Kredits Implements First Microfinance Solution In Myanmar With VisionFund Partner
Yangon, Myanmar – November, 2012 - Kredits, LLC and its new partner, World Vision Myanmar, have successfully implemented the Kredits Microfinance MIS Solution in its 10 branches across Myanmar. The Kredits team was able to assist WVM to fully migrate its active data and streamline and optimize products, processes and operations in an environment with weak connectivity. WVM expects to more than double its clients - from 10,500 to more than 21,000 - in the first year following deployment.
According to Managing Director, Neal Youngquist, “Transitioning to Kredits after 14 years on Excel was a "big leap", but a necessary jump to support a rapidly growing client and product base. Looking back, the timing of the implementation in mid 2012 was perfect since it prepared the organization well for a major donor initiativie to expand our client base. We could not manage this initiative in such a data centric and efficient manner without Kredits. The quality of data and ease of access allowed us to provide a wealth of client business and demographic data for donor reporting and analysis. Moreover, Kredits significantly strengthened our capacity to manage the donor portfolio resulting in much saved time and confidence. From an internal audit perspective, Kredits gives our audit team a window into operations at a Branch level thereby enabling better audit preparations before field work commences. From a risk management perspective, we are now able to analyze business sub-types with an aim toward identifying loan portfolio concentrations that may need additional risk mitigation efforts.”
World Vision Myanmar is the second largest microfinance provider in Myanamr and has been offering microfinance and other financial services to poor people since 1998. Myanmar is the 2nd poorest economy in Asia and WVM helps small business owners create or develop small businesses with affordable credit. To date, WVM has disbursed over 140,000 loans amounting to nearly US$18 million.
About Kredits
Established in 1998, Kredits is a premier technology solution provider to microfinance institutions worldwide. With an outstanding implementation record and a proven ability to support microfinance efforts in multiple regulatory environments, Kredits has been successfully implemented by MFIs in 33 countries across 5 continents. For more information visit Kredits at www.kredits.com.