e. Loans must be used to capitalize with the end goal of increasing their incomes and get out of poverty
f. Must be endorsed by another group member or field officer that conducted character investigation
⭐Microfinancing Package:
* Microfinancing amount : P5,000 to P 20,000Monthly
* EIR: 3%APR:
* 36%Minimum repayment period offered 180 days Maximum repayment period offered 360 days.
* Example: Loan : P10,000Term: 180 days (6 months)Interest : 3%
* Computation: Principal= P10,000Interest =P10,000 (principal) x 3% (monthly EIR) x 6 (months) = P1,800Total Payment= P11,800
⭐Note:
Income from interest goes to operations, administration, and community services such as but not limited to leadership training, business advisory, tree planting, mass feeding, educational assistance given to microfinance clients-members of the MFIs and users of AppendPay Corporation.
⭐ Integrated Partner Cash-in and Cash-out
Integrated with different Cash-in methods and Cash-out brick and mortars options to cater to your personal need.
⭐ eWallet Features
Personal eWallet that can be used to pay for your online bills, load your mobile phones, send fund to your love ones and receive your loans digitaly.
*** Privacy and Permissions
We place a high value on your privacy. To validate your identification and Account Profile, we will scan your government-issued ID and other information. We also require users to be existing Microfinancing institutions to which the MFI Profile is analyzed and linked to your Account Profile.
