The respondents of a new study have testified as to how LOLC Cambodia is contributing to positive changes in their lives. The results are based on a comprehensive Client Self-Perception Survey conducted in May 2024, which involved 765 respondents across nine branches, each of them providing valuable insights into the financial and non-financial changes in their lives over the past year.

The study showed that 97% of respondents felt that LOLC had a positive influence on their well-being, highlighting the institution’s efforts towards supporting communities across Cambodia. The study was conducted with the support of Oikocredit, a global cooperative and social impact investor.

The results are generally representative of LOLC clients from LOLC branches in the Coastal, Plain, Tonle Sap, Plateau and Mountain regions. The demographics of the respondents included 61% female clients. Respondents reported not only improvements in their financial standing but also a sense of empowerment; for respondents who experienced LOLC’s positive influence, this was most often attributed to LOLC’s positive contribution towards improving clients’ household decision-making power.

Key findings underscore multifaceted outcomes among LOLC clients:

Income Growth and Financial Security: 66%of respondents say they experienced income growth in the past year, with 82% attributing this growth in part to LOLC’s financial services. Additionally, of the 39% respondents who said they had savings, most (71%) reported improvements in their financial security. This confirms the important role of savings in promoting longer-term financial stability.

Entrepreneurial Empowerment: The study showed that the majority of clients surveyed, 73%, were entrepreneurs. Of these, 41% had expanded their businesses by adding new products or services over 12 months and in addition; an impressive 80% had increased their income.

Improved Quality of Life: The study also revealed potential positive ripple effects. Respondents who experienced an increase in income over 12 months were 17% more likely to invest inimproved living conditions, such as housing improvements, toilets and sanitation improvements, basic facilities and internet.

Health and Food Security: Additionally, 100% of respondents reported that they were eating regularly, and 66% said they were also eating nutritiously. This confirms that respondents were able to meet their basic food security requirements over 12 months.

”This study reaffirms the valuable contribution LOLC is making to driving economic and social progress for our clients in the nine branches surveyed," said Mr. Sok Voeun, CEO of LOLC Cambodia. ”We are committed to providing financial solutions that empower individuals and businesses, and we are proud to see the tangible positive outcomes reflected in this report."

Beyond highlighting how LOLC’s clients have experienced their products and services, the study revealed opportunities to increase clients’ resilience by further promoting savings. The results will also enable LOLC to pursue innovations for developing new products and services which meet clients changing needs, for example to address clients’ important environmental needs that were captured by the survey. Through its innovative financial products and unwavering dedication to its clients, LOLC Cambodia continues to play a pivotal role in fostering sustainable development and financial inclusion.

About LOLC Cambodia

With an asset of over USD 1.57 billion and 3,652 experienced staffs (as of September 2024), LOLC Cambodia is a leading microfinance institution renowned for providing financial solutions that empower Cambodian families, entrepreneurs and individuals seeking economic opportunities. With a mission to create a lasting positive impact on communities, LOLC continues to lead the way in fostering positive change in Cambodia.

 For more information, visit www.lolc.com.kh

About Oikocredit

Social impact investor and worldwide cooperative Oikocredit has nearly five decades of experience funding organisations active in financial inclusion, agriculture and renewable energy. 

Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably. 

Oikocredit finances more than 520 partners, with total outstanding capital of EUR 1,099.1 million (as at 30 June 2024). For more information, visit www.oikocredit.coop