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Microfinance association hosts workshop to strengthen ESG

Cambodia Investment Review

The Cambodia Microfinance Association (CMA) has conducted a series of workshops for its member’s district and provincial branch managers across Cambodia to strengthen their capacity on effective, sustainable, ethical and professional branch management.

The five regional workshops are being conducted after CMA launched its Code of Conducts this month for the whole Banking and Finance sector together the Association of Banks in Cambodia and the Cambodia Association of Finance and Technology. 

Cambodia’s finance industry has launched the ‘Banking and Financial Institutions Code of Conduct’ with plans to award institutions with ethical certifications aiming to increase the current level of trust and accountability of its members.

The three associations that launched the code included Cambodia Microfinance Association, Association of Banks in Cambodia and the Cambodia Association of Finance and Technology and is in line with the Financial Sector Development Strategy 2016-2025 and the National Financial Inclusion Strategy 2019-2025.

The code will guide all banks (both commercial and specialized), microfinance intuitions as well as payment service institutions licensed under the industry regulator, the National Bank of Cambodia and will be self-regulated.

To read more about the Code of Conduct click here.

Capacity building workshops

The capacity building workshops are divided into five regions with Phnom Penh being conducted from 28 to 30 March 2022 and follows by Preah Sihanouk, Battambang, Prey Veng and Kratie to be conducted the following months. All district, provincial and regional BM are expected to join the 3-day workshops that aims to 1. Enhance BM’s Capacity and Qualification 2.

Provide BM with latest update on CoC, rules and regulation on financial service operation, and client’s protection and 3. Provide a platform for sharing of knowledge, experience, challenges, solution and networking among peer BM, CMA, and regulator.

Sok Voeun - Microfinance Association
Sok Voeun, CMA Chairman.

Sok Voeun, CMA chairman during the opening workshop in Phnom Penh said: “CMA has always aimed for the highest standard operation of staff through virous trainings conducted by both the association and Institute of Banking and Finance.

“We want to ensure responsible and inclusive financial service for all Cambodian through sectoral self-regulation such as the Lending Guideline, Client Protection Principles, and Complaint Mechanism; especially, our coordination and efforts on financial literacy to stakeholders in order to build strong financial sector in Cambodia.”

Effective operation and profit

Effective and efficient branch management is an import function in the banking and financial sector. BM play crucial roles on the success or failure of financial business operation. As such BM’s management and leadership capacity is the main factor to contribute to the effective operation and profit of each branch.

Moreover, BM play leading role in building the company reputation as they are frontline team leaders who operate, communicate, and serve financial service directly to clients. BM’s main roles include making profit for their companies, human resource management, business operation and customer service.

Kith Sovannarith - Microfinance Association
Kith Sovannarith, NBC Deputy Director General of Banking Supervision.

Kith Sovannarith, NBC Deputy Director General of Banking Supervision, added: “The workshops are very important to enhance the ethics and capacity of front-line leaders of financial institutions, who have been providing crucial financial service to Cambodians. To ensure the sustainability of the sector as well as providing responsible financial services, each BM must ensure the success of their clients, which is the real success of their financial institution.”

The CMA’s five regional workshops supported by Credit Bureau Cambodia with guidance from NBC will contribute to the sustainability of financial institutions and benefit both clients and financial sector as well as the economic growth of Cambodia. 

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