Siem Reap, November 5, 2024 – The Cambodian Microfinance Association (CMA) successfully held its annual microfinance conference, attracting leaders, policymakers, and international partners around the theme “Sustainability and Microfinance Environment.” The event aimed to update and develop the sector while demonstrating the association's commitment to enhancing the financial landscape and fostering responsible growth in line with global development goals, positioning Cambodia as a model for sustainable financing.
Addressing an audience of over 300 participants, Dith Nita, Chairman of the Board of the Microfinance Association of Cambodia, emphasized the importance of sustainability within the microfinance sector. "Sustainability and the microfinance environment are not just a goal, but an indispensable factor," she remarked, highlighting the collective efforts to strengthen the Cambodian economy, promote social equity, and build a financial system that serves all citizens. She also reiterated the association's dedication to safeguarding consumer rights, particularly for rural and marginalized communities that make up 74.4% of the Cambodian population.
The CMA's 132 member financial institutions have played a vital role in this mission. They have disbursed a total of $5.11 billion in loans to 1.55 million clients and received $2.21 billion in deposits from nearly 2 million customer accounts, with 67% of these accounts held by women. These efforts not only provide crucial access to financial services but also create approximately 21,000 local jobs across 900 offices.
A key highlight of this year’s conference was the presentation of the Bakong payment system, developed by the National Bank of Cambodia in 2020. With 10 million regular users, Bakong connects traditional financial services to unbanked individuals through a fast and affordable digital payment platform. This system has garnered international recognition for its role in enhancing Cambodia's financial environment, and the CMA expressed deep gratitude to the National Bank of Cambodia for its leadership in fostering economic resilience and consumer empowerment.
In addition to its core mission of promoting consumer rights and protection, the CMA is actively advocating for green finance in line with global trends, focusing on environmental sustainability. The association is collaborating with Oxfam to advance green finance initiatives and is working closely with Water.org to provide technical assistance for developing clean water and sanitation in partnership with financial institutions. "We encourage our member institutions to consider green finance as a vital component to achieving sustainability that benefits both customers and the environment," said Dith Nita. These initiatives align with global sustainable development goals, including access to clean water and environmental stewardship.
Throughout the one-day conference, the CMA underscored the necessity of enhancing financial literacy among clients, building institutional capacity, and adhering to a strict professional code of conduct to cultivate a transparent and resilient financial sector. The conference emphasized the importance of effective collaboration in promoting sustainability within the financial environment, aligning Cambodia's needs with global priorities.
The 2024 Annual Microfinance Conference concluded with a collective commitment to cultivating a sustainable and environmentally friendly financial sector. The Cambodian Microfinance Association invites international partners, investors, and stakeholders to collaborate in achieving a financial sector that advocates for local communities' rights while aligning with the United Nations Sustainable Development Goals. Through this conference and ongoing initiatives, the CMA remains dedicated to fostering a community that champions sustainable growth and contributes actively to global efforts toward sustainable economic development.
