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By Erin Hobey
Kreditech Group subsidiary, LLC MFC Kreditech Russia, received the status of a Microfinance Company (MFC) from the Central Bank of Russia. A new federal law in Russia aims to make the microfinance market transparent and understandable and requires MFC status for all alternative lending companies operating in the country. As a Microfinance Company, Kreditech Russia will offer both consumer credit and investment products.
“We are very proud to be amongst the exclusive group that was granted the status as a Microfinance Company in Russia,” Kreditech CFO Rene Griemensstated. “This is an important milestone for the whole Kreditech Group, confirming the trust in our business.”