Finance Club

A. Rationale

The growth of Microfinance has significantly contributed to the development of Cambodia 's economic vitality, providing improved living conditions for the Poor in rural areas. To maintain this positive achievement, MFIs must ensure that they are operating at optimum efficiency and that internal controls and management systems remain strong and compliant with national and international standards such as International Accounting Standards, Cambodian Accounting Standard, NBC's regulation, Taxation Law etc -- For the continual sustainability and long term positioning of the MFI.

For a consistent and healthy growth, the Finance Department/Unit plays a pivotal role in providing support and harboring the institution's fiscal strength for the short and long-term goals. Thus, it is imperative for the MFI to dedicate sufficient resources to foster the capacity of the finance staff from time to time – ensuring that all assets are properly and efficiently managed in compliance with national and international standards.

Having recognized the importance of the Finance Department/Unit and the need for ongoing performance building, an MFI Finance Club has been created and memberships have been offered to all MFI CEOs (CMA's members). An agreement had been reached to showcase the MFI Finance Club as a crucial component for the strengthening of MFIs and financial context when coordinated with the CMA. Thus, a functioning MFI Finance Club is now established and regarded for the coordination and facilitation amongst MFI CFOs/FMs.

B. Objectives

1. To strengthen its members by creating opportunities which enhance their skills professionally and socially;
2. To build relationships within the MFI industry by providing networking opportunities in a variety of settings both socially and professionally within Cambodia 's MFI Context;
3. To share best practices related to finance/accounting management;
4. To discuss related issues and challenges regarding the application of international and national standards and policies (IAS, CAS, CFRS, NBC's regulation, Taxation Law) and other applications of respective institutions;
5. To act as a resource pool in Finance profession related CMA trainings;
6. To advocate and raise concerns on accounting and regulation issues before communicating to CMA who will forward to NBC and other regulators.
7. To ensure the long term and sustainability of the MFI Financial Club with the active participation and strong commitment of all the members.