The Association of Banks in Cambodia (ABC) and Cambodia Microfinance Association (CMA) organized a stakeholders’ reflection workshop to discuss the progress and way forward for promoting financial literacy in Cambodia. The workshop, held at the National Bank of Cambodia’s (NBC) Center for Banking Studies on March 26, had an attendance of 40 stakeholders, including representatives from the ABC, CMA, NBC, IFC, UNCDF, and 25 other organizations.
The workshop aimed to equip participants with the knowledge and skills required to frame effective financial literacy programs. Attendees discussed ways to promote financial inclusion and literacy while synergizing the efforts of all stakeholders.
Continued collaboration between stakeholders is vital to the promotion of financial and digital literacy in Cambodia, stated Heng Bomakara, First Deputy Director-General of Banking Supervision at NBC. Representatives from the ABC and CMA have launched a range of initiatives to enhance financial literacy among members, clients, and the general public.
During the day-long consultation, the workshop helped generate around 20 interventions on financial literacy projects from over ten organizations, including civil society, associations, and development partners. Attendees identified challenges and proposed recommendations to expand and strengthen financial literacy education programs in Cambodia.
According to an NBC report, the banking system in Cambodia consists of 58 commercial banks, nine specialized banks, and 87 microfinance institutions, including five microfinance deposit-taking institutions. Last year, total credit in the banking system reached $57.6 billion, with deposits increasing by 13.1% to $47.9 billion.
Dith Nita, Chairwoman of the CMA, expressed the importance of consultative workshops in improving the financial environment in Cambodia. She described the workshop as an opportunity for regulators, representatives of financial institutions, development partners, and civil society organizations to provide key inputs on progress, challenges, opportunities, and initiatives to make the implementation of financial literacy programs more effective.
The workshop organized by the ABC and CMA provides a platform to promote financial literacy in Cambodia. By equipping stakeholders with the necessary knowledge and skills to design, implement, monitor, and evaluate financial literacy programs, the workshop will help improve the financial environment in the country. Continued cooperation among stakeholders, including regulators, representatives of financial institutions, and development partners, will contribute to furthering financial literacy and digital literacy in Cambodia, essential elements for economic growth and social welfare.
Source: Khmer Times
