AMK Microfinance has become the latest institution to partner with the Credit Bureau of Cambodia (CBC) to enhance customers’ access to their credit status.
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AMK Microfinance and CBC, an organisation that specialises in providing commercial credit insight, signed a memorandum of understanding on Friday, making CBC’s Financial Health Check service available to customers of five AMK branches located in Phnom Penh, Kandal, Kampong Cham, and Siem Reap.
The Financial Health Check service allows the public to check their creditworthiness through a credit report issued by a CBC agent.
To gain access to the report, customers need only to produce their national identity card or passport at one of the selected AMK branches.
The service will be expanded to all AMK branches across the country before 2020, Kea Borann, CEO of AMK Microfinance, said.
With AMK serving more than 760,000 clients and covering all districts and communes in the Kingdom, this new partnership will promote financial knowledge and health in the country, he said.
“The way it works is that AMK will forward the credit report request to CBC, who will send the result to the customer directly. AMK will not have access to this information,” Mr Borann said.
“We are now working with CBC to make the service available in all AMK’s 150 branches across the country by 2019,” he added.
Oeur Sothearoath, CEO of CBC, said credit reports allows CBC’s members to understand customers better and make the right decisions.
The service allows the general public to know their creditworthiness, preparing them to face the loan application process, he said, adding that the service contributes to national financial and economic stability.
“Given the importance of enhancing access to credit reports, particularly for people in rural areas, CBC is partnering with strategic partners, like AMK Microfinance Institution Plc, to offer the Financial Health Check service.
“We encourage all customers to check their credit reports before applying for a loan,” Mr Sothearoath added.
Last month, CBC announced a similar partnership with Acleda Bank.
As of January this year, 160 financial institutions, leasing companies, and rural credit institutions are members of CBC, with the bureau having 5 million people in its database, Mr Sothearoath said.