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

  • Ministry taking steps over Thai ‘replica’ of Angkor Wat

    The Ministry of Culture and Fine Arts has dispatched experts to inspect the ongoing construction of a temple in Wat Phu Man Fah, located in Thailand’s Buriram province. This temple appears to be a replica of Cambodia’s renowned Angkor Wat. The ministry said

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • PM to open new Siem Reap int’l airport December 1

    Prime Minister Hun Manet and Chinese leaders would jointly participate in the official opening of the new Chinese-invested Siem Reap-Angkor International Airport on December 1. The airport symbolises a new page in the history of Cambodian aviation, which will be able to welcome long-distance flights to

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Minimum wage set at $204, after Sep 28 vote

    The minimum wage for factory workers in the garment, footwear and travel goods industries for 2024 has been decided at $204 per month, with the government contributing $2. Following several negotiation sessions, the tripartite talks reached an agreement during a September 28 vote, with 46 of 51 votes supporting the $202 figure.

  • Thavisin touches down in Phnom Penh for first official visit to an ASEAN member state

    Thailand's newly appointed prime minister Srettha Thavisin has arrived in Cambodia for a one-day visit. The trip marks his first visit to an ASEAN country since taking office and aims to enhance bilateral trade and investment. According to the agenda, Thavisin is scheduled to hold