A workshop highlighting the outcomes of the "Strengthen Safe Finance in Communities" project was held in Phnom Penh yesterday, on October 8. It brought together key stakeholders from Cambodia's banking, microfinance, and financial oversight institutions. 

This initiative, designed to promote financial literacy and consumer protection, co-organised by the Cambodian Microfinance Association (CMA) and the Credit Bureau Cambodia Co., Ltd. (CBC), aims to make a lasting impact on local communities by equipping individuals with vital life skills for managing personal and family finances. 

It is hoped that the project's emphasis on educating rural communities about their financial rights and responsibilities will play a crucial role in lowering the risk of fraud and helping them avoid falling into excessive debt.

Dith Nita, chairwoman of the CMA, emphasised the importance of equipping local populations with financial literacy. 

“This project significantly contributes to improving life skills in managing family finances, helping local people understand their rights and obligations related to loans and avoiding financial fraud or excessive debt,” she said.

Nita added that by empowering local authorities and community leaders, the initiative creates a ripple effect of knowledge-sharing, ensuring that even the most remote communities gain access to safe financial practices.

The workshop, held at the Center for Banking Studies in Phnom Penh, was presided over by Yim Leat, deputy governor of the National Bank of Cambodia (NBC), and attended by several prominent figures from the financial sector. 

Among the key attendees were participants were representatives from the NBC, CMA and CBC, alongside more than 200 development partners, civil society organisations and local authorities from across the Kingdom.

Rath Sophoan, president of the Banking Association of Cambodia (BAC), praised the achievements of the pilot implementation of this project. 

He explained that promoting responsible banking practices, consumer protection and financial literacy education is a core agenda of the association and its members. 

“The association is honoured to be part of the Strengthen Safe Finance in Communities project and to serve on the Central Steering Committee and the Executive Committee of the Project Steering Committee,” said Sophoan. 

A central feature of the project is its contribution to enhancing financial education at the grassroots level. 

Over the past year, the project has been piloted in four provinces – Kampong Thom, Kampong Speu, Svay Rieng and Battambang – teaching local trainers to disseminate essential financial knowledge within their communities. 

The initiative aligns with Cambodia’s broader National Financial Inclusion Strategy 2019-2025, which aims to improve access to responsible financial services and safeguard the rights of consumers, particularly those in underserved rural areas.

One of the key achievements highlighted during the workshop was the training of 59 commune-level trainers, 16 of whom were women.

These trainers, in turn, will educate thousands of villagers on how to make informed decisions about loans, savings and financial planning. 

The project also produced 7,500 community finance textbooks, aimed at providing accessible, easy-to-understand information on the basics of safe financial management.

The NBC’s Leat praised the initiative, calling it a crucial step in the nation's efforts to promote responsible financial behaviour. 

“The success of this pilot phase presents a great opportunity to expand the project to other districts and cities, ensuring more citizens – especially those in rural areas – are empowered to make safe and informed financial decisions,” he stated. 

Leat encouraged stakeholders to collaborate in enhancing financial literacy, with a particular focus on the use of the riel and ways to safeguard themselves against financial fraud.

The workshop underscored the broader impact of financial education on improving the well-being of communities. 

As families become more financially literate, they gain the tools to break cycles of debt and poverty, while contributing to the economic stability of their households and the nation as a whole.