Cambodia renews push to advance Ethical Banking with Client Protection Standards and assessment tools
Announcement on the Collective Measures of the Association of Banks in Cambodia (ABC) and Cambodia Microfinance Association (CMA) in Facilitating Customers Who Face Difficulties in Repaying Loans
Date:
23 August 2024
Phnom Penh, 23 August 2024—According to the forecast of the Ministry of Economy and Finance, Cambodia's economic growth is estimated to be around 6 percent in 2024, but in the context of the Cambodian economic recovery, economic activity, especially in the micro sector, still faces a number of challenges, such as tightening cash flow and difficulties in servicing loan repayments to financial institutions. In this regard, to ease some of the burdens, the ABC and CMA encourage all members of both associations to implement the National Bank of Cambodia's (NBC) instruction issued on August 21, 2024, on the implementation of the Capital Conservation Buffer Ratio, the reserve requirement rate in foreign currencies, and allow the loan restructuring for customers in accordance with the conditions set out in the separate circular of NBC in the following favorable measures:
Press Release on Promotion of client protection in the banking and financial sector with Sustainability, responsibilities and Incusion
Date:
9 July 2024
The banking and financial sector has been growing remarkably, maintaining stability and sustainability in the provision of financial services, increasing public trust, contributing to poverty reduction and promoting economic growth through the provision of formal financial services to people across the country. Along with this growth, the banking and financial sector has also suffered from the remaining challenges of the Covid-19 pendamic, the prolongation of the geopolitical crisis, and the rise in US Federal Reserve’s interest rates, resulting in the slowdown of banking and finance compared to last year, while late repayments are also on the rise.
Press release on “Microfinance Sector Ignites Record Growth for Cambodian Riel in 2023”
Date:
25 March 2024
The Cambodian microfinance sector has emerged as a transformative force in the national economy, championing an impressive surge in the adoption and use of the Riel (KHR) in 2023. Led by the efforts of the National Bank of Cambodia (NBC), and the members of the Cambodia Microfinance Association (CMA) have spearheaded a shift towards strengthening the local currency, reinforcing its role and resilience within Cambodia’s economic structure.
Press Release H.E DITH Nita Elected as CMA’s Chairwoman for the Upcoming Term
Date:
16 February 2024
Phnom Penh, 16 February 2024: H.E. DITH Nita from CAMMA Microfinance Institution has been elected as Chairwoman while Mr. SOK Voeun from LOLC (Cambodia) Plc has been elected as Vice Chairman of Cambodia Microfinance Association. Alongside, 11 executives have also been elected to be members of CMA Board of Directors (BoD). This election was held at CMA’s Annual General Assembly 2024 on 16 February 2024 in Phnom Penh with participants of over 100 financial institution members including Microfinance Institutions (MFI), Financial Leasing Institution (FLI), Rural Credit Institutions (RCI) and banks.
PRESS RELEASE MICROFINANCE SECTOR IN CAMBODIA DRIVES SUSTAINABLE DEVELOPMENT GOALS, INDEPENDENT REPORT REVEALS
Date:
19 January 2024
Phnom Penh, Cambodia, 19 January 2024 - A recent independent impact assessment study reveals that the microfinance sector in Cambodia is not only a robust economic engine but also a powerful force propelling the nation towards the achievement of Sustainable Development Goals (SDGs). The report, commissioned by the Cambodia Microfinance Association (CMA) and conducted by M-CRIL delves deep into the transformative influence of microfinance on Cambodia's socio-economic landscape, highlighting its achievements and issues along with its contribution to specific SDGs.
