Last modification: August 14th 2015
- 1. MEMBER'S REPRESENTATION
- 2. EFFECTIVE DATE OF CONTRACTUAL RELATIONS
- 3. ACCESSING PI SLICE’S SERVICES
- 4. SERVICES PROVIDED BY PI SLICE (EXCLUDING PROJECT FINANCING)
- 5. PROJECT FINANCING
- 6. PI SLICE RELATIONS WITH MFIs
- 7. FINANCIAL INFORMATIONS
- 8. MEMBER'S COMMITMENTS
- 9. PI SLICE'S COMMITMENTS
- 10. PI SLICE'S RESPONSIBILITY
- 11. CHANGES TO THE GENERAL CONDITIONS
- 12. TERMINATION
- 13. PERSONAL DATA
- 14. CONFIDENTIALITY
- 15. FORCE MAJEURE
- 16. MISCELLANEOUS CLAUSES
- 17. APPLICABLE LAW AND CHOICE OF JURISDICTION
The present document constitutes the General Conditions (hereafter known as “the General Conditions”) for the services provided by Pi Slice (hereafter known as “PI SLICE”) to its members (“hereafter known as the “MEMBER (s)”.
PI SLICE FZ-LLC is a Free Zone – Limited Liability Company organized and existing under the laws of Ras Al Khaimah, UAE, registered under number RAKIA 74 FZ3 02 12 5227 and domiciled at Emirates Towers, Level 41 Sheikh Zayed Road, DIFC District Tel: +971-4-319 9290 P.O.Box: 31303 Dubai, UAE, represented by Genevieve Ghanimeh.
MICROWORLD is a Partnership Limited by Shares, represented by its President with a registered capital of 37000 Euros and Paris Trade Register number 520 574.
The General Conditions aim to establish, organize and explain in a clear and transparent manner, the contractual relations between PI SLICE and its MEMBERS so that the MEMBERS may use the services provided by PI SLICE to their best advantage.
For this reason, should an article or a paragraph appear to require further clarification, PI SLICE invites MEMBERS to send a message to this effect to contact@Pi-slice.com. In this case, if PI SLICE considers that the article or a part of it requires modification, it will inform all its MEMBERS through the site www.pi-slice.com (hereafter known as “the Site”).
Via the Site, PI SLICE provides access to various microfinance related services and information. Any person (MEMBER) who so wishes can participate in financing, in the form of a loan without financial compensation, through a local microfinance institution (hereafter known as the “MFI”), for a personal project (hereafter known as “the PROJECT”) of an individual (hereafter know as “the End Beneficiary”) who does not have access in the country in which he or she resides to the services and products offered by traditional banking institutions. PI SLICE has previously selected IMFs with whom it has signed a contract in order to ensure that MEMBERS are given a realistic and reliable presentation of PROJECTS.
PI SLICE is under no circumstances a guarantor for any sums lent. However, in the case of non-payment, PI SLICE will make every effort, thus excluding all obligation to achieve a particular result, to defend the interests of its lender MEMBERS. PI SLICE works with MICROWORLD to manage the website, relationships with MFIs, and financial flows. MICROWORLD performs these operational functions on behalf of PI SLICE as its service provider.
The MEMBER declares that all present and future information provided to PI SLICE is and will be exact.
Any change likely to affect a Member’s contractual relationship with PI SLICE or the MFI must be made known to PI SLICE as soon as possible.
If necessary, PI SLICE may at any moment and for any reason, require the MEMBER, with no obligation to justify this request, to provide further information with, if appropriate, the relevant ad hoc documents.
The MEMBER acknowledges and gives permission for PI SLICE to share ownership of member information with MICROWORLD for the purpose of the operation of the Site and the facilitation of loans to MFIs.
The Member declares that he or she is of age and thereby legally entitled to execute alone all the deeds required to use the services undertaken with PI SLICE or with an MFI.
The Member declares that he is aware of and respects the legislation in force in his own country of residence and takes full responsibility for all legal issues and regulations, particularly pertaining to taxation, relative to the present General Conditions as well as all other legal documents he may sign when accessing the services, particularly all loan agreements with MFIs.
Contractual relations between the MEMBER and PI SLICE take effect from the first time the MEMBER accesses his personal space on the Site.
The MEMBER accesses PI SLICE services via the Site.
To do this, the MEMBER creates a "MEMBER Profile" and chooses a unique email address and password allowing him to access his personal space, known as "My PI SLICE".
My PI SLICE contains all the MEMBER’s data and enables him to access all of PI SLICE’s services, which are organized in sections.
THE MEMBER undertakes to change his password regularly. The MEMBER is entirely responsible for recording and using his e-mail address and password, as well as their possible disclosure.
Any consecutive entry of the MEMBER’s e-mail address and password will be considered as having been initiated by the MEMBER. Under no circumstances can PI SLICE be held responsible for any fraudulent use - or the consequences thereof - of a member’s e-mail address and / or password.
4.1 Presentation of Services
Accessing the services enables the MEMBER to obtain information about the world of microfinance, share his opinions and wishes with others, create and join communities, select Projects, observe, learn, understand and participate in the life of the Site and the development of microfinance.
MEMBER status thus confers access to the following services (the list is not exhaustive and may be modified at any moment, at the sole discretion of PI SLICE):
- - Subscription to PI SLICE’s Newsletters;
- - PROJECTS choice, selection and follow-up;
- - creating, meeting, participating in a group (hereinafter: “GROUP”), i.e. union or meeting of MEMBERS desiring to exchange on issues of common interests;
- - making Pi Slice known by third persons;
- - participation in events;
- - receiving Points depending on some actions on the Site;
- - Access to badges valuing his involvement level on the Site.
4.2 How it works
When connected to My PI SLICE, the MEMBER can freely access all the above-mentioned services.
5.1 General Presentation
5.1.1. In addition to the services presented in Article 4.1, PI SLICE enables MEMBERS to consult and finance PROJECTS;
Financing a PROJECT requires prior validation of a loan agreement between the MEMBER and the MFI (hereafter known as "the loan agreement"). Using the service also requires that the MEMBER have an account at PI SLICE (hereinafter known as “the PI SLICE account”) (see article 5.2 below) with a minimum credit of the amount the MEMBER wishes to contribute to the PROJECT as a loan.
PI SLICE reserves the right to request that the MEMBER provide additional information (see Article 1), including the origin of the funds to be lent, before validating a loan definitively and carrying out the required declarations to the relevant authorities.
Following the selection of PROJECT(s) to finance, the MEMBER is invited to confirm his loan commitment(s) by allocating the committed fund(s) on PROJECTS. By clicking on "PAY", the MEMBER expresses and validates a loan commitment that will become firm and final after 7 calendar days corresponding to a period of right of withdrawal.
In case of withdrawal, the amount lent will be fully repaid to the lender within 30 calendar days following the date of withdrawal.
The loan contract is made available to the MEMBER lender at the time of disbursement of the funds in the "My Account" section.
Funds lent to partners are disbursed in group on a monthly basis in some cases, whether the PROJECT has been fully financed or not.
PI SLICE transfers the funds via its partner MangoPay, a Payment Service Provider (PSP), to an account opened by the MFI in a duly agreed banking institution.
The funds lent by MEMBERS are sent by PI SLICE to MFIs on a regular basis, in accordance with the MFIs’ imperatives and the international and local banking norms.
The MFI, however, may already have financed the PROJECT. In this case, the sum lent by the MEMBER will finance the PROJECT and the amount allocated by the MFI to the PROJECT will be reallocated to another PROJECT.
5.1.2. The End Beneficiary is contractually bound to the MFI at the time of publication of the PROJECT on the Site.
The MFI will reimburse the funds lent by the MEMBER on the expiry date stipulated in the Loan Agreement. The MEMBER may therefore not recuperate the amount of the loan before this date. However, the End Beneficiary may have started reimbursing his loan to the MFI before the expiry date. The funds thus made available may be used by the MFI to finance another PROJECT.
The MEMBER is advised that the transfer of the funds may take a considerable amount of time. Thus, the effective repayment of the loan to the MEMBER’s account may sometimes occur several weeks after the stipulated expiry date.
Once the MEMBER has obtained the reimbursement, he may:
- - finance a new PROJECT;
- - request that the sums available be withdrawn from his PI SLICE account and paid to a personal bank account, pursuant to article 5.2.
5.1.3. In accordance with the terms of the Loan Contract, the MFI undertakes to reimburse the MEMBER in full, even if the End Beneficiary has failed to fulfil his contractual obligations.
If the MFI fails to fulfil its commitment, whether partially or totally, the MEMBER will be informed by PI SLICE. Wherever possible, the latter will offer the MEMBER a solution whereby he may obtain at least partial repayment. By express agreement between PI SLICE and the MEMBER, the MEMBER will be solely responsible for recovering the sums due and establishing a possible repayment schedule.
A partial default on a PROJECT financed by several MEMBERS will give rise to a final reimbursement by PI SLICE, who will reimburse each MEMBER in proportion to the funding he provided for the PROJECT in question.
PI SLICE draws the MEMBER’s attention to the fact that the loan he grants to an MFI carries a risk of full or partial non-repayment and that, should the MFI default, the recovery of sums loaned may prove to be long and costly.
PI SLICE also reminds MEMBERS that the loan in question is above all a gesture of solidarity.
PI SLICE can under no circumstances be held responsible for the full or partial non-repayment, whether on the part of the End Beneficiary or the MFI.
5.2 The MEMBER’s PI SLICE account
5.2.1 Funding a MEMBER’s PI SLICE account
Each MEMBER holds a PI SLICE account, which he can fund via a bank card. This card must be issued by a duly authorised bank in his country of residence (which must not be on the list of Non-Cooperative Countries and Territories (NCCT) established by the Financial Action Task Force (FATF).
As PI SLICE is not a credit institution carrying out banking transactions, this is under no circumstances a deposit account. This account is designed exclusively to enable the MEMBER to keep track of the financial support he provides and the loans he effects for this purpose.
5.2.2. Reimbursement of sums available on the MEMBER’s PI SLICE account.
At any time, the MEMBER may make a request (via My PI SLICE) to withdraw the sums available on his PI SLICE Account so that they may be credited to a personal bank account held by the MEMBER and designated by him.
Accordingly, THE MEMBER must provide PI SLICE with the details of the bank account designated by him and held by him in a bank operating and duly authorized to operate in his country of residence (which is not registered on the list of Non-cooperative Countries and Territories (NCCT) established by the Financial Action Task Force (FATF).
Once this request has been completed, it may be subject to verification by PI SLICE.
PI SLICE will then debit the amount from the MEMBER’s PI SLICE account and address a bank transfer to the MEMBER’s bank within 40 days from the reception of this request so that the aforementioned sum may then be credited to the bank account designated by the MEMBER.
5.3 Donation of Available Sums.
If a MEMBER’s PI SLICE account remains inactive for two (2) years following the date of the last operation and if the information held concerning the MEMBER proves to be invalid, making it impossible to contact the MEMBER, or the MEMBER refrains from replying to PI SLICE’s requests, the MEMBER henceforth agrees that the balance of his PI SLICE account may be donated to the NGO PlaNet Finance or any other NGO selected by PI SLICE.
If a MEMBER (the “Sponsor”) so wishes, he may suggest to another MEMBER or any other person, on condition that this person becomes a MEMBER first (the “Sponsoree”), to participate, in part or in full, in the funding of a PROJECT of his choosing.
In this way, the Sponsor may make the sum of his choice available to the “Sponsoree” via his PI SLICE account or send him a “PI SLICE PASS" enabling him to invest in one or several projects in his name.
The PI SLICE PASS enables a Sponsor, by means of an alphanumeric code composed of 10 characters, to send multiples of 20 dollars totalling a maximum of 1000 dollars to a Sponsoree.
The Sponsoree then has 3 months from the date of issue to activate his PI SLICE PASS by entering the alphanumeric code on the “My Selection” page in order to finance one or several PROJECTS. Following this date, the code will be automatically cancelled.
Once the Pi Slice Pass has been activated, the Sponsoree has 3 months to use the total sum made available and finance one or several PROJECTS. At the end of this period, the sum which has not been used by the Sponsoree will be debited from his account and re-credited to his Sponsor’s account.
If a MEMBER (the “Sponsor”) so wishes, he/she may suggest to another MEMBER or any other person, on the condition that this person becomes a MEMBER first (the “Sponsoree”), to participate, in part or in full, in the funding of a PROJECT of his/her choice.
A Pi Slice PASS is a 10 digit code that allows a member to make an investment of a given amount on one or more PROJECTS, without having to make any payment or use any available balance on his/her MY PI SLICE account.
The sponsor can create a PI SLICE PASS on the Pi Slice website, by specifying its value and making the corresponding payment. PI SLICE PASSES are valid for one month and their amount is credited back to the sponsor’s MY PI SLICE account if not used within the validity period.
PI SLICE offers two types of PI SLICE PASSES : “Pi Slice Discovery Pass” which will credit back the sponsor’s MY PI SLICE account when the loan is reimbursed or “Pi Slice Gift Pass” which will credit the sponsoree’s MY PI SLICE account when the loan is reimbursed.
PI SLICE selects an MFI based on its financial solidity and the social nature of the projects it funds. In this capacity, PI SLICE carries out regular audits, both remotely and within the MFI.
Should PI SLICE have any doubts regarding the financial solidity of an MFI , the real nature of the PROJECTS published, the allocation of funding to the PROJECTS selected, the loss of the authorisations required to carry out its activity or the non respect of its contractual commitments, it may be led to suspend, temporarily or definitively, its association with the MFI in quetion, or even demand the advance reimbursement of the sums owed to MEMBERS by this MFI. Should this be the case, PI SLICE would inform all MEMBERS concerned.
No payment is requested by PI SLICE for the service it provides to its MEMBERS.
However, in order to supportPI SLICE’s activities, and in particular to participate towards bank, currency exchange and transfer costs, MEMBERS may, if they wish, make a financial contribution of the sum of their choice.
All sums lent, before being transferred to a bank account held by an MFI in the country in which it operates, are transferred to an account established expressly for the receipt of Lender’s funds, held by PI SLICE in a leading French banking establishment. The sums transferred to this account are liable to generate returns from the bank. The same is true for the sums which will be transferred by the MFI to the MFI’s bank account in order to reimburse its loans. The MEMBER accepts and consents that PI SLICE be the sole beneficiary of the sums thus generated.
All these earnings will be used to finance PI SLICE’s activities.
In addition, PI SLICE advises the MEMBER that the services it provides to the MFI, such as visibility on the Site and assistance in putting PROJECTS on line are charged to the MFI and mentioned in the provision of service contract signed between PI SLICE and each MFI.
The MFI and the End Beneficiary are both bound by a loan agreement stipulating that the MFI will charge interest to the End Beneficiary.
The Member undertakes and/or guarantees:
- - That he will respect all the present General Conditions as well as all other agreements or legal transactions he was or will be required to sign once he has become a MEMBER;
- - That he is aware of the risk involved when lending money, risks that can lead to partial or total loss of the amount lent;
- - That the amounts lent do not jeopardize his present or future financial situation, even in the event of a total loss and thus any investment must remain reasonable with respect to his financial situation;
- - That he has been sufficiently informed about the PROJECT(S), so that he has a total understanding of the PROJECT(s) and accepts all the risks involved;
- - That the sums credited to his PI SLICE account were obtained legally by the MEMBER and are free from all obligations towards any third parties;
- - To authorise MICROWORLD to transfer the sums lent to the MFI on behalf of PI SLICE, via a MICROWORLD bank account intended for the receipt of Lender funding;
- - To authorise MICROWORLD to collect the sums refunded by the MFI on behalf of PI SLICE, via a MICROWORLD bank account intended for the receipt of repayments from MFIs;
- - To accept and consent to the fact that PI SLICE or its partner organisations are the sole beneficiaries of the earnings produced by the sum transferred to the PI SLICE or MICROWORLD bank accounts intended for the receipt of the funds going to or coming from MFIs;
- - Not to hold PI SLICE or MICROWORLD responsible, should the sums lent be partially or total lost;
- - That he is aware that under no circumstances may he request that a loan be repaid in advance;
- - That he is aware that in the event of a partial or total loss of the sum lent, no payment may be claimed or demanded from PI SLICE or MICROWORLD
- - Not to hold a grievance against PI SLICE or MICROWORLD should a PROJECT eventually not be implemented, either because the PROJECT no longer exists or because it has proved impossible to implement by the MFI, or for any other reason;
- - To allow PI SLICE henceforth and with no reservation to exclude an MFI unilaterally, temporarily or definitively, for any reason, and not to hold any grievance against PI SLICE for doing so;
- - Never to attempt to enter into direct contact with an MFI or the PROJECT End Beneficiary, except with prior authorisation from PI SLICE.
- - To have read and understood all the clauses in the Loan Agreement and to be aware of the implications of his commitment to the aforementioned loan contract;
- - To have agreed that the loan for the PROJECT is interest free and will therefore not yield any interest for him;
- - Not to interfere for any reason in the relationship between the MFI and the PROJECT End Beneficiary;
- - Not to interfere for any reason in the relationship between PI SLICE and the MFI;
- - That he was able to freely download and print the Loan Agreement(s) that he has validated and was able to keep an original copy;
- - That he possesses a valid e-mail address enabling him to send a confirmation e-mail as mentioned in article 5.1.1.
- - That he will not publish any message which could undermine or breach the rights of any third parties;
- - That he authorises PI SLICE to use his personal data for statistical purposes and convey them to known third parties whose participation proves necessary in the execution of the PROJECT, including MICROWORLD;
- - To use the Site content for personal and not commercial purposes;
- - To respect PI SLICE’s rights regarding the Site and its contents and not to duplicate, copy or transfer them, except in the context provided for by the services. (see Articles 4 and 5 above)
PI SLICE undertakes to:
- - present only PROJECTS offered by MFIs which it has previously selected;
- - allow the MEMBER permanent access to the “PI SLICE” section, unless prevented from doing so by technical circumstances beyond its control or for the purposes of site maintenance;
- - allow the MEMBER permanent access to all his loan agreements;
- - inform the MEMBER of any event of which it may be aware that would be likely to affect the PROJECT, particularly concerning repayment of the loan;
- - inform the MEMBER of the loan maturity date and the potential effective reimbursement date;
- - inform the MEMBER of repayment, whether total or partial;
- - offer the MEMBER a solution, should an MFI default, whereby he may recuperate, wherever possible, all or part of his funding;
- - Act in the MEMBER’s best interests;
- - Accept that the MEMBER, when signing a Loan Agreement, elects domicile at PI SLICE’s registered office;
- - inform the MEMBER of any change in the General Conditions and the General Conditions of Use of the web site.
PI SLICE reserves the right to modify the content of the Site at any moment and without previous notice.
PI SLICE accepts no (direct or indirect) liability for content that is incorrect, not in conformity, detrimental, or defective in any other way, if it is not the author of content displayed by the Site.
Thus PI SLICE may not be held responsible for anything outside its direct control or for any damages that may result, and notably for the implementation of Loan Agreements and the successful completion of PROJECTS.
MEMBERS will be informed of any changes made to the General Conditions, as well as any changes to the General Conditions of Use of the Site. This information will be conveyed either by a message published on the Site, or by an e-mail sent to each MEMBER or by any other means chosen by PI SLICE. Unless informed by PI SLICE of the contrary, the new General Conditions and the Website General Conditions of Use will have immediate effect.
The MEMBER has full rights to terminate his relationship with PI SLICE at any time by providing 15 (fifteen) days notice, on condition that he has no ongoing loans.
Similarly, PI SLICE, has full rights to terminate its relationship with the MEMBER at any time by providing 15 (fifteen) days notice. However, if the MEMBER has not respected his obligations as specified in the General Conditions, contractual relations will be ended immediately. This termination may be implemented even if at least one loan is still in process. In this case, on the specified expiry date, PI SLICE will advise the former MEMBER whether the loan was repaid or not, and send the MEMBER, at his last known address, (as it appeared on the Site, at the time of the termination) a cheque corresponding to the outstanding loan.
All data collected by PI SLICE in its capacity as data processing administrator and relating to its contractual relations with the MEMBER are intended for use by PI SLICE, to allow the MEMBER to access and benefit from the Services (see Articles 4 and 5 above): This data may be conveyed to its partners, including MICROWORLD, and qualified departments in order to carry out the Services defined in the present document.
Any personal data shared with MICROWORLD for the purposes of operating the platform will be protected by the French CNIL (National Commission of Information Technology and Civil Liberties) and will use the personal data concerning and conveyed by the user with strict respect for the provisions of Act n° 78-17 of January 6, 1978. In accordance with the amended French Information Technology and Freedom Act of 6th January 1978, the MEMBER may consult, query, obtain a copy of, amend or delete all information concerning him, on the Site. He may, for legitimate reasons, oppose the processing of this data. This may be done through the Site or in writing to PI SLICE, Emirates Towers, Level 41 Sheikh Zayed Road, DIFC District P.O.Box: 31303 Dubai, UAE, or by e-mail to contact@Pi-slice.com.
PI SLICE and its partners will treat all data and information the MEMBER provides as confidential, unless the MEMBER himself decides to make them public.
By express agreement, the following situations, in addition to those normally retained by the French Courts and Tribunals, are considered as “Force majeure”: total or partial strikes outside the company, extreme weather conditions, epidemics, transport or supply blockages for whatever reason, earthquakes, fire, storms, floods, damage by flooding, government or legal restrictions, and all other circumstances beyond the Party’s express control, preventing the normal execution of contractual relations. Events resulting from actions concerning officers, agents or delegates are not considered as “force majeure”.
Events of force majeure suspend the execution of contractual relations provided, however, that the Party wishing to apply this suspension notifies the other Party.
Nevertheless, should any one of these situations exceed sixty (60) days, the Parties concerned have the option to terminate contractual relations with no entitlement to claim any reparation or damages to compensate for any losses resulting from the case of force majeure.
The nullity, invalidity, absence of binding effects, or non-invocability of any of the terms stipulated in the General Conditions will not involve the nullity, invalidity, absence of binding effects or non-invocability of the other stipulations, which will all retain their full effect.
Failure by the Parties to take action regarding a breach by the other Party of any of its obligations may not be interpreted as an abandonment of rights or the option to take action regarding the breach at a future date.
Should one of the stipulations in the General Conditions be considered null and void, it will be deemed unwritten, but will not make all the General Terms null and void.
The applicable law for the interpretation and execution of the present agreement is U.A.E. law. Consequently, any litigation occurring under the present agreement will be subject to U.A.E. law and dealt with by the tribunals within the jurisdiction of Dubaï.