PHNOM PENH: The National Bank of Cambodia and the General Commission of the National Police issued a joint statement on 27 January 2023, warning to take legal action against companies advertising and providing loans without formal permission.
The National Bank of Cambodia has warned against this several times in the past, but such illegal loan advertising and provisions are still occurring. This includes recent activities to promote and provide informal financial services, especially the provision of credit services, through mobile phones, social media and other channels online, without formal permission from the National Bank of Cambodia.
These illegal financial activities conducted by informal financial service providers have caused many to fall into excessive debt and also lose confidence in the banking sector in Cambodia as a whole.
To prevent this from further occurring, the National Bank of Cambodia has advised citizens not to borrow money from informal financial service providers that are not approved by the National Bank of Cambodia.
The National Bank has informed citizens that if they have any information related to illegal loaning activities, they should report this to the bank through one of the five following phone numbers: 085 600 002 / 085 600 003 / 098 220 001/ 098 220 002 / 097 278 3030.
