#30B, Street 652​, Sangkat Tek La-Ak III, Khan Tuol Kork, Phnom Penh, Kingdom of Cambodia.

Tel : (+855) 23 88 26 76 / (+855) 86 76 76 55, Email: info@cma-network.org

Call for Proposal Impact Study of Microfinance Industry in Cambodia

Call for Proposal

Impact Study of Microfinance Industry in Cambodia


CMA Overview

Cambodia Microfinance Association (CMA) is a non-profit, membership-based organization established in 2004 to ensure the prosperity and sustainability of the microfinance sector in Cambodia. CMA is recognized by National Bank of Cambodia and is part of the Association of Banks in Cambodia. Currently, CMA has more than 100 members operating in 25 provinces and serving more than 2 million households.

CMA is seeking consultant (individual or group) to exercise assignment on the impact study of Microfinance Industry in Cambodia as following information:


Consultancy for the Impact Assessment of Microfinance Industry in Cambodia

Duty Station:



3 months Assignment

Deadline of Application:

16th December 2019 (12 Noon, Cambodia Time)



The microfinance sector in Cambodia has grown exponential over the last decade. It started out as a donor-driven intervention, but has since professionalized into one of the most financially sustainable industry in the Southeast Asia region. From just USD 3 million of outstanding loans and 50,000 borrowers in 1995; as of June 2019 the sector serves over 2.5 million clients with a loan portfolio of USD 9.1 billion (include ACLEDA and Sathapana Bank). And there are 81 microfinance institutions (MFI) employing 50,000 people.

The rapid growth and increasing number of operators, all of which focus on portfolio growth, has raised concerns about the nearing of market saturation and questions are being asked about whether the sector is becoming too commercial and “drifting” from their mission to lift people out of poverty (and thus justify financial inflows from donors and social investors). The possibility of over-indebtedness among borrowers is another critical issue that could undermine the social mission and put a brake on the sustained healthy development of the sector.

The impact assessment aims to assess the success and overall impact of the microfinance industry since the start-up of microfinance program up to present on how microfinance contribute to the improvement of clients’ living standard, community development, access to school of children, and contribute to poverty reduction and economic growth.

The target respondents should be from active (current) and former clients in Cambodia.

Objectives of the Assignment

The overall objective of the assignment is to design and undertake a process to assess the impact of the microfinance in Cambodia on its client’s household welfare.

The key research questions of the survey are:

  1. What are the impacts of microfinance to its client’s welfare?
  2. What are the risks threatening and what possible mitigation strategies to address the threats to ensure the healthy growth of the industry?
  3. What should be the role of MFI, regulators, investors, CMA in this fast growth sector?


In addition to qualitative and quantitative interviews with a wide range of stakeholders, including CMA BoD, regulators, investors and relevant government officials at different levels and other local and national stakeholders, the external consultant will have a desk review on various reports produced by CMA and relevant documents.

The risk assessment will describe risks as viewed by a sample of stakeholders including practitioners, regulators, investors, donors, researchers and consultants, industry bodies and others (such as raters). Data collection can be made via face-to-face interview or online survey or call via social media.

For the impact survey, face-to-face interview will be done with selected clients with providing by participating MFIs. The sample size and locations will be proposed by the consultant with the discussion with CMA.

In addition, focus group discussions (FGDs) will be carried out in select provinces to collect in-depth qualitative data and to validate the quantitative findings

Expected Outputs

  • The impact survey framework and presentation to CMA
  • Questionnaires for risk assessment and impact survey
  • Dataset from risk assessment and impact survey
  • Analytical Report
  • Draft impact survey report and presentation to CMA on initial findings
  • Final impact assessment report in English and Khmer, comprising the following sections (at a minimum):
  • Executive summary
  • MF background
  • Impact survey purpose or objective
  • Impact survey approach and methodology
  • Findings
  • Conclusions
  • Recommendations


The suggested timeframe for the impact survey is starting from early December 2019. The Consultant will have to propose the full detail timeframe and work plan.

Desired Skills, Qualifications, and Experience of Consultant

This consultancy is open to individuals (national and/or international consultants) or consultancy teams (national and/or international) that can demonstrate their experiences for this assignment as below.

  • Demonstrable expertise on evaluation in the microfinance or banking sector.
  • Experience in both quantitative and qualitative methods and analysis, participatory research, and action research.
  • Experience in monitoring and evaluation assignments, including the measurement of financial and social indicators of microfinance.
  • Experience in designing and conducting the impact study including risk assessments.
  • Excellent communication, writing, and editing skills
  • Ability to work across microfinance institutions, other bodies and with non-native English speakers, and sensitive to different cultures.
  • Evidence of use of ethical considerations and methodological measures for conducting research with disadvantaged and marginalized groups.
  • Evidence of client responsiveness, creativity and flexibility of approaches towards clients’ needs and/or challenges in the research implementation.
  • Preferably familiar with Cambodia context, especially microfinance industry.

To Apply

CMA is open to receiving applications from individuals (national and/or international consultants) or consultancy teams (international or combination of international and national) that meet the requirements, which should include the following:

  • The up-to-date CV of key persons who involves this survey
  • Cover letter (2 pages maximum, in English)
  • Proposed methodology (3-5 pages maximum, in English, including proposed time allocation)
  • Activity Timeline in Gantt chart
  • Management/Logistic arrangement (2 pages maximum)  
  • A budget with covering all expenses (separate excel sheet): Budget should include breakdowns for consultancy fee, per diem, materials (stationary), transport, FGD, workshop and communication costs etc. and should be presented with unit description, number of units, unit rate and total cost (not as lump sum amount).

The deadline to submit the application is Monday 16th December 2019 at 12 noon (Cambodia time).

Please submit your expression of interest to the following address:

Cambodia Microfinance Association (CMA)

#30B, Sangkat Teuk La-Ak 3, Khan Tuol Kork, Phnom Penh, Cambodia

Or email to ed@cma-network.org with the subject of “Impact Study on MF Industry in Cambodia”.

Please note that CMA provides equal opportunity and fair in any employments to all people or entities.


Monday, 19 August 2019 (Update)
N& MFIs 71MFIs,4 FLIs and 6RCIs 71MFIs,4 FLIs and 6RCIs
Loan 6,048.16 Million USD 6,456.41 Million USD
Borrower 1,992,010 2,126,222
Deposits 3,102 Million USD 3,394 Million USD
Depositor 2,420,200 2,561,680
Figure Q1/2019 Q2/2019







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