NBC, CMA Jointly Promote Formal Financial Services at Commune Level

The National Bank of Cambodia (NBC) and the Cambodia Microfinance Association (CMA) have jointly launched the “Strengthening Safe Finance in Community” project, aimed at promoting financial literacy, consumer empowerment, and protection at the community level in Cambodia.

The launching ceremony took place late last week under the presidency of H.E. Rath Sovannorak, Assistant Governor and Director General of Banking Supervision of NBC, and CMA Chairman Mr. Sok Voeun, as well as relevant stakeholders.

The project's primary objective is to enhance the safe and secure use of formal financial services in commune and increase access to these services in alignment with the Safe Commune-Village policy of the Royal Government.

The project's implementation calls for the active participation and support of NBC, CMA, government agencies, authorities, national and international NGOs, development partners and key stakeholders.

The project will contribute to the improvement of living standards and development in the pilot areas and across Cambodia in the long-term goal via the existing mechanism of commune councils, according to a press release issued on Feb. 27.

It seeks to strengthen partnerships and mobilise resources to enhance the quality of implementation, document evidence, and apply best practices to expand the project's scope in the future.

“Public confidence on the formal financial sector is crucial that 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,” said H.E. Rath Sovannorak, Assistant Governor and Director General of Banking Supervision of NBC.

CMA Chairman Mr. Sok Voeun also stated that the project's implementation requires close coordination and collaboration among stakeholders, including citizens and local authorities.

“We will work together to ensure an effective implementation of the project, and we are confident that it will contribute significantly to enhancing financial literacy, consumer empowerment, and protection in Cambodia,” he said.

The "Strengthening Safe Finance in Community" is a crucial initiative that integrates the Safe Commune-Village policy of the government and responsible financial inclusion.

The project is a significant step towards promoting financial inclusion and ensuring consumer protection and empowerment in Cambodia. The project's successful implementation will improve access to formal financial services, contribute to poverty reduction, and enhance economic growth and development in the country.

Source: Agency Kampuchea Press