Logo of Phnom Penh Post newspaper Phnom Penh Post - Visa provides grant to boost women’s financial literacy

Visa provides grant to boost women’s financial literacy

Content image - Phnom Penh Post
Amret Microfinance Institution in Kampong Speu province. Visa will provide the NBC and the Ministry of Women’s Affairs a $50,000 grant for the project. POST PIX

Visa provides grant to boost women’s financial literacy

VISA Inc has joined hands with the government in the ongoing Promoting Financial Literacy for Women and Women Entrepreneurs Project, which aims to boost productivity and efficiency in the Kingdom’s socio-economic development, the National Bank of Cambodia (NBC) said on Thursday.

Visa will provide the NBC and the Ministry of Women’s Affairs a $50,000 grant for the project, which will run between August 2019 and August 2020 and cover Kratie, Stung Treng, Preah Vihear and Siem Reap provinces.

Speaking at a financial literacy seminar, which is part of the project, Visa Country Manager for Cambodia Chum Monika lauded the project, saying it will improve women’s financial management and their overall wellbeing.

“The project will benefit women entrepreneurs in Cambodia,” she said, adding that financial knowledge will be passed on to future generations and benefit the national economy in the long run as well.

“When one improves oneself, the economy improves as well. The community will grow, small businesses will be stable and prosperous, household debt will be more easily managed and household income will be higher,” she said.

The prevalent belief that women entrepreneurs in Cambodia are less outgoing and have a lack of leadership skills and the required initiative to run a business is a misconception, said the International Finance Corporation, a member of the World Bank Group, in a report released in August last year.

The report said 90 per cent of small and medium-sized enterprises owned by women were profitable in 2018.

Speaking at the seminar, Minister of Women’s Affairs Ing Kantha Phavi said financial illiteracy has led to many women taking loans from the informal sectors with exorbitant interest rates and falling into debt.

“This project will provide financial training to women entrepreneurs and reduce their vulnerability beset by a lack of financial literacy.

“Entrepreneurial women will gain the ability and confidence to manage their family finances and also participate in financial decision-making,” said Kantha Phavi.

NBC deputy governor Neav Chanthana said access to financial knowledge is fundamental in improving financial inclusion in Cambodia.

In an effort to increase access to quality financial services, the government adopted the National Strategy for Financial Inclusiveness 2019-2025, said Chanthana.

The strategy, she said, aims to reduce the number of unbanked women from 27 per cent to 13 per cent, expand the use of formal financial services from 59 per cent to 70 per cent by 2025, improve the wellbeing of families and support national economic growth.

“To achieve the above targets, the government has identified the promotion of rights, increased consumer protection and increased transparency in the financial sector as priorities,” said Chanthana.

She said 59 per cent of Cambodia’s adult population has access to formal financial services, of which 17 per cent is with banking institutions, 42 per cent with other financial institutions, 12 per cent with informal financial services and 29 per cent with both formal and informal financial services.

MOST VIEWED

  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Famed US collector family return artefacts to Cambodia

    In the latest repatriation of ancient artefacts from the US, a total of 33 pieces of Khmer cultural heritage will soon return home, according to the Ministry of Culture and Fine Arts. In a September 12 press statement, it said the US Attorney’s Office for the

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • Kampot curfew imposed to curb ‘gang’ violence

    Kampot provincial police have announced measures to contain a recent spike in antisocial behaviour by “unruly’ youth. Officials say the province has been plagued by recent violence among so-called “gang members”, who often fight with weapons such as knives and machetes. Several social observers have

  • PM outlines plans to discuss trade, policy during US visit

    Prime Minister Hun Manet is set to meet with senior US officials and business leaders during his upcoming visit to the US for the UN General Assembly (UNGA), scheduled for September 20. While addressing nearly 20,000 workers in Kampong Speu province, Manet said he aims to affirm

  • Manet touches down in Beijing for high-level meetings

    Prime Minister Hun Manet arrived in Beijing on September 14 for his first official visit to China, where he is slated to attend the 20th China-ASEAN Expo and meet other leaders including Chinese President Xi Jinping. Upon his arrival, Manet laid a wreath at the Monument