Logo of Phnom Penh Post newspaper Phnom Penh Post - Amret launches ‘Kmeng Chhlat Account’ to promote saving for higher education

Amret launches ‘Kmeng Chhlat Account’ to promote saving for higher education

Content image - Phnom Penh Post
The innovative ‘Kmeng Chhlat Account’ is aimed at encouraging parents to start saving early for their children’s future higher education needs. Photo supplied

Amret launches ‘Kmeng Chhlat Account’ to promote saving for higher education

Amret Microfinance Institution Plc last Friday launched the innovative “Kmeng Chhlat Account” as part of its campaign to encourage parents to start saving early for their children’s future higher education needs. Amret chief commercial officer Alan Wee explains to The Post the reasons behind the launch of this savings product and how it will assist parents in setting up a financial safety net.

Can you tell us about the ‘Kmeng Chhlat Account’?

A university education can be very expensive. Depending on the institution and course, financing a four-year degree university education – even excluding accommodation, food and living expenses – can be a burden for most families. Amret has developed the Kmeng Chhlat Account to address this.

This specially designed product is a joint parent-child savings account aimed at inculcating good saving habits in parents for the benefit of their children. We hope this savings plan will help parents finance their children’s higher education when they are ready to take this step.

We also hope children will be inspired to earn a university degree as the first step towards a successful professional career. Everything is possible if you plan ahead and work hard towards achieving your goals, and Kmeng Chhlat embodies this spirit perfectly.

What does ‘Kmeng Chhlat’ mean and what is the significance?

Kmeng chhlat literally means “smart kid” in Khmer. The name was chosen to inspire and motivate children and parents alike. The name also reflects our aim of encouraging children to study hard and achieve good marks at the Grade 12 high school national examinations.

Content image - Phnom Penh Post
Amret chief commercial officer Alan Wee. Photo supplied

Amret is offering up to $1,000 for students who achieve A or B grades. Parents will also receive free life insurance coverage during the course of the savings period. This product will indeed be of great value to our clients.

What motivated Amret to develop this product?

The key motivation behind this product is to help children meet their parents’ expectations and for their children to fulfil their dreams.

Based on our experience, because the majority of rural people are not in the habit of saving, they do not have the funds necessary for their children’s higher education needs.

There are many examples of families having had to sell a cow a year just to pay their annual university fees. Most have also never thought about life insurance to protect against eventualities that could affect their children’s education fund.

Insurance penetration is low in Cambodia and almost all people in rural areas are yet to take out life insurance, so the idea of providing free life insurance coverage with the Kmeng Chhlat Account will go a long way to help fill this gap among our clients.

Amret was motivated to create a product able to fulfil all these needs and also to embed good savings habits across the Kingdom.

Content image - Phnom Penh Post
Roadshows are planned across the country. Photo supplied

What does Amret hope to achieve with Kmeng Chhlat ?

Amret hopes to inculcate a strong discipline of saving among Cambodian communities, as well as promote the importance of a university education.

This is also in line with the government’s objectives of building a skilled and knowledgeable work force to benefit the nation in the long term.

Can you explain how it works and how you plan to promote it?

Our customers can start saving with as little as 1,500 riel per day or $11 a month depending on the age of the child.

By opening a Kmeng Chhlat Account, a parent will enjoy free life insurance coverage of up to $4,000 during the course of the account. And it also comes with an education excellence cash bonus of up to $1,000 for children who graduate with distinction with an A or B in their Grade 12 examinations.

Account holders will also enjoy competitive interest rates from their savings plan. We have been airing two adverts since last Tuesday, while a launch video will have been showing on most digital channels and social media platforms since last Friday.

We intend to conduct roadshows and micro marketing events across the country to promote the Kmeng Chhlat Account.

This product is available at all 158 Amret branches across the kingdom. I would encourage those who are interested to visit their nearest Amret branch for further details.

Content image - Phnom Penh Post
Rom Ratha, the head of Amret’s commercial department. Photo supplied

About Amret

Amret MFI is one of the leading financial institutions in Cambodia.

A full subsidiary of the Advans Group, its reputable international shareholders include the FMO Entrepreneurial Development Bank, La Fayette Participations and the International Financial Corporation, which is a member of the World Bank.

As well as catering to the Kingdom’s micro, small and medium-sized enterprises (MSMEs), Amret also offers a wide range of financial products and services to Cambodia’s unbanked and underbanked population.

Amret provides both lending and deposit products to more than 500,000 clients ranging from low-income farmers to MSMEs.

With 158 branches nationwide, it employs more than 4,500 staff. Amret has assets of more than $1 billion and deposits exceeding $500 million.

MOST VIEWED

  • No payment required for travellers taking rapid Covid tests on arrival

    Ministry of Health officials said there would be no payment required for the rapid Covid-19 tests given to travellers who arrive in Cambodia from November 15 onwards after the quarantine requirement is lifted for fully vaccinated people. Health ministry spokeswoman Or Vandine told The Post on

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • More Cambodians studying in US

    The number of Cambodian students studying at US colleges and universities in 2020-21 increased by 14.3 per cent over the previous year despite the Covid-19 pandemic, according to a recent US government report. The 2021 Open Doors report on International Educational Exchange showed that 848 Cambodian students studied

  • 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

  • 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,”

  • Police arrest Canadian with 167kg of drugs

    The Phnom Penh Municipal Court on November 15 placed a Canadian national in pre-trial detention in connection with smuggling and possessing 167kg of illegal drugs. Deputy National Police chief in charge of anti-drug enforcement Mak Chito told The Post on November 15 that the man was arrested