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$2M given from CMA and CBC for financial inclusion

Cambodia Investment Review

The Cambodian Microfinance Association (CMA) and Credit Bureau Cambodia (CBC) have given $2 million to support the Responsible Inclusive Finance Project Phase II (RIF 2022-2026).

Out of the 2 million the CMA contributed $1.2 million while CBC contributed the remaining with the project aiming to increase financial inclusion in Cambodia which is in line with the National Financial Inclusion Strategy 2019-2025 of the National Bank of Cambodia.

Cambodia Investment Review has previously reported on the Association of Banks in Cambodia, the Cambodian Microfinance Association, and the Cambodian Women Entrepreneurs Association signed a Memorandum of Agreement to promote financial inclusion and to raise awareness of access to finance among women entrepreneurs.

In a joint statement the organization said through this 2 million USD five-year project, Financial inclusion refers to the ability to access and use formal financial products and services among individuals and businesses in a timely manner and in accordance with their needs, affordability, and with legal protection.

CMA
The MoU has held at the 16th Annual General Assembly and the 2nd Annual Forum on Strengthening Resilience and Sustainability of the Microfinance Sector in Cambodia on Friday 11th February 2022 at Phnom Penh Hotel presided over by His Excellency Rath Sovannorak, Directorate General of Banking Supervision of the National Bank of Cambodia as the honored representative of His Excellency Chea Chanto, Governor of the National Bank of Cambodia.

Raising financial literacy key in second phase

Sok Voeun, the newly elected Chairman of the Boards of CMA said, “The Second Phase of the Responsible Inclusive Finance Project will prioritize on raising financial literacy among the Cambodian people, promoting the role of microfinance and strengthening the resilience of the microfinance sector in line with the National Financial Inclusion Strategy, while the association has already finished preparing its five-year strategy in parallel with the national strategy.”

Oeur Sothearoath, Chief Executive Officer of CBC stated, “As a leading company in providing financial information services, data analysis tools and credit reports to all financial institutions in Cambodia, CBC is committed to boosting Cambodia’s financial inclusion via the contribution of its fund around 1 million USD for the next 5 years, joint together with the CMA in the Responsible Inclusive Finance Project Phase II.”

He added: CBC has always been active in supporting the activities of the CMA and financial inclusion in Cambodia, as well as the development of Cambodia’s financial sector as a whole.

The MoU has held at the 16th Annual General Assembly and the 2nd Annual Forum on Strengthening Resilience and Sustainability of the Microfinance Sector in Cambodia on Friday 11th February 2022 at Phnom Penh Hotel presided over by His Excellency Rath Sovannorak, Directorate General of Banking Supervision of the National Bank of Cambodia as the honored representative of His Excellency Chea Chanto, Governor of the National Bank of Cambodia.

The assembly and forum also featured a special presentation by His Excellency Dr. Huot Pum, Under Secretary of State of the Ministry of Economy and Finance, on the topic of “Economic Recovery in the Context of Living in a New Normal.”

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