Transforming Towards More Shared Growth

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Mr. Sim Senacheert, President and CEO of PRASAC Microfinance.

With the support of the core policy of the Royal Government of Cambodia (RGC) and the National Bank of Cambodia (NBC) in particular, the Cambodian microfinance industry has significantly grown from year to year. Microfinance institutions (MFIs) play a vital role in providing financial services to rural people and contribute to the better living condition day-by-day.

PRASAC is one of the microfinance institution with big outstanding loans, savings balance, flexible financial solutions, and widespread office and ATM networks. In respond to the market driven, PRASAC has been preparing its core banking system, management and infrastructure to be more dynamic and modernize; and recently PRASAC has increased its registered capital up to USD 72 million. This capital has been allocated among five shareholders including Belgian Investment Company for Developing Countries (BIO), Dragon Capital Group (DCG), the Netherlands Development Finance Company (FMO), Lanka ORIX Leasing Company Plc (LOLC), and PRASAC Staff Company (PSCo).

Starting from 1995, PRASAC has transformed itself with highly remarkably milestones of excellent operational and financial performance, variety of innovative products and services, and highly secure and trust system by comparing to industry standards. Currently, as of September 2015, PRASAC has total of 5,166 staff,  181 offices and 101 ATMs nationwide, total gross loan portfolio of USD 791 million with more than 304 thousand active borrowers, and savings balance of  USD 432 millions from more than 431 thousand depositors; and the total asset is going to reach USD 1 billion sooner.

PRASAC always takes part in social contribution such as educational programs, social occasions and other public events for social development and better economic condition. As part of its corporate social responsibilities, PRASAC constructed nine library buildings for public primary schools and secondary schools in Prey Veng, Kompong Cham, Kompong Thom, Kompong Speu and Siem Reap province. More than 6,300 children from the communities are in instilling their reading habit and the positive change in the society. In 2015, PRASAC is building more eight libraries in different provinces in Siem Reap, Kampong Speu, Preah Vihear, Takeo, Battambang, and Kampong Thom.

 Although, PRASAC has achieved best performance from year to year, but there are still challenges for the improvement and providing excellent and diversified products and services to clients. PRASAC has strategic priorities such as diversification of products and services, provision of excellent customer service, delivering sustainable stakeholder growth, ensuring compliance and strengthening risk management and internal control, ensuring compliance HR policy and strengthening code of conducts, and enhancement of positive social and environment impact. 

Sustainable growth has been key to PRASAC since its foundation, as reflected in our core values, taking the interests of all our stakeholders into account. PRASAC Management have noticed that an increasing number of clients are core part of long-term business through customized talent strategy, continue to build relationships with customers and deliver value to shareholders.

PRASAC Management would like to thank all clients that choose PRASAC as business partner and also thank all staff members for their efforts and commitment, the Board of Directors for their supports and advices, and the Royal Government of Cambodia, regulatory bodies, the National Bank of Cambodia, and local authorities for their continuous support. PRASAC  commits to deliver the high quality growth, excellence services and long-term business direction. 
 

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