Logo of Phnom Penh Post newspaper Phnom Penh Post - Rural lenders lose licences from NBC

Rural lenders lose licences from NBC

Rural lenders lose licences from NBC

The National Bank of Cambodia (NBC) has rejected the registration requests of 12 rural private lenders and revoked the licences of 11 others, according to a statement on Wednesday.

Claiming the message was meant to keep the public in the loop, the NBC said the rejections were due to lenders not meeting institutional requirements.

Kea Borann, CEO of AMK Microfinance Institution Plc, and a director at Cambodia Microfinance Association, said on Thursday his organisation supported the NBC’s move as it would help strengthen the country’s finance sector.

“The NBC is doing the right thing based on rules and regulations. I believe these institutions cannot meet the requirements set by the National Bank and this measure will make the financial sector in Cambodia even more robust,” he said.

MOST VIEWED

  • Hun Sen asks Cambodians to believe in government

    Prime Minister Hun Sen on Monday asked citizens and investors to trust that the government will overcome the challenges brought about by Covid-19 and the loss of the EU’s Everything But Arms (EBA) scheme. Speaking to reporters at the Peace Palace in Phnom Penh,

  • Westerdam passenger ‘never had’ Covid-19

    The US Centres for Disease Control and Prevention (CDC) said the US citizen that allegedly tested positive in Malaysia after travelling on the Westerdam was never infected with Covid-19 in the first place. In an article published in the newspaper USA Today on Friday, CDC

  • ‘Ghost staff’ found, $1.7M returned to state coffers

    The Ministry of Civil Service said more than seven billion riel ($1.7 million) in salaries for civil servants was returned to the state last year after it discovered that the books had been cooked to pay ‘ghost officials’. This is despite claims by the Ministry of

  • Woman wanted for killing own son

    Police in Phnom Penh’s Meanchey district are on the lookout for a woman who allegedly hacked her son to death on Sunday in Stung Meanchey III commune. District police chief Meng Vimeandara identified the son as Chan Sokhom, 32. “The offender can’t escape forever.

  • H5N1 also poses deadly threat, ministry warns

    The Ministry of Health’s Communicable Disease Control (CDC) department has called on citizens to excise caution over H5N1 or bird flu that is spreading in the southern province of Vietnam. In a Facebook post, the department announced that it has made a series

  • Malaysia in turmoil

    Malaysian Prime Minister Dr Mahathir Mohamad has done it again. At the centre of two days of high drama and political manoeuvring, he has, wittingly or not, contributed to shaking Malaysia, and further causing its equities market to fall nearly three per cent. The drama