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

  • ‘Dire consequences’ from sanctions, warns AmCham

    American businesspeople in Cambodia have warned that any sanction against the Kingdom would have “dire consequences” that could push Cambodia even further into the arms of China. In a letter to US senators and representatives dated Monday, the American Chamber of Commerce Cambodia (AmCham) said

  • CPP: ‘Behave or Sokha suffers’

    The ruling Cambodian People’s Party (CPP) spokesman warned Kem Monovithya on Thursday that her attempt to damage “national reputation and prestige” would lead to her father, Kem Sokha, receiving even harsher punishment. Sok Eysan issued the warning as Monovithya, who is the court dissolved

  • Preah Sihanouk beach developments halted

    After receiving an order from Hun Sen, Minister of Land Management Chea Sophara led a team of experts and relevant officials to Sihanoukville to call a halt to the illegal development of a beach. The prime minister ordered the Prek Treng beach in Otres commune

  • Protests planned in New York as Hun Sen to attend the UN

    Prime Minister Hun Sen will speak at the United Nations General Assembly in New York this week. But US-based supporters of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) plan to throw eggs at his car as part of a series of protests to coincide