A year-long programme aimed at improving the financial literacy of Cambodian women has been launched by The National Bank of Cambodia (NBC) and Visa.
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Called Promoting Financial Inclusion for Women and Women Entrepreneurs, the project will have a particular focus on empowerment via digital platforms. Targeted provinces will include Kratie, Stung Treng, Preah Vihear and Siem Reap.
Currently, Cambodia’s female entrepreneurs are mostly participants in the micro and informal economy, with the majority lacking in essential financial literacy skills.
Minister of Women’s Affairs Ing Kantha Phavi, speaking at the launch event held in Phnom Penh last week, said, “Once women are well-equipped with financial savvy, it will not only help them to expand their business but also to build their confidence and decision-making in family financial management.”
She added that for the Kingdom’s entrepreneurial ecosystem to thrive, access to finance, financial education and institutional support is needed. This could then see an additional $25 billion generated towards the national economy.
Financial literacy is considered as a key to achieve the goals set in the National Financial Inclusion Strategy 2019-2025, according to Neav Chanthana, deputy governor of the National Bank of Cambodia.
“NBC, in collaboration with stakeholders and development partners, has been launching financial literacy campaigns aimed at consumers in order to ensure the understanding and use of information to access formal financial services,” she said.
Monika Chum, Visa country manager for Cambodia, also commenting, said: “We have supported financial education initiatives in Cambodia for three years in a row now… it is crucial when it comes to improving the understanding of financial literacy in connection with digital use to support women’s businesses and enterprises.
“We look forward to continuing to drive the financial empowerment of individuals, as well as the country’s ongoing economic development.”
As the world leader in digital payments, Visa partially funded the women’s financial initiative with $50,000. It’s the latest in a series of worldwide financial programmes by the company, which aims to reach individual markets and a demographic ranging from young children and university students to adults.