“Community Safe Finance Project” has made significant strides since its official launch on 24 February 2023 presided over by H.E Rath Sovannorak, Deputy Governor of the National Bank of Cambodia . Project launch workshops were held in four pilot communes, informing both the communities and stakeholders about the project's goals, and securing their commitment to its successful implementation. Additionally, five comprehensive "Safe Finance" modules focusing on financial literacy, consumer empowerment, and protection were already developed.
To equip local leaders with the necessary knowledge, the project which is jointly launched by The National Bank of Cambodia (NBC) and Cambodia Microfinance Association (CMA) to improve financial literacy and safeguard consumer rights within Cambodia, emphasizing the importance of informed financial decisions and consumer protection conducted training sessions on these crucial topics for sub-national trainers, community facilitators, and village volunteers.
Furthermore, awareness-raising sessions were held within the communities to reach a wider audience and promote financial literacy, consumer empowerment, and protection. A baseline survey was also completed to establish the initial financial literacy levels and to assess the needs of the targeted communities, providing valuable data for project evaluation and future planning. These impressive achievements demonstrate the project's dedication to empowering communities with the financial knowledge and skills needed to thrive.
The project aligns with the Royal Government of Cambodia (RGC)'s Safety Village and Commune/Sangkat Policy, which seeks to strengthen overall safety for citizens nationwide by reducing crime at the local level. Unlike the policy's focus on crime reduction, this project specifically targets financial literacy and consumer empowerment and protection, initially rolling out in four pilot provinces: Kampong Thom, Kampong Speu, Svay Rieng, and Battambang. Upon successful implementation, the project could potentially be expanded step by step nationwide.
In addition, the project contributes to NBC’s National Strategy on Financial Inclusion (2019-2025) and aligns with RGC’s Financial Sector Development Strategy (2016-2025). By empowering citizens in these four provinces with financial knowledge and promoting their rights and consumer protection, the project, running from January 2023 to December 2024, contributes significantly to these national goals.
The project hinges on five key strategies including (1) Enhance Financial literacy, consumer empowerment, and protection, (2) Strengthen partnerships through resource mobilization and participations from the government, authorities, national and international NGOs, and development partners, (3) Promote the development of guidelines and tools for project implementation and improve the quality of implementation, (4) Document evidences and apply good lessons toward the project scope expansion, and (5) Strengthen leadership, management, monitoring, and evaluation mechanisms and coordinate with relevant institutions to strengthen and expand implementation.
