Logo of Phnom Penh Post newspaper Phnom Penh Post - NBC launches financial literacy campaign

NBC launches financial literacy campaign

Content image - Phnom Penh Post
MoU was signed yesterday between NBC and Visa Cambodia. Supplied

NBC launches financial literacy campaign

The National Bank of Cambodia (NBC) on Tuesday unveiled a financial literacy campaign aimed at boosting awareness among young Cambodians by way of their mobile devices.

The central bank’s new digital application, available as “NBC-Edu” in app stores, allows users to study basic financial tools on iPhone and Android devices.

The programme, developed by NBC experts and sponsored by Visa Cambodia, is designed for students 8 to 18 years old.

Chea Serey, the NBC director-general, said on Tuesday that consumer credit and digital payment systems have become more available in Cambodia, with an increasing number of people using them to purchase goods.

Serey warned that without an understanding of basic financial tools, young Cambodians are at risk of becoming over-indebted or falling victim to scams and predatory lending from the informal banking sector. The Kingdom’s poor are also vulnerable, she said.

“For now, what they want, they can purchase it [through a consumer loan]. But they must know their ability to pay it back,” said Serey, adding that the NBC’s role is to protect consumers and that increasing financial literacy is part of that function.

“Through our new digital education program, we hope to make them more knowledgeable about how to properly use financial services, and to make them less vulnerable to risk,” she said.

The new mobile app is not the only aspect of the NBC’s financial literacy campaign. The bank said it had worked with the Ministry of Education, Youth and Sports, as well as with development partners, to design a curriculum to teach students about savings, loans and financial management.

The curriculum is being finalised now, the bank said, and will be rolled out in the 2019 academic year. The central bank said it had already distributed materials to some Cambodian schools in a bid to increase financial literacy.

Chum Monika, the country manager for Visa Cambodia, said at Tuesday’s ceremony that increasing financial awareness among young Cambodians was crucial, especially as the economy accelerates and financial services and products become more accessible.

At the launching event, the NBC and Visa signed a memorandum of understanding to continue their partnership on financial literacy initiatives in Cambodia.

Monika said that Cambodians have a responsibility to understand financial management “because their decision on any expenditure affects their own economic status, family economy and the country’s economy.”

MOST VIEWED

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Banteay Meanchey flood victims receive aid

    Prime Minister Hun Sen on Wednesday provided aid to more than 10,000 families affected by flooding in Banteay Meanchey province’s Mongkol Borei district and offered his condolences to the 18 victims who drowned in the province over the past week. He said flooding had occured in

  • PM urges caution as Polish man tests positive for Covid

    The Ministry of Health on Wednesday reported that a 47-year-old Polish man tested positive for Covid-19 after arriving in Cambodia on Monday. There are a total of six Covid-19 patients currently in the country, all of whom are being treated at the Khmer-Soviet Friendship Hospital

  • Phnom Penh underpass opens to ease traffic

    Prime Minister Hun Sen has announced a temporary opening of the 488m underpass at the Chaom Chao roundabout in Phnom Penh’s Por Sen Chey district, which was recently completed to connect traffic from National Road 4 to Russian Federation Blvd. The move is to reduce

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from