Author: Phantom

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Important Stuff

What we need you to know

  1. People II People is a trademarked name of Genesis Innovation Management Inc. (Genesis)
  2. Any personal data provided to us is encrypted.
  3. All transactions are conducted via our secured portals.
  4. You have up to four levels of password protection controlled by you.
  5. Monies not lent by you is always held segregated from the funds of Genesis Innovation Management Inc. We maintain a segregated client account at the SKNA National Bank to hold your monies.
  6. Genesis does not pay interest on monies not lent (cash balances).
  7. Money not lent is always available to you. During working hours and subject to specific cut off times to ensure efficiency of service to you, you may request to withdraw any cash balances held in your favor.
  8. You bear the cost of transferring funds to your account with Genesis.
  9. We disburse funds by cheque. (No ACH Yet!!!?)
  10. You bear the cost of transferring funds to your benefit if not by cheque.
  11. Your money is never used to run the administration of People II People.
  12. How do we make our money?
    1. We charge each lender 1% of lent funds, collected as we collect the repayments of each loan on your behalf.
    2. We charge each borrower between 1% and 4% depending on their computed risk band and the duration of the loan.
    3. We may charge a subscription for access to premium services such as performance analytics, auto bid/sale or any other services we may develop.
    4. We charge the lender 1% of the value of a loan part sold on the secondary market.
  13. We do not make investment decisions on your behalf. You are responsible for selecting loan requests that matches your risk appetite and for deciding how much if any should be invested in each loan request campaign.
  14. Where you choose to use any tools provided via our platform to assist you in the process of loan selection and your bidding, you are solely responsible for verifying the accuracy and consistency of selections made on your behalf.
  15. We do not guarantee that your offer to fund a loan request would be accepted by the borrower. The borrower may choose to accept other offers more favourable to him/her than yours.
  16. Offers are ranked base on the best offered rate, then by earliest time of each offer.
  17. You cannot withdraw an offer once you have made it unless other offers outrank you and the loan campaign will be fully satisfied without you.
  18. We do not guarantee performance on your lending portfolio. Your returns are dictated by the frequency and selections you make in deciding which loan requests to fund.
  19. You are required to initiate and authorize all user transactions, including bids, withdrawals, loan requests, and the acceptance of all agreements.
  20. People II People may initiate administrative transactions to your account in the following circumstances:
    1. Refunds (return of money to you even though you have not requested it).
    2. Fees – We will deduct any transaction, subscription or penalties from your account. Account includes cash, investment or loan accounts.
    3. Processing – transactions associated with the funding and repayments of each loan and the individual loan parts.
  21. We have initiated a living will that provides for our solicitors to continue the administration of the platform in the event that Genesis Innovation Management Inc. becomes impaired. The solicitors or Bank may charge an additional administration fee.  We continue to work to improve these arrangements.
  22. In the event of such contingency arrangement no further loans will be granted and funds will be returned to each investor as the existing loans are repaid. Each member will be contacted and instructions will be provided.
  23. Borrowers are required to make contribution to our credit loss fund to provide indemnity for any outstanding balance in the event of unexpected loss of life during the term of the loan.
  24. Borrowers may optionally make contributions to our credit loss fund to cover disability during the term of the loan.
  25. In the event of death of the borrower before the loan is repaid, the outstanding balance and interest to the next payment date will be settled by our credit loss fund.
  26. You may ask questions of us at any time by emailing us at info@peopleiipeople.com.
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Who We Are

People II People is a crowd funding platform based in St. Kitts and currently focused on peer to peer lending.  We create a secure environment where borrowers and lenders can come together and strike a bargain best suited for them.

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Genesis Payment Solutions Inc.

Genesis Payment Solutions Inc. is a private ordinary company, incorporated July 2016 under the Companies Act of St. Christopher and Nevis.  The company’s current objectives include but are not limited to the facilitation of advance, multi tech, socially adaptable, efficiency payment systems to seamlessly complement persons lifestyles.

Current projects include:

JAD Cash – a mobile wallet developed for the Eastern Caribbean Currency Union (ECCU).  www.jad.cash

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Our Teams

Our Advisory Team

Mr Alex Straun

Mr Glenn Quinland

Mr Clyde Richardson

Mr Collin Williams

Mrs Adele Straun

 

Our Management Team

Chief Executive Officer (CEO)

Compliance Officer

Customer Service Representative

Accounting

 

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GenCube Inc. (Genesis Incubator and Accelerator)

GenCube Inc.

GenCube Inc. was established in February 2017 as an incubator and accelerator company for the purpose of managing the piloting, implementation, development and growth of specific projects.  With the growing portfolio of solutions by our sister company Genesis Innovation Management Inc., GenCube has assumed the responsibility for the continued development of People II People, our peer to peer lending platform.  GenCube Inc. is therefore the lead for all strategic and day to day operations for People II People.

This provides for greater autonomy, focus and clear separation to the management of other projects which may also be regulated separately and by extension require a different approach to capital management.

Notwithstanding, the GenCube Inc. shares office space and some staff including management with its sister companies.

June 2017

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Genesis Innovation Management Inc.

Genesis Innovation Management Inc.

#1 Fern St,
Greenlands,
(PO Box 1195)
Basseterre, St. Kitts
St. Kitts and Nevis

869 662 2265
869762 2266

Genesis Innovation Management Inc. was established in October 2006 as a General Company to foster the expression of novel ideas, their development, incubation and implementation.  Notwithstanding work undertaken on various ongoing projects, the company formally began trading in 2014.  Currently, the company’s focus is the development of Financial Technology (FinTech) that can enhance the security and inclusion of all law abiding citizens into the financial system while enhancing efficiency and reducing costs.  The company has primary interest in community building through the empowerment of the individual.  We encourage individual decision making but collective action.

Current developments include:

  1. Mobile/e-money Wallet (JAD) which enables persons to digitize existing currency and make frictionless payments.
  2. Crowd funding/Peer to Peer Lending Platform that facilitates individuals and small businesses within a closed user group lending money to each other to fund business and consumer projects.

Special interest, include the single financial space of the Eastern Caribbean Currency Union (ECCU) and the free movement of people, goods and services within the OECS economic space.

Sister companies:

  1. Genesis Payment Solutions Inc.
  2. GenCube Inc. (Genesis Cube)
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Caribbean Attitudes Toward Finance:  Part 1 – Remembering Our Roots.

A fundamental principle of investing is – ‘The Higher risk, the higher the return’.  In the Caribbean we have also added to it by saying – ‘If something sounds too good to be true it usually is.’  That being said, people from all over the world continue to take risk and to reap rewards without regret.  What makes the Caribbean people for the most part, risk averse?  Our culture of paradoxes.

In the past, loans were deemed as bad, very expensive and outside the reach of many.  As a result, our economies adopted a save to get what you needed culture.  Houses grew in stages.  First, the wooden section.  Then members of the family would save to buy cement, the children would “head” sand (make trips with a bucket to the river to get ghaut sand), and a skilled person would make concrete blocks using the cement and the sand.  These would be left in the sun to bake for a few days, prevented from getting wet initially until they were fully cured.   Over time the family members would head stones from the river and some adult or skilled child would spend his afternoons after school pounding stones into gravel.  With enough blocks, enough stones and enough money saved more cement would be purchased and bay sand would be headed from the nearest bay until there was enough.  Then the real action begins, one Saturday and or Sunday morning, the yard is suddenly filled with what seems like all the men in the village.  Trenches for the footings are dug, a set mixing concrete, someone bending steal and next thing you see the foundation for an addition to the house.  In tandem the ladies of the abode would cook and depending on the family and the big milestones this could include freshly produced meat cooked up either in souse, goat water or simply bull foot soup.  This process could take months but at the end of it with a window made now and a door later, an addition to the house would be completed.  Never mind no electricity is in it as yet, that too could come later.

This was the culture of community, of self-help, of today for you and tomorrow for me.  It is from this genesis that savings of any earned money included pooled savings with payouts rotated on a set frequency basis.  In the Eastern Caribbean this have been called Sous Sous (Sue Sue), partner hand, or Box.  The economy was agrarian and persons who had means held wealth in livestock and land in some countries.  For the few who had access, having a bank account was a prestigious thing.  For the rest money was shared, people knew each other, raised each other’s children and was ok working with each other.  Shop keepers would give you goods on trust and make their notes in their little book.  Debts were settled.

It was the produce from the fields and sale of livestock that has created many a lawyer, doctor or other professional today.  It is with this transition to a new professional class coupled with the prestige of having a bank account that saw the growth in the perception that the safest place for your money was in the bank.  As banks sought to market their services, persons were discouraged from the incremental approach for acquiring wealth, to the model of – leave your money in the bank and the bank will lend you to build or to buy and you will have immediate use of the funds.  This was also the birth of hire contractors and get it done now.  No more self-help.  In with work for hire and the death of community.  People not as close, knowing less of each other and less willing to help.  The prestigious bank book becomes a trophy.  The paradox of cultures emerges.