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Kredits Introduces Microfinance Industry’s First Regulatory Compliance Software Solution

Customized electronic reporting capabilities enable microfinance institutions to cost-effectively meet escalating regulatory requirements in any jurisdiction.

SALT LAKE CITY, UT - July 26, 2011 – Kredits, a leading provider of software and technology solutions for microfinance institutions (“MFIs”), announced it has entered into bilateral agreements with MFI clients and regulators across multiple regions in order to provide the microfinance industry’s first multi-jurisdictional regulatory compliance software solution. In response to a rapidly evolving regulatory climate, Kredits is proactively meeting the challenge by providing its worldwide base of MFI clients with the advanced reporting and credit bureau support required to cost-effectively maintain regulatory compliance.

“Stricter regulation and monitoring of MFIs, as well as supporting them with risk mitigation facilities such as credit bureaus, is becoming an increasingly critical component for implementing stronger regulatory oversight and bringing about greater transparency in microfinance operations,” said Don Eggert, CEO of Kredits. “Compliance often requires MFIs to provide regulators with highly specific and timely reporting on their lending and other business activities. In response, Kredits has developed a powerful regulatory compliance solution that enables MFIs to easily build and electronically submit these highly-customized financial reports to their local regulators.”

Already in use by Kredits’ MFI clients in Kazakhstan, Brazil, India, Madagascar and soon available in other Southeast Asian and African countries, the Kredits regulatory compliance solution helps regulators, credit bureaus and microfinance institutions collaboratively and collectively combat fraud by allowing them to easily and accurately track all loans disbursed in their jurisdiction.

Kredits is internationally recognized for the scalability and reliability of its MFI software solutions, and its ability to conform to any MFI’s unique set of operating and regulatory requirements. As an acknowledged industry leader, Kredits was one of the first to support the Grameen models and all principal forms of microcredit, savings, insurance and livelihood financing.