PHNOM PENH (Xinhua): The National Bank of Cambodia (NBC) and the Cambodia Microfinance Association (CMA) have jointly launched the "Safe Finance in Community" project to promote financial literacy, rights and consumer protection in communities, a press statement said on Monday (Feb 27).
The project, launched last Friday, aimed to improve the safe and secure use of formal financial services at the local level and to increase access to these services, the statement said.
It will be piloted in Kampong Thom, Kampong Speu, Svay Rieng, and Battambang provinces in 2023 and expanded in the following years, the statement added.
"Public confidence in the formal financial sector is crucial," said Rath Sovannorak, director general of the NBC's Banking Supervision.
"The NBC and stakeholders have been putting great efforts in strengthening financial literacy and consumer protection to maintain the stability of the whole banking system and to increase financial inclusion in Cambodia," he added.
CMA Chairman Sok Voeun said the project's implementation requires close coordination and collaboration among stakeholders, including citizens and local authorities.
"We are confident that it will contribute significantly to enhancing financial literacy, rights and consumer protection in Cambodia," he said.
The country currently has approximately 86 microfinance institutions, with 2.1 million credit accounts and 2.6 million deposit accounts, according to the NBC.
