Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - The tontine way

The tontine way

11-tontine.jpg
11-tontine.jpg

Villagers in Boeung Kak district in Phnom Penh, cast their bids for another round of tontine, an informal banking system that remains popular throughout Cambodia, despite the rise of a legitimate finance sector. Simply put, participants contribute a fixed amount of money to a communal pot, but bid against each other to see who gets to withdraw the total at the end of each monthly round. In the absence of banks, tontine has allowed generations of Cambodians to have access to ready cash. “I would rather save money with a credit union than a bank because it pays a higher return than a bank,” said Kong Chantha. “I was able to get money from tontine to pay my son’s and daughter’s university fees,” she said.

0

Comments

Please, login or register to post a comment

NEC officials tally votes during a recount last week in Phnom Penh.

Cambodia’s National Election Committee last week rejected 33 of 61 complaints filed over the conduct of June 4’s commune election, according to a s

People search for their names on the voter lists at a polling station in Kampong Cham’s Veal Vong commune earlier this month.

Four years ago, when the opposition snatched Kampong Cham away from the ruling party in 2013 national elections, it hinted at a deeper shift taking