Cambodia Microfinance Association (CMA), in collaboration with The Association of Banks in Cambodia (ABC) with support from the National Bank of Cambodia (NBC), hosted a one-day stakeholder consultation workshop on “Progress and Way Forward on Financial Literacy in Cambodia" at the Center for Banking Studies (CBS) on 26 March 2024.

Her Excellency Dith Nita, Chairwoman of the CMA Board of Directors, stated the importance of today's workshop, saying “It contributes significantly to improving financial inclusion in Cambodia, a key driver of economic growth and social well-being. This event serves as a platform for stakeholders – regulators, financial institutions, development partners, and civil society organizations – to provide valuable input through discussions and presentations on progress, challenges, opportunities, and initiatives. This collaboration will ensure more effective development and implementation of financial literacy programs."

The Association has a strong track record of promoting financial literacy, launching several initiatives aimed at members, clients, and the broader public. These initiatives include:

• Running a weekly financial literacy campaign in collaboration with stakeholders and the Association’s members.

• Encouraging the members to develop contents on financial knowledge and widely disseminate it to the public and clients.

• Collaborating with NBC to support the Ministry of Education, Youth, and Sports in integrating financial literacy into the national curriculum for public school students.

• Supporting NBC in organizing workshops on the “Microfinance Sector in Cambodia” which are held regularly in provinces, districts, and cities throughout the country. These workshops aim to raise awareness about the microfinance sector, financial literacy, and client #protection to citizens and local authorities.

• Developing Safe Finance in Community project: Since 2023, the Association has been officially implementing this project in four provinces, including Kampong Thom, Battambang, Kampong Speu, and Svay Rieng. This project aims to raise #financial knowledge and client rights and protection among the people, especially in the local #communities. Led by the NBC in collaboration with ABC and Credit Bureau Cambodia (CBC), this initiative aims to make financial security a cornerstone of safe villages and communes by 2030. So far, the project has been implementing in each commune, and training workshops for trainers were also conducted. The project’s modules on strengthening financial security in the community were completely developed.

• The Association is also preparing to provide financial literacy to customers through credit agents of members of financial institutions.