The National Bank of Cambodia (NBC), the country’s central bank, and the Cambodia Microfinance Association (CMA) recently launched a project called Strengthening Safe Finance in Community. The goal is to boost “financial literacy, consumer empowerment, and protection” to “enhance safe and secure use of formal financial services…and increase access to these services.” The initiative is scheduled to start in the provinces of Kampong Thom, Kampong Speu and Battambang before expanding across the country.
NBC Assistant Governor Rath Sovannorak said, “Public confidence on the formal financial sector is crucial [so] NBC and stakeholders have been putting great efforts in strengthening financial literacy and consumer protection to maintain the stability of the whole banking system and increase financial inclusion in Cambodia.”
CMA is an NGO that was formally established in 2004 by seven microfinance institutions (MFIs). Its main function is to increase communication among MFIs and other groups such as government authorities, donors, creditors and investors. CMA claims 118 members as of 2023.
Established in 1954, NBC establishes and monitors the country’s monetary policy, supervises and regulates the country’s financial sector, and issues the country’s currency.
By Ben Barba, Research Associate
Sources and Additional Resources
CMA homepage
https://www.cma-network.org/
NBC homepage
https://nbc.org.kh/
Previous MicroCapital story on CMA
https://www.microcapital.org/microcapital-brief-cambodian-microfinance-association-cma-announces-payment-interest-collateral-waivers-by-microlenders-to-support-flood-victims/
Previous MicroCapital story on NBC
https://www.microcapital.org/microcapital-brief-national-bank-of-cambodia-nbc-connects-deposit-taking-microfinance-institutions-banks-through-fast-transfers-increases-capital-requirements/
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