The Cambodian Financial and Credit Bureau (CBC) announced the launch of a US$1 million financial inclusion plan to help promote the development of national financial inclusion in the next five years.
The statement pointed out that the five-year strategic plan will work closely with local communities and the financial sector to further promote the development of responsible lending and inclusive finance around the National Strategy for Financial Inclusion 2019-2025.
The Financial Credit Bureau said empowering women to access finance, promoting financial literacy in credit reporting, digital financial education and consumer protection would be priority areas.
According to the Financial Credit Bureau, about 59% of the population lack access to formal financial services, and 29% of adults are completely excluded from financial services.
The National Strategy for Financial Inclusion 2019-2025 prioritizes the promotion of innovative credit products, consumer empowerment rights, protection, financial sector transparency, etc., and hopes to halve financial exclusion of women by 2025 and increase the use of formal financial services from 59% to 70%.
Chea Serey, Director-General of the Financial and Credit Bureau, emphasized that inclusive finance is a powerful driver for the country’s economic growth and reduction of inequality, and the support of the Financial and Credit Bureau will bring synergies to the Central Bank of Cambodia in promoting inclusive finance.
