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

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • Cambodia purchases 4 million Molnupiravir tablets

    Cambodia has arranged for the purchase of four million US-made Molnupiravir pills – enough to treat 100,000 Covid-19 patients – even though the current rate of daily infections in Cambodia remains low. The medicine will be distributed to state hospitals, pharmacies and private clinics, according to the Samdech

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • Is Cambodia’s travel sector in for another cheerless holiday season?

    The travel and tourism sector was heaving back to life as borders started to reopen, promising a festive vibe for the holidays and New Year. But Omicron and other Covid-related issues are threatening to close the year on a bleak note ‘Seems [like] Covid-19 won’

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Cambodia planning new border checkpoint at Thma Da

    Cambodia is looking into the possibility of opening a new Thma Da Border Checkpoint with Thailand to boost trade and tourism. The Ministry of Public Works and Transport said on December 4 that Minister of Public Works and Transport Sun Chanthol led a technical working group